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How are raw materials received? Is there a separate receiving room? How does it move from this
room?
Received ny the purchasing
Endorse to invty clerk, Sam Aniano
He kept it in a small stock room.
Apprrove request
Issue a stock transfrer form
How are raw materials documented in the system? What is the source of the info?
PO. DR SI
Goods Received notes; before you go to GRN may PO na. Tapos Purchase invoice na.
Accounting will validate the GRN based on DR and SI. If conflicting, for reconciliation and the payment
process will be put on hold.
Is it recounted? Yes
How is raw material inventory tracked (i.e. stamps/tags/electronically)? Excel and hard copy of Stock
transfer.
How are returns of raw materials dealt with? Goods returned are added to inventory and when the
others are bad they are segregated.
Cut-off - how do they ensure timely recording and in the appropriate period?
Upon delivery ang ownership
What is the flow in the general ledger and the system - if a separate system from the general ledger,
how does it get to the general ledger?
Requisition slip and then PO if new item they engaged price quote
Requisitions
Forms are they pre-numbered? How are they controlled?
Who can request? By the department, Assistant to Managers and Directors. In Branches the
DM will request. Sa HO who needs it.
Who approves?
CEO, Geric Reyes(GGR)
FCR( President) Frederick Reyes
Any limits?
Branch- No limit once approved
HO as long as approved.
Managing Inventory
Safeguarding of Assets
What physical access controls are there to assets and sub-ledger / general ledger (i.e. fire systems,
locks)?
What reports are generated / are they based on inventory levels? How often are they generated? Who
do they go to? What do they do with them? Are they reviewed and if so do they sign off on their
review? How long are the reports kept for?
Inventory Counts (some of the info contained below may be covered off in
the count memo)
Are counts performed / how / what are the procedures?pag tapos na ang count pwede na ulit mag
received at mag out.
Who performs the counts? Mr Sam and the ASIM
How often are counts performed? Month end inventory count
Book to physical adjustments - what are the procedures? Do they investigate the reasons for the
adjustments and document this?
How is WIP counted and valued?
How is inventory organized - is obsolete inventory kept separated?
How is cut-off handled during the count e.g. receipt of goods during the count?
Do they have consignment inventory? How is this handled? How is it accounted for?
Obsolescence
How is obsolete inventory managed / what reports are run e.g. movement/shipping reports?
Who determines obsolescence? Is it part of the inventory count?
What is the policy on obsolescence e.g. specific ID of goods or a % allocation?
Who reviews the obsolescence? Is authorization required to label the goods obsolete?
Producing/Costing Inventory
How are labour and overhead expenses allocated to WIP? What is the journal entry?
How is labour tracked/costed i.e. timecards?
How is it determined what should be allocated? Is the allocation reviewed and approved? By who?
When is labour and overhead charged?
Standard costing
How are labour standards developed?
How are overhead standards developed?
How are they updated in the system / by whom / how often?
When is it recorded in the system?
How and when is it updated? Is it reviewed? By whom?
Does it represent actual costs?
Are variances tracked? Are the reasons investigated?
Can standards be adjusted during the year? By whom? Is authorization needed?
What is the journal entry?
Are suspense accounts used? If so, are they reconciled / cleared on a regular basis?
Shipping
How do you make sure all shipments are recorded shipping log, packing slip? Transmittal, Shippers
Copy. one week.
How are finished goods relieved from inventory? Transmittal was given to accounting for their copy
Physically and logically?
What is the journal entry? Recorded in the excel file for the in and out.
How is accurate and timely recording ensured? Pag nilabas sa stock room minus na kagad siya.
Accountability na ni Delivery.
Who approves goods for shipment/ is approval needed?Prepared by Mr. Sam checked by the
warehouse and will be received by the branch.
What reconciliations are performed i.e. shipping log to invoice register?Yes
By whom? By the two individual through the information sent by the branch
Segregation of Duties
In an inventory management system, different individuals should be responsible for: