Cameras R Us
POLICIES AND PROCEDURES MANUAL
Prepared by:
Geoff Stevenson
Effective Date:
1 July 2017
Approved by:
Leslie Creiff
Fixed Assets
Cost
All fixed assets are to be recorded in the accounts at their historical cost.
Depreciation
Annual depreciation is to be calculation using the straight-line basis and to be recorded in the accounts at the end of the financial year.
Inventory
Inventory is to be maintained using a perpetual inventory system. Closing stock is recorded at the lower of cost or net realisable value.
Stocktake
A physical stocktake is to be ca
ied out after close of business on the last day of the financial year. This is to be compared to the stock records and any discrepancies investigated and accounted for.
Inventory accounts
Sales are to be shown is separate accounts for:
Sales - Cameras & Lenses
Sales – Accessories
Only one Cost of Sales account is to be used.
Only one Inventories Asset account is to be used.
Records
Computer records
Passwords
Each user should have their own password to access the MYOB file. Passwords are to be kept confidential and changed at least every 6 weeks. Passwords should not be written down and should contain at least one upper case letter, one lower case letter and a non-alphabetic character.
Processing transactions
Source documents - where transactions are processed from the source document this should be marked as “posted” with the date and initials of the person who enters the data into the accounting system.
Transactions list – where data is entered from a list of transactions each item of the list should be initialled as it is entered. At the bottom of each sheet the person entering must sign and date the sheet.
Backups
Daily backup is to be made of the MYOB file and stored on an external hard drive. The hard drive should in turn be kept in a fire proof safe. If no safe is available the backup should be removed from the business premises and stored in a secure location by the manager.
Reporting
End of quarte
At the completion of the end of quarter processing the following end of quarter reports are to be printed and emailed to Head Office by 7th of the month following the end of the quarter:
· Report 1 – Bank Reconciliation on last day of the quarte
· Report 2 - Profit & Loss Statement for the Quarte
· Report 3 - Balance Sheet as at end of the quarte
· Report 4 - Receivables Reconciliation as at end of the quarte
· Report 5 - Payables Reconciliation as at end of the quarte
· Report 6 - Inventory Value Reconciliation
· Report 7 - GST Detail Cash for the quarte
· Report 8 - Trial Balance at the end of the quarte
Reports should be clearly labelled and combined into a single PDF file before emailing.
End of yea
At the completion of the end of financial year processing the following end of year reports are to be printed and emailed to Head Office by 21st of the month following the end of the financial year:
· Report 9 - Profit & Loss Accrual for the yea
· Report 10 - Balance Sheet as at end of the yea
· Report 11 - Transactional Journal – General Journals
Reports should be clearly labelled and combined into a single PDF file before emailing.
Cameras R Us Policy and Procedures
I’ve Been Framed
Extract from ACCOUNTING POLICIES AND PROCEDURES
BUSINESS DETAILS
I’ve been Framed was registered as a partnership on 1 July 2011, as a business that buys photo frames, albums and novelty photo items and sells to the public. Peter Paparazzo and his wife, Paula are equal partners in the business. The partnership has an ABN and is registered for GST reporting quarterly on an accrual basis. The business reports income tax on an accrual basis.
INVENTORY
Perpetual inventory principles apply for all stock, with the exception of novelty items which follow periodic inventory principles. Novelty items are only purchased when specifically requested by customers or when I’ve Been Framed wishes to distribute them to clients as part of a media campaign.
An item card is set up for each stock item. Minimum stock numbers (no re-order quantities) are entered to optimise stock levels and assist with automatic re-ordering of stock.
The inventory ledger (item cards or stock cards) should be reconciled with the general ledger Inventories Control Account at the end of each month by printing the inventory value reconciliation report. Any discrepancies should be identified and adjustment made.
PURCHASES
1. A stock alert report is printed daily – the first task of the morning. The printout is handed to the Peter who authorises which stock is to be ordered that day. This printout acts as a purchase requisition.
2. Orders are generated automatically or keyed in and printed or emailed to the supplier.
3. A copy of the purchase order is sent to the Goods Inwards section. Each purchase order will be numbered consecutively when processing, and all missing purchase order numbers must be accounted for.
4. The purchase order must include a complete description of the goods ordered, the price inclusive of GST, delivery address and any special delivery instructions.
5. When goods are received, the store person must check that the products are in good order and condition. Items received must be checked against the purchase order to make sure the co
ect goods and quantity have been delivered. If a packing slip or delivery note was sent with the goods, this must be attached to the purchase order and forwarded to the Accounts Department. If no packing slip was received, a goods received slip must be completed and signed and attached to the purchase order.
6. Any discrepancies in the order must be attended to immediately by the bookkeeper after comparing the tax invoice against the purchase order and goods received slip or packing slip.
