Nfjpiar3 1314 IRR No. 3 Merchandise Management

8/14/2019 Nfjpiar3 1314 IRR No. 3 Merchandise Management

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IRR No. 3 Merchandise Management Page 1 of 10

National Federation of Junior Philippine Institute of AccountantsRegion III Council

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCILFederation Year 2013 2014

THE ORGANIZATION OF ACCOUNTANCY STUDENTS IN CENTRAL LUZON

R3: Reaching Greater Heights Celebrating Three Decades of

Unifying and Empowering the JPIAn Spirit

IMPLEMENTING RULES

AND REGULATIONS IN THE CONDUCT OF

MERCHANDISE MANAGEMENT

REVISION HISTORY:

Version No. Date Revised By Approved By Noted By Details

1 22/5/2013 Leila Victoria R. Antonio Zheena E. Ocampo Conrad Allan M. Alviz Initial Issue


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TABLE OF CONTENTS

Background .................................................................................................................................................................................................................................

Objectives .....................................................................................................................................................................................................................................

Definition of Terms .................................................................................................................................................................................................................

Sales Order Procedures.........................................................................................................................................................................................................Sales Return Procedures ......................................................................................................................................................................................................

Custody ..........................................................................................................................................................................................................................................

Enforcement of the Implementing Rules and Regulations ..................................................................................................................................

Amendments or Revisions...................................................................................................................................................................................................

Separability Clause ..................................................................................................................................................................................................................

Repealing Clause .......................................................................................................................................................................................................................

Effectivity .....................................................................................................................................................................................................................................

Appendix .......................................................................................................................................................................................................................................


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INTRODUCTION

BACKGROUND

Merchandise management is the systematic procedure on how to efficiently process orders from LocChapters within the Regional Council. This process also aims to separate duties among the Region

Executive Officers to prevent unauthorized act on selling the merchandise that could put the activities of th

Council into jeopardy. Effective merchandise management also seeks to control the costs associated with th

merchandise. It is the responsibility of the Regional Vice President for Finance, together with the Region

Vice President for Communication, Membership and Audit, to ensure the proper authorization of orders anto ensure timely distribution to its members. This implementing rules and regulations shall serve as th

guideline of Regional Executive Officers on the proper authorization and distribution of the Council

merchandise.

OBJECTIVES

To establish standard procedures on putting orders of merchandise from its members.

To ensure that all merchandise and properly authorized, accurately, completely, and time

distributed.

To govern the assignment of duties to certain officers for proper authorization purposes.

To impose punishments for those officers who will not abide by the rules stated and those wh

intends to defraud the council.

Definition of TermsAuthorization a document giving permission or author to ensure that only valid transactions ar

processed

Sales Order procedures includes tasks involved in receiving and processing a customer order, fillinthe order and shipping goods to the customer, billing the customer at the proper time, and correctl

accounting for the transaction

Sales Order Procedures

1. The Regional Vice President for Communicationshall be responsible for the receiving orders merchandise to be purchased. The process begin with the receipt of order indicating the type an

quantity of merchandise desired through obtaining a Sales Order Form indicating the following:

a. Date of sale


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b. The Local Chapter name and addressc. Contact numberd. Description of the items solde. Quantity of items sold

2. Upon sending of the Sales Order Form, the Regional Vice President for Financeshall authorized thbilling of merchandise which shall be guided by the provisions of the IRR #1 Funds Management

Cash Receipts Section. All merchandise purchased shall be properly recorded in a separate forintended for monitoring sales transactions, the duplicate of such shall be given to the Region

Secretary General or to any Executive Officer assigned by the Regional President. The Sales Journ

Form shall include the following:

a. Date of Saleb. Name of Local Chapterc. Description of the goods soldd. Quantitye. Selling Pricef. Signature of Regional Vice President for Finance

3. After the billing process, a Billing Statement should be sent by the Regional Vice President foFinance. 60% down payment must be paid before the delivery of the merchandise purchased. Upo

payment, the confirmation of payment should be properly recorded or documented. This will b

guided by the provisions of the IRR #1 Funds Management Cash Receipts Section, Letter E.

4. The Regional Vice President for Audit shall be responsible for merchandise control to monitowhether the goods are complete and in good condition upon delivery. He/she shall issue a Stoc

Release Document (also called as Picking Ticket) to authorize its delivery.5. The Regional Vice President for Membership, together with the Regional Standing Committee fo

Sponsorship and Merchandise shall be responsible for the delivery of the merchandise purchase

upon receipt of the Stock Release Document.

6. Contract entered into, in the name of the Council, without undergoing the proper proceedings stateabove, shall be void and not binding with respect to the Council. Moreover, the parties involved shabe accused of defrauding the Council, thus subject to the punishment provided in this IRR.

