Store Accounting

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Store Accounting

  1. 1. STORE ACCOUNTING PROCEDURE
  2. 2. STORE ACCOUNTING <ul><li>STORE FUNCTIONS </li></ul><ul><li>PRICING OF PURCHASED MATERIAL. </li></ul><ul><li>PRICING OF STORE RETURNED MATERIAL. </li></ul><ul><li>MATERIAL RECEIVED ACCOUNT. </li></ul><ul><li>ISSUE OF MATERIAL FROM STORE. </li></ul><ul><li>PHYSICL VERIFICATION OF STORE STOCK. </li></ul>
  3. 3. <ul><li>Inventory – </li></ul><ul><li>Routed through Store. </li></ul><ul><li>Inventory – </li></ul><ul><li>Not Routed through Store. </li></ul>STORE ACCOUNTING
  4. 4. STORE ACCOUNTING <ul><li>Inventory – Routed through Store. </li></ul><ul><li>Maintenance material </li></ul><ul><li>Spare parts </li></ul><ul><li>Tools & Plants </li></ul><ul><li>Plant fuel, Oil, lubricants & Chemicals </li></ul><ul><li>Scrape material </li></ul><ul><li>All other material purchased including POL for operational vehicles. </li></ul>
  5. 5. STORE ACCOUNTING <ul><li>Inventory – Not Routed through Store </li></ul><ul><li>The Capital assets. </li></ul><ul><li>The Capital assets like plant & machinery, equipments, vehicles, computers and furniture & fixture etc received are recorded in the fixed asset register. </li></ul><ul><li>  The POL of transport vehicles is monitored through vehicle control. </li></ul><ul><li>The POL of transport vehicles is monitored through vehicle control register and receipt and consumption of the same is not routed through the store. </li></ul>
  6. 6. <ul><li>1. STORE FUNCTIONS </li></ul>
  7. 7. STORE FUNCTIONS <ul><ul><li>Store Procurement </li></ul></ul><ul><ul><li>Store Keeping </li></ul></ul><ul><ul><li>Store Accounting </li></ul></ul><ul><li>Store functions will be supervised by different persons and will have separate sphere duties. </li></ul>
  8. 8. 2. PRICING OF PURCHASED MATERIAL.
  9. 9. PRICING OF PURCHASED MATERIAL. <ul><li>Local Purchases through Tender / Quotation. </li></ul><ul><li>Purchase through Purchase Committee or through Petty advances. </li></ul><ul><li>Material Transferred in/from other WAPDA formations. </li></ul><ul><li>Foreign Material Purchase. </li></ul>
  10. 10. <ul><li>3. PRICING OF STORE </li></ul><ul><li>RETURNED MATERIAL. </li></ul>
  11. 11. PRICING OF STORE RETURNED MATERIAL. <ul><ul><li>Un-used Material </li></ul></ul><ul><ul><li>(not needed now to be used in future). </li></ul></ul><ul><ul><li>Defective / Damaged Material </li></ul></ul><ul><ul><li>(to be used after repair). </li></ul></ul><ul><ul><li>Scrape for disposal. </li></ul></ul><ul><li>Material at site will be kept only for immediate use for the ongoing specific jobs. </li></ul><ul><li>Otherwise, material return to Store at month end through Store Return Warrant (SRW). </li></ul>
  12. 12. <ul><li>4. Material Received Account. </li></ul>
  13. 13. Material Received Account. <ul><li>1st copy of SMB page attach with commercial invoice and process for making payment by the Accounts Section. </li></ul><ul><li>2nd copy of SMB page sent to Accounts Section along-with GST invoice for posting in the Stock Value Ledger and compiling GST input claim of the formation. </li></ul><ul><li>3rd copy of SMB page sent to Store Section for posting of receipt of material in the Stock Register along-with following documents . </li></ul><ul><ul><li>Purchase order </li></ul></ul><ul><ul><li>Invoice </li></ul></ul><ul><ul><li>Bill of entry. </li></ul></ul><ul><ul><li>Inspection Certificate. </li></ul></ul><ul><li>4th copy of SMB retain for office record. Based upon the office copy procurement Section will prepare list of all the SMBs recorded during the month and sent it to the Accounts Section and Store Section. </li></ul>
  14. 14. <ul><li>5. Issue of material from </li></ul><ul><li>Store. </li></ul>
  15. 15. Issue of material from Store. <ul><ul><li>A. Issue of consumable material. </li></ul></ul><ul><li>B. Issue of Spare Parts. </li></ul><ul><li>C. Issue of T&P </li></ul><ul><li>D. Issue of Store to other </li></ul><ul><li>Formations. </li></ul><ul><li>E. Issue of Scrape for disposal. </li></ul>
  16. 16. 6. Physical verification of Store Stock.
  17. 17. Physical verification of Store Stock. <ul><li>The Procurement Section and Accounts Section will jointly carry out physical verification of the store stock items by classifying the material as follow: - </li></ul><ul><ul><li>The stock item having unit price of Rs.50,001 and above will be physically verified 100% in the month of June of each financial year as first preference, </li></ul></ul><ul><ul><li>The stock items having unit price of Rs.5,000 to Rs.50,000 will be physically verified 100% in 2nd preference in June of each financial year, </li></ul></ul><ul><ul><li>In 3rd preference the store items having unit price less than Rs. 5,000 will be physically verified at random basis during January to May of each financial year. </li></ul></ul><ul><li>The difference identified by the physical verification committee must be investigated by the authorized officer and adjustment (recovery or write-off) must be made at the end of financial year with the approval of competent authority as per Rules and Procedure. </li></ul>

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