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Policy & Procedure
Policy Title :
ACCOUNTING FOR BOOKSTORE Policy
Policy Number :
IV.D-1
Responsible Party :
Financial Affairs
Effective Date :
28/11/2013
Revised Date :
_______________________

Purpose

To ensure that all inventories in the bookstore are properly accounted and no items are missing.

Statement :
Procedure :

Receiving Stock

  • Check the suppliers billing or invoices and compare with the receiving reports prepared by the person in-charge of the bookstore.
  • If the receiving reports reconcile with the suppliers invoice, the Payable Accountant will proceed in recording the invoices in the accounting system.
  • If the receiving reports do not reconcile with the suppliers invoice, the person in-charge of the bookstore should identify the discrepancies and submit them to the Director of Financial Affairs for further action.

Managing Stocks

  • Receivable Accountant should check and record the daily bookstore sales submitted by the person in-charge in the male and female bookstore with approval of the PMU Bookstore Head.
  • A reconciliation of outstanding inventory per actual count submitted by the person in-charge in the bookstore against the balance per general ledger should be made and a variance report should be submitted to Director of Financial Affairs.
  • The Director of Financial Affairs will review the variance report and take the necessary steps to resolve discrepancies.