Sales Return Procedures

1. An organization can expect that a certain percentage of its sales will be returned. Sales return can baccepted after ten (10) days upon receipt of the goods within, but not limited to the followin

reasons:a. The goods were defective.b. The Council shipped faulty merchandise.c. The goods were damaged in shipment.


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2. When items are returned, the Regional Vice President for Audit counts, inspects and prepares Return Slip describing the items. The goods, along with a copy of the Return Slip, go to the supplierto be restocked.

Custody

Custody of the merchandise shall be guided by IRR #4 Inventory Management Custody Section except No

5, 7 and 8.

ENFORCEMENT OF THE IMPLEMENTING RULES AND REGULATIONS

A. It shall be the primary duty of the Regional Vice President for Finance and the Council to effectiveenforce the provisions of this Implementing Rules and Regulations. The Council also has the sole right interpret the contents of this Implementing Rules & Regulations and their decision will be binding an

irrevocable.B. The Regional Adviser or his duly designated representative shall act as legal adviser to the Regional Vi

President for Finance and the Council and shall render legal assistance as may be necessary in carryin

out the provisions of this Implementing Rules and Regulations.

AMENDMENTS OR REVISIONS

A. The Council shall be vested with the exclusive power to revise and amend the Implementing Rules anRegulations.

B. Any amendments to or revisions to this Implementing Rules and Regulations may be proposed by anmember of any local chapter upon a written request of such member, stating the reasons thereto.

C. Any request for amendments and revisions as well as proposed amendments must initially be revieweby the Regional Vice President for Finance then to be forwarded to the Regional Executive Officers fo

discussion, editing and final approval and to be noted by the Regional Adviser.

D. The Regional Executive Officers shall have the right to debunk any proposed revisions and amendmentsubmitted to them by the Regional Vice President for Finance, which are deemed unnecessary. The fin

decision on any inclusions and exclusions to this Implementing Rules and Regulations must b

determined by a majority vote of all Regional Executive Officers in which the Regional Vice President fFinance is included.

E. Amendments to particular provisions in this Implementing Rules and Regulations shall be alloweprovided that such amendments will be communicated to stakeholders at least two weeks before

could take effect.


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SEPARABILITY CLAUSE

If any clause, provision, paragraph or part of this Implementing Rules and Regulations shall be declareunconstitutional or invalid, such judgment shall not affect, invalidate, or impair any other part hereof, bu

shall be merely confined to the clause, provision, paragraph or part directly involved in the controversy which such judgment has been rendered.

REPEALING CLAUSE

Any rule and regulation or resolution or part/s thereof inconsistent with the provisions of th

Implementing Rules and Regulations are hereby repealed or modified accordingly.

EFFECTIVITY

This Implementing Rules and Regulations shall take effect immediately after its presentation and approv

from the Assembly.

Prepared by:

___________________________________

Leila Victoria R. Antonio

VICE PRESIDENT FOR FINANCE

Wesleyan University-Philippines

Approved by:

___________________________________ ___________________________________

Zheena E. Ocampo Francis Xavier W. Ferrer

PRESIDENT VICE PRESIDENT FOR ACADEMICS

Systems Plus College Foundation Systems Plus College Foundation


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___________________________________ ___________________________________

Emil Julius T. David Enrico C. Rivera

VICE PRESIDENT FOR NON ACADEMICS VICE PRESIDENT FOR MEMBERSHIP

Holy Angel University Tarlac State University

___________________________________ ___________________________________

John Kendrick H. Pajarin Adrianne B. HarveVICE PRESIDENT FOR AUDIT VICE PRESIDENT FOR COMMUNICATIONS

Colegio de San Juan de Letran - Bataan University of the Assumption

___________________________________ ___________________________________

Jane T. Villanueva Roy James S. Enrile

VICE PRESIDENT FOR MEDIA SECRETARY GENERAL

Wesleyan University - Philippines Baliuag University

Noted by:

___________________________________

Conrad Allan M. Alviz, CPA, CISA

ADVISER

SGV & Co.


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APPENDIX

This contains all the necessary forms in the conduct of Merchandise Management:

National Federation of Junior Philippine Institute of Accountants Region III Council

Sales Order Form

Local

ChapterDate

Address Contact No.

Item Description SizeTotal

Quantity

National Federation of Junior Philippine Institute of Accountants Region III Council Sales Journal Form

Date Invoice

No.

Description Debit Credit Remarks


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Stock Release Document

LocalChapter

Date

Address Contact No.

Item Description SizeTotal

Quantity

Remarks

I HEREBY CERTIFY THAT THE ITEMS ARE COMPLETE.Certified Correct:

_____________________________

John Kendrick H. Pajarin

Regional Vice President for Audit

Signed:

_____________________________

Local Chapter


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Return Slip

Local

ChapterDate

Address Contact No.

Item Description Size

Total

Quantity

Documents

Nfjpiar3 1314 IRR No. 3 Merchandise Management