This portion of the book provides guidelines and helpful documents related to purchasing and maintaining inventory at Indiana University. Each unit’s purchases of goods for consumption or resale may represent inventory.

Departments that hold inventory must maintain inventory records that accurately reflect the valuation of the inventory. Physical inventory management is vital at Indiana University as it ensures assets are secure, verifies compliance with OMB Uniform Guidance, and assists organizations with effective management of capital equipment. Accurate recording and reconciliation of inventory ensures the proper assignment of costs to an accounting period and an accurate portrayal of the unit’s assets within the financial statements.

Policies

Review the below policies related to inventory:

• FIN-ACC-170: Capital Movable Asset Physical Inventories, Tagging and Location Changes
• FIN-ACC-390: Inventory

Standards

Review the below standards related to inventory:

• CSOPs

Checklists

There are no checklists related to this portion of the book at this time. Please check back in the future!

Training Materials

Review the below training materials related to inventory:

• Inventory FAQ
• Inventory Scanner User Guide Training

Other Related Materials

Review the below other materials related to inventory:

• Reference Document: Best Practices for Physical Inventory Document
• Reference Document: Capital Asset Type Code List

IU Financial System Reports and Procedures

Review the below IU financial system report related to inventory:

• Asset Inventory Reconciliation Report