Purchasing Inventory Internal Control Forms

VITALICS PURCHASING INVENTORY INTERNAL CONTROL FORMS

Purchasing controls over inventory and expenses are a critical part of operating any organization. Using specific control forms will lower your fraud risks on unauthorized purchases and inventory theft allowing your business to maintain a positive cash flow. Download your easy to customize Vitalics purchasing inventory internal control forms today.

PURCHASING AND INVENTORY INTERNAL CONTROL FORMS

Easy to Customize in Word, Excel and Adobe

Your Vitalics small business internal control forms are created as protected documents that you can add content to, yet easy to update the status of “protection” in order to customize your forms using Word, Excel and Adobe software. The forms are also compatible with MAC.

Instant Download through the Members Dashboard

Complete access to your purchasing and inventory internal control forms through the Vitalics members dashboard. Download one form at a time, or, all the forms including in the “Purchasing and Inventory” category in a zip file. Vitalics does not require a monthly membership. When you purchase our forms, you have full and instant access to use them for your business.

Accounting Controls SIMPLIFIED

Buy Vitalics by Category or Bundle Below

To see the complete list of forms per category or package, click on the “Quick View” Icon next to the product add to cart button.

WHAT IS VITALICS

Vitalics is a small business internal control program that provides all the tools to easily set up and implement your company’s controls.  Vitalics contains over 145 already created yet customizable internal control forms, checklists and templates and a fraud prevention and internal control workbook.  Vitalics forms are also available separately.   Whether you are a business owner, office manager, bookkeeper or accountant, Vitalics will provide you the reassurance that your work or your company assets are protected.

Download your easy to customize Vitalics Purchasing Inventory Internal Control Forms for your small business

Get the best small business resources available!

Buy Now

DID YOU KNOW ?

A skimming scheme is one of the most difficult schemes to prove because the money leaves the victim organization before it is recorded on the books. There is usually a manipulated sales receipt or customer invoice or an adjustment to inventory in order to force this scheme to balance to the books. Purchasing and inventory controls will reduce the fraud risks within your organization.

COMMON PURCHASING FRAUD SCHEMES

Types of Schemes in Purchasing

CONFLICTS OF INTEREST

A conflict of interest is when employees, managers or executives put their personal interest above the company’s interest usually resulting in an adverse affect on the victim organization.

INVENTORY FRAUD SCHEME

The most common inventory fraud scheme is that in which an employee is stealing inventory for their own personal use or gain. With weak inventory and purchasing controls, employees can manipulate the records to force inventory counts while they are removing inventory from the victim organization. It is also common for those employees to re-sell those items on Ebay and Craigslist.

BID RIGGING SCHEME

A bid rigging scheme is a collusive fraud where an employee helps a vendor illegally obtain a contract that was supposed to involve competitive bidding. Although this happens frequently in construction it is also common for materials in manufacturing or retail as well.

KICKBACK FRAUD SCHEME

Kickback Fraud is perpetrated by an employee and the employee’s vendor or customer. It usually involves the employee buying goods or services at an overstated price then personally receiving the difference.

PURCHASING CONTROL PROCEDURES
Helpful suggestions

Purchaser Approval Forms
When an employee has authority in the purchasing department it is important that the owner or manager review and approve the orders as well. Verifying changes in cost and quality of goods will protect the organization from purchasing schemes.

Physical Inventory Counts
Have another person verify a physical inventory count even if it is an owner. It is crucial in preventing inflated counts. All physical inventory counts must be signed and dated by the employee who conducted the count and then signed and dated by the person approving the count.

Set Guildelines on Vendor Relationships
If you have employees that seem to be unusually close with vendors this could be a sign of a fraud scheme in the making. Set company policies as to what is acceptable for your employees and their interaction with vendors and even customers.

Set Purchasing Limits
It is a good idea to set a specific limit for anyone with the authority to purchase goods or hire service contractors within your organization. Anything over a specific dollar amount should require additional approval from an owner, director, officer or qualified manager.

has been added to your cart.
Checkout

Purchasing & Inventory Internal Control Forms

  • Purchasing and Inventory Internal Control Forms

      Disposition of inventory form

      Inventory access by personnel form

      Inventory checklist

      Inventory reconciliation form

      Inventory transfer of location form

      Inventory valuation listing

      Lost or stolen inventory form

      Physical inventory count form

      Purchase order checklist

      Purchase order reconciliation form

    • Vitalics Internal Control Forms Bundle List

  • Internal Control Reports

    Company Organizational Chart

    Internal Control Program Detailed

    Internal Control Program Basic

    Risk Assessment Form

      The Vitalics Fraud Prevention and Internal Control Workbook

    Notes Memos and Corporate Forms

    Accounting Work in Progress Form

      Memorandum

    Minutes of the Meeting Log Sheet

    Minutes of the Meeting Template

    Accounts Payable Internal Control Forms List

      Accounts Payable Check Run Form

      Accounts Payable Checklist 12 Month

      Accounts Payable Checklist

      Accounts Payable Reconciliation Form

      Accounts Payable Month End Checklist

      Accounts Payable Month End Checklist 12 Month

      Approved Vendor List Form

    Authorized Signature Stamp Approval Form

      Automatic Payment Update Form

      Automatic Payment Form

      Automatic Payment List

      Change in Vendor Form