Nfjpiar3 1314 IRR No. 3 Merchandise Management

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS
THE ORGANIZATION OF ACCOUNTANCY STUDENTS IN CENTRAL LUZON Federation Year 2013 2014 R3: Reaching Greater Heights Celebrating Three Decades of Unifying and Empowering the JPIAn Spirit
REGION III COUNCIL
IMPLEMENTING RULES AND REGULATIONS IN THE CONDUCT OF MERCHANDISE MANAGEMENT
REVISION HISTORY: Version No. 1 Date 22/5/2013 Revised By Leila Victoria R. Antonio Approved By Zheena E. Ocampo Noted By Conrad Allan M. Alviz Details Initial Issue
IRR No. 3 Merchandise Management National Federation of Junior Philippine Institute of Accountants Region III Council
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REGION III COUNCIL
TABLE OF CONTENTS
Background ................................................................................................................................................................................................................................... 3 Objectives ....................................................................................................................................................................................................................................... 3 Definition of Terms ................................................................................................................................................................................................................... 3 Sales Order Procedures........................................................................................................................................................................................................... 3 Sales Return Procedures ........................................................................................................................................................................................................ 4 Custody ............................................................................................................................................................................................................................................ 5 Enforcement of the Implementing Rules and Regulations ................................................................................................................................... 5 Amendments or Revisions..................................................................................................................................................................................................... 6 Separability Clause .................................................................................................................................................................................................................... 6 Repealing Clause......................................................................................................................................................................................................................... 6 Effectivity ....................................................................................................................................................................................................................................... 6 Appendix......................................................................................................................................................................................................................................... 8
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INTRODUCTION
BACKGROUND
Merchandise management is the systematic procedure on how to efficiently process orders from Local Chapters within the Regional Council. This process also aims to separate duties among the Regional Executive Officers to prevent unauthorized act on selling the merchandise that could put the activities of the Council into jeopardy. Effective merchandise management also seeks to control the costs associated with the merchandise. It is the responsibility of the Regional Vice President for Finance, together with the Regional Vice President for Communication, Membership and Audit, to ensure the proper authorization of orders and to ensure timely distribution to its members. This implementing rules and regulations shall serve as the guideline of Regional Executive Officers on the proper authorization and distribution of the Councils 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 timely 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 who intends to defraud the council.
Definition of Terms
Authorization a document giving permission or author to ensure that only valid transactions are processed Sales Order procedures includes tasks involved in receiving and processing a customer order, filling the order and shipping goods to the customer, billing the customer at the proper time, and correctly accounting for the transaction
Sales Order Procedures

