Please explain the standard operating procedures for lost items?

Answer 1

well step 1. you have the item in your possesion
step 2. o crap you lost your item
step 3. you look for it and realize its gone

happy now?

Answer 2

How do you know of the item? Previous inventory? How could item leave inventory? Movement data? Determine if item was indeed lost & not just in the wrong place. Try to pinpoint when item became missing and examine any paperwork from that period.

Answer 3

You need to develop a written policy within your business as to when you write-down lost or stolen merchandise. A good place to find a pre-written credit policy (which differs from a loss prevention policy) is here...

http://www.creditmanagementworld.com/forms.html