nfjpiar3 1314 irr no. 3 merchandise management
TRANSCRIPT
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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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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
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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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
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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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
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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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
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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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
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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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
___________________________________ ___________________________________
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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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
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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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
National Federation of Junior Philippine Institute of Accountants Region III Council
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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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
National Federation of Junior Philippine Institute of Accountants Region III Council
Return Slip
Local
ChapterDate
Address Contact No.
Item Description Size
Total
Quantity