5. Existing System at VRIL, Bibwewadi site
Purchase of material
Requirement material – Requisition from Concerned Engineer/Project In charge
Reg.requirement of material is given.
After receipt of material requisition either in oral or in written note – quotations
from different suppliers collected at local office.
Comparative statements is made & submitted to HO for rate approval.
After receipt of HO approval, PO is raised to the concerned Supplier for
Supply of material at site.
Four copies PO made – 1.Vendor .2.HO 3.Accounts 4.One copy of records.
No PO raised for urgent requirement of material. Such material purchased
as per indent received on Cash basis.
Signature of Vendor is taken in acknowledgment of PO.
Vendor Supplies material as per PO.
after receipt of material at Site, First entry made in a Inward & Outward register
Kept & gate.
Thereafter, material is checked by the concerned engineer and unloaded
at either site or stores . Quality is checked by Engineers. Quantity is
Checked by Store people. Acknowledgement is given on challan with
Material receipt Stamp and Signature – Original copy is kept by Store Keeper
in file and second copy is given to the concerned vendor.
Issue of material
Material issued to concerned contractors against their requirement on Material
Issue Note.
6. Material issue note is signed by the receiver and store keeper.
On the basis the Material issue note – entry is made in the stock register
and also on Daily Stock report.
Material issued to the concerned contractor after proper counting in the
presence of store keeper without value./free for consumption at site.
Receipt of Bill and payment thereof
Bills are received directly from vendors to Stores Dept. forwarded
to accounts dept. and kept in Pending Bills file.
Bills are linked with proper stores receipt challans.
Bill are checked with Purchase Orders & copy of the same is
Attached to related Bill.
Payment request sheet is prepared incorporating bills by accounts.
Payment request is signed by Accountant and Comm.Manager.
All payment request sent to Aurangabad Office for approval through courier
After getting approval at Aurangabad – these payment requests are
sent to Pune Office for releasing cheques.
Pune Office thereafter preparing cheques and the signed cheques are
sent to Bibwewadi site.
All cheques received from Pune Office are entered in a Register.
Information of cheques receipt is given to the related vendor on phone
& thereafter vendor comes and collect cheque .
Statutory Compliance
Income Tax – TDS
Deduction of TDS are already made in the Payment request sheet by the site accountant.
Monthly summery of TDS deduction is prepared by the site accountant and submitted
7. to Aurangabad office for approval and therafter same is sent to Pune Office for releasing
Cheque.
After getting the cheque from Pune Office the same is deposited in to the Bank with
Challan by the site accountant.
Quarterly return of TDS is prepared by the site accountant and submitted to Bombay
For filing in the Income Tax Dept.
WCT-TDS
Deduction of WCT-TDS are already made in the Payment request sheet by the site accountant.
Monthly summery of WCT-TDS deduction is prepared by the site accountant and submitted
To Aurangabad office for approval and therafter same is sent to Pune Office for releasing
Cheque.
After getting the cheque from Pune Office the same is deposited in to the Bank with
Challan by the site accountant.
Site Expenses
For site expenses – Rs.50,000/- advance is given for day to day expenses purposes,
(two cheques of Rs.25,000/- each). After utilizing the amount – details of expenses
incurred at site – statement is prepared and sent to HO for further advance of.Rs.50,000/-..
Vr.payment to site employee
Vr.payment to site employers (those are not on roll) is made in Cash. On Monthly
Basis attendance is sent to HO –Aurangabad HRD Dept. for calculation and approval.
Details of statement of payment to be made is prepared by HO and submitted to Pune
Office for releasing cheque. On receipt of cheque – cash is withdrawn from bank and
Distributed to employees.
Purchase of Fixed Assets
Fixed Assets those are purchased at site – accounted at site at original cost but no
depreciation on assets is charged.
Few fixed assets were procured from Head Office& utilised at site but no account /service
charge is debited in VRIL.
FORMATS UTILISED AT SITE
Purchase Order
Material issue Note
Advance request form
9. Recommedmded for Revision of existing System
Need to fix limit in monretary term for site for P.O
approval & beyond this .PO should be approved
by the H.O for speedy procumrent of materiaat site
& uninterupted construction at site
No it should be in written form only
No. if it goes beyond certain limit it should be
authorised after getting atleast three qotation
from the supplier & confirmation from the H.O
First two registere shoud be maintained at
Security Gate Pass For Inward & Out ward
Material at site
After verification of quality by the quality engineer
the challan should be singned & handed over to
store for the maintaing the record & quantity check
& unlod the material only at store
After the receipt of goods in store it should be
entered in Goods Inward Register based on
Challan & gate paased signed by the security
Material Requision note should be made
compulsory & signed by the conderned Engineer
10. Materrial issue note should be made on the basis
of MRN & Accordingly goods should be issued
& signed by the store keeper
On the basis of the MRN & Material Issued Note to
thecontractor Entry should be reflected in the
Material issued Register
Goods should not be unloded at place other than
store except in case of heavy goods / special
nature
Goods should not be scattered at site if it exceed
the consumtion / use should be returned to store
immediately
Non moveable item should be segregated & kept
Seperately & reveived & treated & disposed of as
as management decision
This is lengthy procedure & need new alternative/
machanism should be explore to expedite the
bills cheacking & payment to have good relation
between Vendors / Suppliers
11. accountant.
Same as Existing
Same as Existing
As it was not provided in the site account's books
but ths required to see the final trial balance
which was not updated by the pune site
Accountant provided Depreciation or not
Need to Modernise
Need to Modernise
Need to Modernise
