STOCK VERIFICATION:
Object –
The object of stock verification by the accounts department of stores in the custody of the
depot and other departmental officers and subordinates is to ensure that the materials
accord with the description and specification shown in the balance appearing in the books
and that excess or deficiencies, if any, noticed on such verification are properly
investigated and accounted for.
Frequency of verification –
The stores, whether in a store depot or with a department are verified by the stock verifiers
of the Accounts Department. Generally the programme of inspection is so arranged that
all materials are verified as shown below –
Stores with Imprest holders – Once in two years.
All tools and plants – Once in three years.
All materials in a depot as under –
A – Category item - Once in 6 months.
B – Category item - Once in a year.
C – Category item - Once in two year.
D – Category item - Once in a year.
Verification of inventory in all Workshops and Production units Specially
inspect of costly and pilferable item - Once in 3 year.
Machinery and plants - Once in 3 years.
The verification is carried out by the stock verifiers under the general
supervision of the store Account officer and under direction of the inspection of store
Accounts. One being posted to a store depot, the stock verifier consult the programme of
work as to the duties he is required to perform in the store depot. After having given prior
notice, in writing to the ward.
Keeper of the group that is to be taken up for verification, he should select
the items he desire to verify each day. The verifier deputed to verify the stock should take
down the opening balance in the ledger and verify the stock with ground balance by
personally count, weigh or measure. All details of verification i.e. count, weight or
measurement should be recorded in the field book. It physical balance of stock agrees
with the book balance no stock sheets need be prepared of there be an excess of stock or
deficiency in stock, the official should prepare a stock verification sheet in form S- 1260. A
stock verification report has to be prepared at the time of posting priced ledger in form S –
1260, showing the book balance, the ground balance as per the stock, sheet and the
excess, shortage if any and obtain the signature of stock holder.
