FI 014 - Finance - Obsolete Stock

Hotel Finance – Obsolete Stock – SOP

FI 014: Obsolete Stock


Objective:

To establish the requirement of providing adequate provisions in order to cover the loss of value in inventory due to obsolescence and deterioration.

“…Most Hotels already have a provision established and it should only be adjusted on a periodic basis to reflect significant changes in the level of provision required as indicated by the Slow Moving/ Obsolete Stock Report…”


Details:

File Size: 21 KB
File Format: Word
Print Length: 01 page
Publication Date: October 06, 2016
Language: English
Editable: Yes

The finance (sometimes called accounting) department function is recording financial transactions, preparing and interpreting financial statements and providing management with timely report and operating results.