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UNDERGROUND STORAGE TANK MANAGEMENT DIVISION Monthly Statistical Inventory Reconciliation (SIR) Report This form can be used to comply with R61.92, Sectioning 280.43 and280.35(a)(1). 280.44 This form

How to fill out monthly statistical inventory reconciliation

How to fill out monthly statistical inventory reconciliation:

1. Gather all necessary data: Start by collecting all the relevant information needed for the inventory reconciliation process. This includes inventory records, sales reports, purchase records, returns and adjustments, and any other relevant documents.
2. Calculate beginning inventory: Determine the value of your inventory at the beginning of the month. This can be done by taking the closing inventory value from the previous month's reconciliation and adjusting it for any purchases, returns, or adjustments made since then.
3. Track incoming inventory: Record all the inventory items purchased or received during the month. This includes both quantities and values. Make sure to be accurate and include details such as purchase dates, suppliers, and any associated costs.
4. Record outgoing inventory: Keep track of all items that were sold or used during the month. Maintain a record of quantities sold, sale prices, and any associated costs such as shipping or handling fees.
5. Calculate ending inventory: Determine the value of your inventory at the end of the month. Subtract the value of outgoing inventory from the beginning inventory to obtain the ending inventory value.
6. Identify discrepancies: Compare the ending inventory value with the physical count of inventory on hand. If there are any discrepancies, investigate the reasons behind them. This may involve checking for any inventory losses, damages, or thefts.
7. Reconcile differences: Adjust the inventory records to reflect the correct ending inventory value. Make any necessary corrections or adjustments to the inventory records to align them with the physical count.

Who needs monthly statistical inventory reconciliation?

1. Manufacturing companies: Businesses involved in manufacturing often need monthly statistical inventory reconciliation to track the quantities and values of raw materials, work-in-progress items, and finished goods.
2. Retailers and wholesalers: Businesses that sell products to customers or distribute goods to other businesses require monthly statistical inventory reconciliation to accurately track and manage their inventory levels.
3. Service-based businesses: While service-based businesses may not have physical inventory, they often have supplies or equipment that need to be tracked and reconciled regularly. Monthly statistical inventory reconciliation ensures that these businesses have accurate records of their assets.
4. Financial institutions: Banks and other financial institutions that hold inventory, such as securities or investment portfolios, may need monthly statistical inventory reconciliation to monitor and report their holdings accurately.
5. Non-profit organizations: Non-profit organizations that receive and distribute goods or supplies for their charitable activities can benefit from monthly statistical inventory reconciliation to ensure transparency and proper management of resources.

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What is monthly statistical inventory reconciliation?

Monthly statistical inventory reconciliation is a process where a company compares their physical inventory count with the inventory records in order to identify any discrepancies.

Who is required to file monthly statistical inventory reconciliation?

Certain companies, usually those in regulated industries or with specific inventory requirements, are required to file monthly statistical inventory reconciliation.

How to fill out monthly statistical inventory reconciliation?

To fill out monthly statistical inventory reconciliation, companies need to compare their physical inventory count with their inventory records and report any discrepancies.

What is the purpose of monthly statistical inventory reconciliation?

The purpose of monthly statistical inventory reconciliation is to ensure accuracy in inventory records and identify any potential inventory discrepancies.

What information must be reported on monthly statistical inventory reconciliation?

Companies must report their physical inventory count, inventory records, and any discrepancies found during the reconciliation process.