August Journal - 2nd Week

 WEEK 2

Date:  5 August 2024 - 9 August 2024
Day : Thursday - Friday
Location : BDO Office, Level 18, Menara Zurich
Time: 8.30 a.m - 5.30 p.m

TASKS OF THE WEEK 

Back to BDO Office

Day 91 ( 5 August 2024)

Updating Slow-Moving Inventories

I focused on updating the slow-moving inventory records specifically for SKFI. I compared the previous inventory records with the newly updated coding system. This involved checking each item, including raw materials, work in progress, and finished goods, to ensure that the quantities and descriptions matched. I documented slow-moving items and prepared the working paper to reflect these updates.

Lessons Learned:

 I learned the importance of thoroughness in the initial stages of updating inventory records. Completing this task for SKFI not only reinforced my attention to detail but also highlighted the necessity of maintaining accurate records to support effective inventory management.

Day 92 (6  August 2024)

Updating Slow-Moving Inventories

I continued my work by focusing on the raw materials across other companies. I systematically compared each item from the old coding system with the new records, ensuring accuracy in quantities and descriptions. This careful approach helped me identify any discrepancies that could impact inventory assessments.

Lessons Learned:

This experience reinforced my understanding of the critical role that accurate record-keeping plays in inventory management. Attention to detail is essential to prevent future issues in stock management.

Day 93 (7 August 2024)

Updating Slow-Moving Inventories

 I turned my attention to work in progress inventories. I repeated the detailed comparison process, checking each WIP item against the new coding system and documenting slow-moving items. I also noted potential reasons for their slow turnover.

Lessons Learned:

I improved my analytical skills, learning to assess not only inventory counts but also the reasons behind slow movement. This critical thinking is vital for making informed recommendations in inventory management.

Day 94 (8 August 2024)

Updating Slow-Moving Inventories

I  was dedicated to finished goods across various companies. I meticulously reviewed each finished product against the updated inventory records, verifying codes, quantities, and descriptions to ensure accurate identification of slow-moving items.

Lessons Learned:

I gained a broader perspective on the entire inventory lifecycle, understanding how each category interrelates and impacts overall business operations. This insight is crucial for effective inventory management.

Day 95 (9 August 2024)

Updating Slow-Moving Inventories

I conducted a comprehensive review of all inventory categories—raw materials, WIP, and finished goods. I compiled a report highlighting slow-moving items, including reasons for stagnation and actionable recommendations. This ensured that the updated records were accurately reflected in the inventory management system.

Lessons Learned:

This experience taught me the value of effective reporting. Communicating findings clearly is essential for facilitating decision-making within the client’s organization, reinforcing the importance of both thoroughness and efficiency.