Inventory Reconciliation

Ref	Items	Effect/No Effect	Balance
	Closing stock		87,612
a	Over-added stock sheet	Effect	-126.00
b	Under-added stock sheet	Effect	72.00
c	Good received not included	Effect	2010.00
d	Misstated stock on sheet total	Effect	-9.00
e	Good not yet arrived	No Effect	0.00
f	Portable generators on hire	Effect	-347.00
g	Free samples included at catalogue	Effect	-63.00
h	Sale or return goods (customers)	Effect	-418.00
i	Sale or return goods (suppliers)	No effect	0.00
	Final amount		88,731.00

Inventory Reconciliation Policy and Procedure

Excerpt from Company Policy for Inventory Reconciliation

All inventory has to be reconciled at the end of the year and a reconciliation report has to be generated.

The final reconciliation report along with reasons for discrepancies must be discussed in a meeting with the head of Inventory Management.

Each reconciliation discrepancy with a value of goods AUD 1,000 has to be reported to the finance department (..e@hafsho.co.au), head of inventory management (..k@hafsho.co.au). The person responsible for the discrepancy must take steps to prevent future discrepancies. Every discrepancy email must contain only one discrepancy and the subject line should include 'Inventory Reconciliation Discrepancy: Description'.

In case of delays with invoicing/purchasing above AUD 1,000 from Hafsho Ltd. or suppliers, any discrepancies must be notified to the head of purchasing, Kevin (..n@hafsho.co.au), who will take suitable steps to implement controls.

Part 2 | Communicate inventory reconciliation discrepancy: Mismatch in stock sheet and summary sheet

Access the Email Template and save it to your device, using the file naming convention: Email 2 Finance AT4B_Your Name; for example, Email 2 Finance_Jim Wilks.

Using the template provided, compose an email to the relevant stakeholder (refer to the Hafsho Inventory Reconciliation Policy and Procedure), escalating the discrepancy.

Your email must include:

• The email address of the recipient
• Your name as sender
• The day / time of composing the email
• A relevant subject name
• Body message that:
  • Greets the recipient by name
  • Advises the areas for the discrepancy
  • Outlines what caused the error and if the error has been corrected
• The signature section of the email must include the sender's name, job title and company; for example, Your Name, Accounts Manager, Hafsho Ltd.

Proofread your email, checking it contains correct spelling, punctuation, sentence, and paragraph structure.