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ACC539 Accounting Information Systems

tag 0 Download 8 Pages / 1,793 Words tag 12-02-2021
  • Course Code: ACC539
  • University: Charles Sturt University
    icon is not sponsored or endorsed by this college or university

  • Country: Australia


Ordered materials: Ordered materials are delivered directly to storeroom staff. The staff members count all items received and check that the count agrees with the details on the packing slip received with the goods. The packing slip is then initialled, date stamped and used as a receiving report for the order. The stamped packing slip is scanned and emailed to the purchasing team who file it with the purchase order. The stamped packing slip is placed in a file on a shelf in the storeroom.

Purchasing team: The purchasing team clear their emails at the beginning of each day. All stamped packing slips are printed and reviewed with the following possible outcomes:

  • The packing slip is matched to a valid purchase order found in the Open Purchase Order file – it is filed in the filled purchase orders file pending receipt of a valid tax invoice for payment.
  • The packing slip does not have a corresponding purchase order - it is filed in an outstanding items file and followed up at the end of the month.
  • The quantity or items on the packing slip are different to the approved purchase order - it is filed in an outstanding items file and followed up at the end of themonth.

Inventory System: Platinum have not implemented a perpetual inventory system. Storeroom staff are therefore not required to keep records for the goods received or issued. To manage this, inventory is reconciled at the end of each month when the storeroom staff perform a physical inventory count.

Ordering of raw materials: The Storeroom supervisor uses the physical count to match quantities on hand against Platinum’s predetermined reorder level. If the count is below the reorder level, the supervisor enters the items inventory number on a materials purchase requisition list that is emailed to the purchasing area.

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