1. The Regional Vice President for Communication shall be responsible for the receiving orders of merchandise to be purchased. The process begin with the receipt of order indicating the type and quantity of merchandise desired through obtaining a Sales Order Form indicating the following: a. Date of sale
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REGION III COUNCIL
2.
3.
4. 5. 6.
b. The Local Chapter name and address c. Contact number d. Description of the items sold e. Quantity of items sold Upon sending of the Sales Order Form, the Regional Vice President for Finance shall authorized the billing 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 form intended for monitoring sales transactions, the duplicate of such shall be given to the Regional Secretary General or to any Executive Officer assigned by the Regional President. The Sales Journal Form shall include the following: a. Date of Sale b. Name of Local Chapter c. Description of the goods sold d. Quantity e. Selling Price f. Signature of Regional Vice President for Finance After the billing process, a Billing Statement should be sent by the Regional Vice President for Finance. 60% down payment must be paid before the delivery of the merchandise purchased. Upon payment, the confirmation of payment should be properly recorded or documented. This will be guided by the provisions of the IRR #1 Funds Management Cash Receipts Section, Letter E. The Regional Vice President for Audit shall be responsible for merchandise control to monitor whether the goods are complete and in good condition upon delivery. He/she shall issue a Stock Release Document (also called as Picking Ticket) to authorize its delivery. The Regional Vice President for Membership, together with the Regional Standing Committee for Sponsorship and Merchandise shall be responsible for the delivery of the merchandise purchased upon receipt of the Stock Release Document. Contract entered into, in the name of the Council, without undergoing the proper proceedings stated above, shall be void and not binding with respect to the Council. Moreover, the parties involved shall be 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 be accepted after ten (10) days upon receipt of the goods within, but not limited to the following 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 a Return Slip describing the items. The goods, along with a copy of the Return Slip, go to the suppliers to be restocked.
Custody
Custody of the merchandise shall be guided by IRR #4 Inventory Management Custody Section except Nos. 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 effectively enforce the provisions of this Implementing Rules and Regulations. The Council also has the sole right to interpret the contents of this Implementing Rules & Regulations and their decision will be binding and irrevocable. B. The Regional Adviser or his duly designated representative shall act as legal adviser to the Regional Vice President for Finance and the Council and shall render legal assistance as may be necessary in carrying 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 and Regulations. B. Any amendments to or revisions to this Implementing Rules and Regulations may be proposed by any member 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 reviewed by the Regional Vice President for Finance then to be forwarded to the Regional Executive Officers for 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 amendments, submitted to them by the Regional Vice President for Finance, which are deemed unnecessary. The final decision on any inclusions and exclusions to this Implementing Rules and Regulations must be determined by a majority vote of all Regional Executive Officers in which the Regional Vice President for Finance is included. E. Amendments to particular provisions in this Implementing Rules and Regulations shall be allowed provided that such amendments will be communicated to stakeholders at least two weeks before it could take effect.
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SEPARABILITY CLAUSE
If any clause, provision, paragraph or part of this Implementing Rules and Regulations shall be declared unconstitutional or invalid, such judgment shall not affect, invalidate, or impair any other part hereof, but shall be merely confined to the clause, provision, paragraph or part directly involved in the controversy in which such judgment has been rendered.
REPEALING CLAUSE
Any rule and regulation or resolution or part/s thereof inconsistent with the provisions of this Implementing Rules and Regulations are hereby repealed or modified accordingly.
EFFECTIVITY
This Implementing Rules and Regulations shall take effect immediately after its presentation and approval from the Assembly. Prepared by:
___________________________________ Leila Victoria R. Antonio VICE PRESIDENT FOR FINANCE Wesleyan University-Philippines Approved by: ___________________________________ Zheena E. Ocampo PRESIDENT Systems Plus College Foundation ___________________________________ Francis Xavier W. Ferrer VICE PRESIDENT FOR ACADEMICS Systems Plus College Foundation
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___________________________________ Emil Julius T. David VICE PRESIDENT FOR NON ACADEMICS Holy Angel University
___________________________________ Enrico C. Rivera VICE PRESIDENT FOR MEMBERSHIP Tarlac State University
___________________________________ John Kendrick H. Pajarin VICE PRESIDENT FOR AUDIT Colegio de San Juan de Letran - Bataan
___________________________________ Adrianne B. Harve VICE PRESIDENT FOR COMMUNICATIONS University of the Assumption
___________________________________ Jane T. Villanueva VICE PRESIDENT FOR MEDIA Wesleyan University - Philippines
___________________________________ Roy James S. Enrile SECRETARY GENERAL 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 Date Chapter Address Contact No. Item Description Size Total 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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National Federation of Junior Philippine Institute of Accountants Region III Council Stock Release Document Local Date Chapter Address Contact No. Item Description Size Total 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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National Federation of Junior Philippine Institute of Accountants Region III Council Return Slip Local Date Chapter Address Contact No. Item Description Size Total Quantity
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NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

IMPLEMENTING RULES AND REGULATIONS IN THE CONDUCT OF MERCHANDISE MANAGEMENT

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

Sales Order Procedures

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

Sales Return Procedures

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

ENFORCEMENT OF THE IMPLEMENTING RULES AND REGULATIONS

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

___________________________________ Roy James S. Enrile SECRETARY GENERAL Baliuag University

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

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