7. If goods are to be returned for any reason, a goods returned slip should be completed and forwarded to the Accounts Department for processing. All returns and adjustments will be recorded and settled against the original invoice immediately.
8. Should there be goods on backorder, a copy of the purchase order must be retained in the store noting the goods on backorder. When goods are received, the purchase order is then forwarded to the Accounts Department.
9. Any invoices received with the goods must be forwarded to the Accounts Department immediately. It is the responsibility of the Accounts Department to check the prices on the tax invoice as well as calculations. Staff must attach the tax invoice to the purchase order on file along with any other documents held as proof of delivery of the goods. The purchase order in the system should then be changed to a Bill/Invoice. Prices are checked including the invoice total and the supplier’s tax invoice number and co
ect invoice date.
10. A physical stocktake is conducted monthly to check on the accuracy of stock numbers in the company file.
CASH RECEIPTS
All cash and cheques are receipted into the Undeposited Funds account and deposited into the cu
ent cheque account at the end of each day.
ENTERING DATA INTO SYSTEM
When data is entered, the account code and the initials of who entered the data are required on the source document. Data entry is to be reviewed at end of day, and all discrepancies checked by the Office Manager. Entries should not be deleted; a co
ecting journal entry should be entered.
Assessment Marking Criteria
Assessment Marking Criteria
FNSACC416_AT2_MC_TQM_v2
FNSACC416_AT2_MC_TQM_v2
Student Name
Student Numbe
Unit Code/s & Name/s
FNSACC416 - Set up and operate a computerised accounting system
Cluster Name
If applicable
N/A
Assessment Type
☐ Assignment ☐ Project ☒ Case Study ☒ Portfolio
☐ Third Party Report (Workplace) ☐ Third Party Report (Peer) ☐ Other
Assessment Name
Comprehensie case study
Assessment Task No.
2 of 2
Assessment Due Date
Date Submitted
/
Assessor Feedback:
Attempt 1
Satisfactory ☐
Unsatisfactory ☐
Date
/
Assessor Name
Assessor Signature
☐ Student provided with feedback and reassessment a
angements (check box when completed)
Date scheduled for reassessment
/
Attempt 2
Satisfactory ☐
Unsatisfactory ☐
Date
/
Assessor Name
Assessor Signature
Note to Assessor: Please record below any reasonable adjustment that has occu
ed during this assessment e.g. written assessment given orally.
Assessment Criteria / Benchmarks
The evidence submitted demonstrates that the student has satisfactorily:
Attempt 1
Attempt 2
Date
__/__/__
Date
__/__/__
Y
N
Y
N
MYOB file for Cameras R Us has been set up co
ectly and transactions processed co
ectly and in accordance with legislative requirements and the Organisational policies and procedures as evidenced by the following checks:
1. Completed MYOB file is supplied and is operating co
ectly
☐
☐
☐
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2. On transaction lists items have been initialled as entered and student has signed and dated each list as entered into MYOB in accordance with policies and procedures.
☐
☐
☐
☐
3. Quarterly reports have been co
ectly generated and are co
ect in accordance with the benchmark answered supplied:
a) Report 1 – Bank reconciliation on last day of quarte
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☐
☐
☐
XXXXXXXXXXb) Report 2 - Profit & Loss Statement for the quarte
☐
☐
☐
☐
c) Report 3 - Balance Sheet as at end of the quarte
☐
☐
☐
☐
d) Report 4 - Receivables Reconciliation as at end of the quarte
☐
☐
☐
☐
e) Report 5 - Payables Reconciliation as at end of the quarte
☐
☐
☐
☐
f) Report 6 - Inventory Value Reconciliation
☐
☐
☐
☐
g) Report 7 - GST Detail Cash for the quarte
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☐
☐
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h) Report 8 -Trial Balance at the end of the quarte
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☐
☐
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4. Year end adjustments have been co
ectly record and entered as end of period adjustments.
☐
☐
☐
☐
5. End of Year reports have been co
ectly generated and are co
ect in accordance with the benchmark answered supplied:
a) Report 9 - Profit & Loss Accrual for the yea
☐
☐
☐
☐
b) Report 10 - Balance Sheet as at end of the yea
☐
☐
☐
☐
c) Report 11 - Transactional Journal – General Journals
☐
☐
☐
☐
123 TMP H v XXXXXXXXXX/11/20)
© TAFE Queensland. Uncontrolled Copy if printed. Refer to TAFE Queensland intranet for cu
ent version of document. 1
123 TMP H v XXXXXXXXXX/11/20)
© TAFE Queensland. Uncontrolled Copy if printed. Refer to TAFE Queensland intranet for cu
ent version of document. 2
Assessment Task - Portfolio of Evidence
Assessment Task
Portfolio of Evidence
FNSACC416_AT2_POE_TQM_v2.1.docx
FNSACC416_AT2_POE_TQM_v2.1.docx
Student Name
Student Numbe