The hospital pharmacy has developed and maintains its own financial management system to manage the Inventory (Maintenance) Budget. This system is dependent upon the continuous recording and compiling of obligated fund allocations at the time that an order transaction is made.

1. The records of transactions (Purchase Orders) are totaled weekly and recorded in the categories – Delivery Orders and Open Purchases. Open purchases include both items ordered on the University Hospital Consortium bid and on direct purchase orders to vendors to items not included on UHC contract.
2. The dollar amounts in each category are forwarded to the hospital budget office, where they are recorded.
3. Weekly, monthly, and quarterly reports regarding expenditures and financial standing are then forwarded to the Director of Pharmacy.

1. The General Ledger is a UAMS campus document. It is a record of payments made to vendors for supplies or services rendered. Since the payment cycle is long, the majority of data is not current enough for the daily management of the Pharmacy Budget.
2. Invoices, purchase orders and other documentation are kept on file in the pharmacy offices by the deparment's secretaries. Interdepartmentals are processed and kept track of by the business manager.
3. Records of finanacial standing are maintained by the business manager.

1. All records are compiled and kept on a yearly basis.
2. Fund expenditures and patterns of spending are analyzed and reported on demand.
3. Validity of charges is verified systematically.