A stock register is a records of goods purchased and/or stored. Usually there is a set format for this register and there are certain protocols to be followed while maintaining this register. Below are the guidelines that can be mentioned in the financial management policy:
Maintaining a Stock Register
- This is to be maintained at the office where the goods are purchase or stored centrally.
- The format of the central stock register is enclosed.
- This register shall be updated on the receipts column as and when fresh stocks arrive. It is important that the person responsible for the stocks initials the quantity in the stock book.
- All requisitions must be numbered and in duplicate. One copy has to be maintained at the central store and the duplicate given to the accounts.
- All issues shall be recorded immediately in the stock register and this must be update on a daily basis.
- The stock registers should be maintained on a FIFO(first in first out basis).