Store Accounting :Īccepted materials are accounted for in the stores and their proper account is maintained. It will then be dealt with by the cost department, the account of the department concerned being given credit in respect thereof. The copy retained by store-keeper is entered by him on the bin cards and then passed on to the stores accountant to be priced and entered by him in the relative stores card. One of these is returned to the foreman with the store-keeper’s acknowledgement. ![]() Two copies being sent to the store-keeper along with the returned material. For this purpose, Material Returned Notes are written out in triplicate. They must be properly recorded and their value may be duly entered in the store records and these values may be credited to the accounts of the department concerned by the cost department. Material issued for departmental use sometimes are not actually used and returned to the store-keeper. This is adopted only in small concerns.Ī sample of indent on store is given below: In such cases, the original copy is sent to the cost department by the store-keeper after making the necessary entries. They contain the date, the necessary particulars of the stores requisitioned, such as quantity and description, order or job number to which the material is to be charged, department number, signature of the indentor, space for the initial of the issuing store-keeper and the signature of the person receiving the material.Īs it is in triplicate, the original copy is sent to the cost department for costing, duplicate retained by the store-keeper and triplicate in the bound book by the Indentor as a permanent record. Such indents on stores are made out in triplicate from bound books supplied to each department. These indents or SIVs demands upon the store-keeper signed by authorised person to issue the material to bearer, to be charged to a particular job or department specified therein. An important rule, which should be strictly followed is not to allow any materials to pass from the stores department into the works except upon the authority of written requisition. It is also called material issue requisition. ![]() ![]() One copy of SIV is sent to the department who has initiated it for withdrawal of material.
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