Inventories: Items held for sale as part of a department’s normal operations (goods for resale) OR items to be incorporated into or consumed in the production of goods and services for sale (raw materials), should be reclassified from expense to an asset. NOTE: Office supplies are NOT inventory because these will not be sold to customers or used in the production of goods or services. Capital equipment is also NOT resale inventory.
Each department is required to provide a Cover Memo along with supporting schedules and other documentation to report the department’s Inventory as of June 30, 2022 to the Office of Budget & Finance. Please refer to the reminder schedule for due date(s). The documents listed below are required for each Inventory fund maintained by the department. If the department does not have an Inventory account but needs one to be established, contact the Melissa Johnson firstname.lastname@example.org to request a new account.
Inventory Reporting Package (click to open file):
- The Cover Memo should summarize inventory by location for each Inventory fund. If there was no activity and/or the fund balance is zero, check the “No Activity and Zero Balance” box, and identify the Contact Person. The department head must sign the cover memo to attest to the accuracy of the balances, including zero balances. An e-signature is fine; otherwise print, sign and attach cover memo as pdf document. (Required).
- Schedule 1: Detailed Inventory Listing for each Inventory fund. Should you already have an internally generated list, you can record “See Attached” in the Description field, record the total inventory value in the Extended Cost field, and include the internal listing as an attachment. If no activity, complete Section B only when there is an A fund. Schedule 1 is required for each active Inventory fund at year-end.
- Inventory Template: Use this template to record the journal entry per the instructions included in the spreadsheet. A template is required for each Inventory fund to be adjusted at year-end.
- PLEASE READ Additional inventory procedures.
Return completed reporting package as an excel file and other supporting documents as a pdf, via email, to the Pam Arrowood email@example.com by the due date.