Description: The NIS Inventory course provides an explanation and understanding of the skills necessary to establish and conduct a supply inventory and the procurement of stock items. The supply inventory section addresses the process for adding a new stock number to the item master and the assignment of the item to a Branch/Plant. It presents procedures to add item descriptions, costs, reorder quantities and how to assign the item to a branch/Plant and a location within a Branch/Plant. The inventory transactions portion of the course provides the necessary training to issue, transfer and adjust stock quantities, reverse transactions, and inquire on “real time” stock availability. The physical inventory section of the course explains the entire process to conduct a cycle count, and illustrates steps to complete a physical inventory.

The procurement of stock illustrates how to create a purchase requisition, generate a quotation request, enter vendor bid responses, generate and print purchase orders. The purchase order process includes revising orders, receiving against a purchase order, and printing reports.

Inventory management and accounting review introduces the manager’s functions of inventory and covers the set-up of a new Branch/Plant. Other topics include Branch/Plant constants, Branch/Plant locations, and the setup of automatic accounting instructions (AAIs). The approval process will review how to approve or reject a procurement document. The accounting review section includes reviewing the general ledger records and posting transactions. The course concludes with a section addressing the posting of purchase receipts.