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TOP-CYCLE: Cycle Counting

REV: 04/15/09

SCOPE: This procedure covers cycle counting, our physical inventory verification methodology.

Steelyard Cycle Count
STEP

WHO

WHEN

INFO TO USE

WHAT TO DO

RESULTS
a1

 

 Steelyard Supervisor Each week Steelyard Cycle Count Schedule; detailed Steelyard Inventory  Report from M2M for each bins to be counted After ensuring all outstanding receipts and cutting tickets have been  entered into M2M, run a detailed Steelyard Inventory  Report from M2M for each bin to be counted; send report to Steelyard Specialist for bin count. Current M2M Steelyard Inventory Report  sent to Steelyard Specialist for bin count
a2 Steelyard Specialist Each week Steelyard Cycle Count  Form; current Steelyard Inventory Report Count each bundle in each listed bin listed on current Steelyard Inventory Report; find and count every listed bundle that has been moved; be sure that all bundle tags are secure and not faded; verify that bundles are painted correct color;  repaint ends if needed or if faded; return Steelyard Cycle Count Form to Steelyard Supervisor. All bundles in current Steelyard Inventory Report checked; all bundles in bins checked; completed Steelyard Cycle Count Form returned to Steelyard Supervisor
a3 Steelyard Supervisor After Steelyard Cycle Count  Form; current Steelyard Inventory Report returned Steelyard Cycle Count  Form; current Steelyard Inventory Report Ensure that all worksheets are quickly returned; check the data for each bundle to be sure that it closely corresponds to the computerized inventory information; for any bundle whose count, heat code or other critical data disagrees with "Bundle Receipt" on computer printout. Steelyard Cycle Count Form and Steelyard Inventory Report to Accounting Manager. Steelyard Cycle Count Form and Steelyard Inventory Report sent to Accounting Manager
a4 Accounting Manager After Steelyard Cycle Count  Form; current Steelyard Inventory Report turned in Steelyard Cycle Count  Form; Steelyard Inventory Report Enter bundle information from  Steelyard Cycle Count Form; calculate bundle weights and compare to Steelyard Inventory Report; prepare Steelyard Cycle Count Report, listing all items included in the counted bins and marking all discrepancies; have the Steelyard Supervisor recount all marked items. For any items with an unexplainable count discrepancy, adjust the bundle weight in M2M to the calculated weight from the count. Information from Steelyard Cycle Count  Form and Steelyard Inventory Report; recount of any bins marked for recount; adjustments made in M2M
a5 Accounting Manager When recounts are made (if required) Steelyard Cycle Count Report Make adjustments to inventory. For any items with an unexplained count discrepancy, adjust the bundle weight in M2M to the calculated weight from the count. Inventory adjusted to reflect discrepancy found during cycle count (if any)
a6 Accounting Manager After resolving any questions and correcting data in computer Steelyard Cycle Count Form; current Steelyard Inventory Report; Steelyard Cycle Count Report File Steelyard Cycle Count  Form and Steelyard Inventory Cycle Count Report. Steelyard Cycle Count Form and Steelyard Inventory Cycle Count Report filed
Machining Department Material Cycle Count
b1 Machining Department Material Handler Third week of each month Machine Department Material Inventory Report and Cycle Count Form Perform a physical count of all materials in the Machine Department location; reconcile count to inventory report; research differences and correct receipt and issue transactions; forward Machine Department Material Inventory Report and Cycle Count Form  to Accounting Manager. Material inventory counted; paperwork turned in to Accounting Manager
b2 Accounting Manager On receiving Material Inventory Report and Cycle Count Form Material Inventory Report and Cycle Count Form Post inventory adjustments in M2M; file Material Inventory Report and Cycle Count Form in Accounting Department. Inventory adjustments posted, paperwork filed
Finished Goods Cycle Count
c1 Shipping Supervisor Third week of each month Finished Goods Inventory Count Perform a physical count of all finished goods; reconcile count to inventory report; research differences and correct receipt and issue transactions; forward Finished Goods Inventory Count to Accounting Manager. Finished goods inventory counted and reconciled; paperwork turned in to Accounting Manager
c2 Accounting Manager On receiving Finished Goods Inventory Count Finished Goods Inventory Count Review and approve Finished Goods Inventory adjustments to be made in M2M; forward Finished Goods Inventory Count to the Materials Clerk. Finished goods inventory adjustments reviewed and approved; forwarded to Materials Clerk
c3 Materials Clerk End of month Finished Goods Inventory Count Make adjustments in M2M; file Finished Goods Inventory Count Finished goods inventory adjustments made;  Finished Goods Inventory Count filed in accounting

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