2. OUTLINE
-INTRODUCTION
-WHO IS THE STOCK MANAGER
-HOW IS STOCK MANAGEMENT DONE
-STOCK ON HAND
-DOCUMENT USED IN STORE
-ISSUING METHOD
-BUDGET
-BENEFIT OF BUDGETING
-BUDGETING FOR SUPERVISOR
-MEANING OF CREDIT CONTROL
-HOW DEBT ARISES
-PROCEDURE OF CREDIT CONTROL
-MEANING OF WAGES
-WAGES COMPOSITIONS
-PROCESS OF GETTING WAGES PAID
-SALARY ACCOUNT OPENING
-PROCEDURE
3. INTRODUCTION
Stock management is one of the responsibilities of Field
Supervisor.
The ability of not being stock-out. Field Supervisor must
be more careful in managing their subordinate in stock and
lowering operating costs.
Budgeting deals with ability to plan the material & human.
Credit Control deals with monitoring of invoice and related
payment.
Wages deals with definition, composition & the process.
Salary Accounts Opening deals with the steps in opening bank
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5. WHO IS THE STOCK MANAGER?
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Who should be the stock manager? Who can understand all the
issues,
be comfortable with studying available data, and fairly arbitrate
between
departments and individuals with strongly held views? The short
answer is
that anyone who can think like a producer can be the stock manager.
In theory an editor, a marketing manager, a business manager, a
sales
manager, or a director can perform this function. In reality most non-
business people do not have access to or understand stock data.
Further,
6. HOW IS STOCK MANAGEMENT DONE?
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Post stock management begins with reviewing the
material
to be use in location. Monthly reports for the supervisor
should have preset rules for flagging low stock . These
rules
should be conservative enough to be sure no titles are
missed in any category.
The field supervisor will need to study key figures taken
from these reports, and then make a number of
calculations to derive several significant ratios for further
7. STOCK ON HAND
In addition to assessing stock value, the field supervisor will
want to consider the actual number of units on hand for
service.
Every location has its capacity, and the field supervisor
must
keep stock within those limits.
Field supervisor should be very careful not to be stock-out
and
particularly mindful of business relationship that will be
affected .
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8. DOCUMENTS USED IN STORE
*Waybill Inward/Outward-This is used to accompany any
goods from the store to the customer and vice versa.
*Store Requisition/Issue Voucher-This is used to request for
office items in the store
*Store Bin Card-This is used to record any
item(RM,FG)received and issued.
*Store Ledger Control Card-This is used to monitor all items
received & issued.
*Local Purchasing Order-This is used to request for items
not available in the store. Otherwise it is used to request
for supply of requested item.
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9. ISSUING METHOD
*FIFO-(First-in first-out method): This is used base on
what come in first will go out first. It depends on the
durability of the item involve
*LIFO-(Last-in-first-out): This is used base on what came
in last will go out first. Equally, it depends on the durability
of the item involve
*WEIGHTED AVERAGE: This is used base on the price
variance of an item from different source. The average of
the sum of the price will determine the price of selling such
item
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11. BUDGET
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A budget is a plan that covers a
specific period of time. It helps
management / supervisor determine
how best to use its resources – both
materials and manpower.
13. BUDGETING FOR SUPERVISOR
To ascertain the number of days in a
week/month
This will assist in calculating the item
required for his/her location
For effectiveness, he/she should have a
dead stock level(minimum re-order level)
to avoid stock-out.
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15. MEANING OF CREDIT CONTROL
Credit Control is activity aimed at serving the dual
purpose of increasing sales revenue by extending
credit to customers who are deemed a good credit
risk, and minimizing risk of loss from bad debts by
restricting or denying credit to customers who are not
a good credit risk.
Effectiveness of credit control lies in procedures
employed for judging a prospect's creditworthiness,
rather than in procedures used in extracting the
owed money. Also called credit management.
16. HOW DEBT ARISESType Date Num Memo Debit Credit WHT Balance
Aero
Contrator
Invoice 01/05/2010 Balance B/F 194,365.38 194,365.38
Invoice 03/05/201040306 194,365.38 388,730.76
Payment 05/05/2010
FIDELITY
03404582
INVOICE 40187
APRIL 185,000.00 9,365.38 203,730.76
Invoice 01/06/201040425 194,365.38 398,096.14
Payment 08/06/2010
FIDELITY
04006007 MAY 40306 185,000.00 9,365.38 213,096.14
Invoice 01/07/201040741 194,365.38 407,461.52
Payment 09/07/2010fidelity 04006055 june 40425 185,000.00 9,365.38 222,461.52
Invoice 02/08/201040934 194,365.38 416,826.90
Payment 04/08/2010fidelity 04006092 july 185,000.00 9,365.38 231,826.90
Invoice 01/09/201041107 194,365.38 426,192.28
Payment 03/09/2010fidelity04278859 Aug 185,000.00 9,365.38 241,192.28
Invoice 04/10/201041296 194,365.38 435,557.66
Invoice 04/11/201041297 194,365.38 629,923.04
Invoice 04/12/201041298 194,365.38 824,288.42
Payment 03/09/2010fidelity04278859 Sept,Oct & Nov 555,000.00 28,096.14 269,288.42
Invoice 04/13/201041299 194,365.38 463,653.80
1,943,653.80 1,480,000.00 74,923.04 463,653.80
Summary A B C D
1A minus B = D 463,653.80
Actual Debt
2A minus B minus C 388,730.76
Difference W H T 74,923.04
17. PROCEDURE OF CREDIT CONTROL
*Collection & Submission of Invoice
*Monitor the Processing for payment
*Payment Advice on any payment made
either cheque or direct transfer
*Deduction- Monitor WHT receipt to
complete a transaction
*Provide adequate information on Invoice &
Payment.
18.
19.
20.
21. WAGES
Wages is a monetary remuneration computed on
hourly, daily, weekly or piece work basis for the service
render.
A fixed weekly or monthly wages is usually called a
SALARY
WAGES COMPOSITION
Wages comprise basic and allowance which aggregate
to gross wages. Base on the 2012 Personal Income Tax
Act, calculation is based on gross wages thus:
GROSS- PAYE-UNION-PENSION=NET PAY
22. WAGES CONTD
PROCESS OF GETTING WAGES
For a staff to get his/her salary with the company the
following steps needs to be follow:
The site supervisor prepares a jotting sheet which show
those on duty and absentism.
The jotting must be signed by
i The Cleaners @ Location
ii, The Supervisor @ Location
iii, The Operations Manager @ Head Office
Submition of the signed jotiing to wages section of
Accounts Department
23. SALARY ACCOUNT OPENING
A staff is expected to open a bank account on the
presentation of company’s I D Cards except he/she have
an account (which is not dormant)
PROCEDURE
o On getting ID Card, visit the Accounts Department to
collect bank account opening form, fill & submit with
passport as directed by the staff in charge
o Letter of introduction is done to accompany the form
oAn sms alert is sent to the staff and he/she will forward
the account details to head office (Accounts Department)
oFor any delay, please do:
i, there is incorrect filing of form i.e signature etc
ii, banks internal problem, you need to wait.
