Participants will be will 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 especially important workshop.

Content:

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.

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.

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

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

Computerized 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

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.

Stock Valuation and Accounting Methods

• Treatment in bin cards, stock ledgers, control accounts trial balance and final accounts
• 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

Public Sector Peculiarizes

• The provision of the public sector finical regulations
• The provision for the public services rules
• The implication of several government circulars