Transfer-day inventory

Definition

The count of controlled stock taken on the day of closing, closing one book and opening another.

Why It Matters

It is the mechanic that makes a pharmacy sale legal, and it is a single event with two owners. On the date of transfer a complete inventory of every controlled substance moving across is taken, and that one count serves as the seller's final inventory and the buyer's initial inventory, with a copy in each party's records. Schedule I and II substances additionally require the federal order form. The seller notifies the agency at least fourteen days ahead and stays responsible for the accuracy of records before the transfer date, while custody and maintenance pass to the buyer. The state license never travels: the pharmacy license is renewed annually and is not transferable.