Store Management and Stock Control Masterclass

Participants will be exposed to the best practice methods in purchasing, Supplies and Stores and Management, International procurement, Stock Accounts, fraud managements, stock taking/ documentation will be exhaustively discussed. Your staff member needs to benefit from this very important workshop.

Course Content:

1. Fundamentals of Supplies and Store Management

• Understanding the meaning of stock i.e. raw materials, work-in-progress and finished goods
• Identifying and justifying the need for stock.
• Stores locations and management i.e. Central stores, Autonomous stores and semi- autonomous stores, advantages, disadvantages, stores layout, cleanliness etc.
• Modern store keeping methods
• Stock requisitioning procedures
• The approval processes.

2. Purchasing and Supplies Administration

• Placing orders
• Screening suppliers for efficient performance i.e. performance bonds and implementation of terms
• The tendering process
• Issuing purchase orders: the do’s and don’ts
• Reviewing goods into stores- matching of LPOs, invoice, waybills, receipt vouchers, quality control, certificates etc.

3. Managing Stock Supplies Levels

• Identifying the cost of carrying too little or too much stock
• Maximum stock, minimum stock, reorders level; reorder quantity, economic order quality, etc.
• Documenting consumption patterns i.e. maximum consumption, minimum consumption, normal consumption, abnormal consumption, lead-time etc.
• The ‘Just-in-time’ concept
• Managing wastages: normal and abnormal wastages
• Stock insurance and security

4. Stock Fraud Management

• Types and causes of stock fraud
• Fraudulent shortage and supplies
• Internal control issues
• Fraud-free management of reformed and used spares
• Falsification of stores and supplies documents
• The internal audit functions
• Emerging trends and future challenges

5. Computerised Stock Accounting Documentation and Reconciliation

• Stock Accounting System
• Various accounting packages and available stock accounting modules
• Periodic and continuous stock taking procedures and documentation
• Stock reconciliation methods procedures and documentation
• Identification and management of fast, slow moving and obsolete stock

6. International Procurement

• Identifying and exploring the international market
• International procurement” scope, planning and implications
• Understanding Nigerian Foreign exchange market including recent developments
• Shipping term and other uses including marine insurance
• Development in freight forwarding business in Nigeria including port reforms by the Federal Government
• Finance of International trade; bills for collection, letter of credit, bank guarantees and other payment modes i.e. open account, sight payment, non-recourse finance, factoring and forfeiting etc
• Fraud control in international procurement business.

7. Stock Valuation and Accounting Methods

• Treatment in bin cards, stock ledgers, control accounts trial balance and final accounts
• Requirements of SAS 4 issued by the Nigeria Accounting Standard Board
• Requirements of International Accounting Standard No. 2
• Computerized stock accounting
• Internal control implications including stock frauds prevention and management
• Issuing stock; Methods, Authorization and Documentation
• FIFO, LIFO, NIFO, HIFO, simple average, periodic average, with the average, specific identification, standard cost, adjusted selling price etc.
• The concept of cost, net realization value and appraised value

Whom to Attend

• This training is for all individuals who have a stake in the Supply Chain and all Logistics, Materials, Inventory, Stock, Warehouse and Distribution Professionals
• It will also help those who need to develop their limited understanding of Warehouse and Inventory management
• It will be especially helpful to all those who are looking to make business gains and benefits and to any owners, operators and directors of companies with warehouse and stores operations and who hold stock and inventory

Course Methodology

The course uses a mix of interactive techniques, such as brief presentations by the consultant, group exercises and case studies followed by presentations by the participants of the results.