June 15, 2008|By Richard White, Appropriate to the sentinel
Question: What are your recommendations apropos whether an affiliation should use a application anatomy to accommodate a cardboard aisle for expenditures for supplies? Our aliment men accomplish their purchases at the bounded accouterments store, and their receipts are accustomed to the administration company; again they go into a annual folder.
The expenditures appearance up in the financials as accepted maintenance. There is no way of alive what the purchases were fabricated for. Do you acclaim that we use a application anatomy with bell-ringer name, description of items and absolution for purchase, with the cancellation attached? Should it be reviewed, either afore or afterwards purchases are made, to accumulate honest bodies honest?
Answer: Although purchase-order forms or application forms are adapted to accumulate acceptable records, it provides alone a apparatus for accounting. They are not a way to ascendancy spending or to anticipate theft. The aftereffect that you are attractive for is a appropriate anatomy with receipts absorbed that answers area the annual came from and area the annual was used.
Management needs to accumulate added authentic acquirement records. The lath can authorize a purchase-order arrangement that requires approval. You can set banned on who can accept the acquirement order. As an example, the administrator can accept acquirement orders for beneath than $100; the president, beneath than $500; two officers, beneath than $1,000; and college amounts charge be accustomed by the lath at a lath affair or some banned accustomed by the lath specific for your association.
Some associations authorize petty banknote accounts area the withdrawals are recorded. You can authorize a appropriate blockage annual assigned to the administrator area the administrator can assurance for baby purchases. A acclaim agenda annual can additionally be used.
In added words, there are several means to annual for purchases. The key is to accurately annual for these items in the annual report. You charge to annual the items or annual for consumables. Such letters charge to be accustomed by the lath and entered into the association’s banking records, and the lath should annual for the inventor.
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