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OVERVIEW OF STORES ACCOUNTS

OVERVIEW OF STORES ACCOUNTS. BY VINAYAK RAO , I.R.A.S. DY. CAO(C&P) CCG WESTERN RAILWAY. PURCHASES BY I. R. 1998-99 RS. 9114 CR. 1999-00 RS. 9015 CR. 1998-99 RS. 8562 CR. INDEGENOUS 1999-00 RS. 8601 CR. INDEGENOUS 1998-99 94% INDEGENOUS PURCHASES

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OVERVIEW OF STORES ACCOUNTS

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  1. OVERVIEW OF STORES ACCOUNTS BY VINAYAK RAO , I.R.A.S. DY. CAO(C&P) CCG WESTERN RAILWAY

  2. PURCHASES BY I. R. • 1998-99 RS. 9114 CR. • 1999-00 RS. 9015 CR. • 1998-99 RS. 8562 CR. INDEGENOUS • 1999-00 RS. 8601 CR. INDEGENOUS • 1998-99 94% INDEGENOUS PURCHASES • 1999-00 95.4% INDEGENOUS PURCHASES

  3. INVENTORY T.O.R. • INV. TOR = VALUE OF BALANCE STOCK • ISSUES DURING THE YEAR • YEAR TOR • 1998-99 10% • 1999-00 10.22%

  4. ORGANISATION AT RLY. BD. LEVEL

  5. ORGANISATION AT ZONAL LEVEL

  6. ASSOCIATE ACCOUNTS

  7. FUNCTIONS OF STORES DEPT. • PURCHASE, ISPECTION, CUSTODY, ISSUE OF RLY. STORES • STANDARDIZATION • CONDUCT PURCHASES IN MOST EFFICIENT AND ECONOMIC MANNER • INVENTORY MGT. • COMPILATION OF STORES BUDGET IN CONSULTATION WITH ACCOUNTS • SATISFY PUBLIC ACCOUNTABILITY AT ALL STAGES OF TRANSACTIONS[ PURCHASE, ISSUE, SALE]

  8. FUNCTIONS OF A/CS DEPT. • COMPLETE AND INDEPENDENT AUDIT OF STORES TRANSACTIONS • FUNCTIONS OF ASSOCIATE FINANCIAL ADVISOR • MAINTAINING ACCOUNTAL&PASSING BILLS • COMPILE MONTHLY STORES ACCOUNTS AND PERIODICAL RETURNS • STOCK VERIFICATION

  9. MOVABLE SURPLUS THAT STORES WHICH IS LIKELY TO BE ISSUED IN FUTURE DEAD SURPLUS THAT STORES WHICH IS NOT LIKELY TO BE ISSUED IN FUTURE IMPORTANT TERMS

  10. STOCK ITEMS WHICH ARE STOCKED IN STORES DEPOTS N. S. ITEMS WHICH ARE NOT STOCKED IN STORES DEPOTS IMPORTANT TERMS

  11. VETTING OF NON-STOCK INDENTS • REALISTIC ASSESSMENT KEEPING IN VIEW THE CANONS OF FINANCIAL PROPRIETY • SPECS SHOULD BE DETAILED AND UNAMBIGUOUS • USE BIS OR IRS SPECS • SPECS SHOULD BE SUCH THAT THEY DO NOT SUIT ONLY ONE PARTICULAR MANUFACTURER

  12. CONTD. • FUNDS AVAILABILITY • LAST PURCHASE RATE • ED/ST/CST/OCTROI HAS TO BE TAKEN INTO ACCOUNT • INDENTS > RS. 40,000 ARE VETTED BY ASSOCIATE ACCTS • INDENTS > RS. 2,000 ARE SIGNED BY JAG OR HIGHER OFFICER

  13. 5 Rs OF PURCHASING • RIGHT QUALITY • RIGHT QUALITY • RIGHT PRICE • RIGHT DELIVERY • RIGHT SOURCES

  14. TYPES OF TENDERS • OPEN / LIMITED / SINGLE • FOR SAFETY ITEMS APPEARING AS RDSO’S APPD SUPPLIERS LIST OR GM’S APPD SUPPLIERS’ LIST • BULLETIN TENDERS

  15. SCRUTINY OF TENDERS • OPENING OF TENDERS • COMPARATIVE STT. • DETAILS OF ED, ST/ CST, OCPACKING CHARGES AND CALCULATIONS • FIN. IMPLICATIONS OF OTHER CONDITIONS E.G. QTY. DISCOUNTS, EARLY PAYMENT DISCOUNT, ETC. • LAST PURCHASE RATES • CREDENTIALS • PAST PERFORMANCE

  16. CONTD. • CONSTITUTION OF T. C. • LATE OR DELAYED TENDERS TO BE REJECTED • UNSOLICITED OFFERS TO BE REJECTED • NEGOTIATION WITH L1 ONLY

  17. .SPLITTING • SPLITTING CAN BE RESORTED TO KEEPING IN MIND THE FOLLOWING: • VITAL AND CRITICAL NATURE OF THE ITEM • QTY. • DELIVERY REQ. • CAPACITY OF FIRMS • PAST PERFORMANCE

  18. I. R. S. CONDITIONS OF CONTRACT • RISK PURCHASE • BOOK EXAMINATION CLAUSE • FALL CLAUSE • LIQUIDATED DAMAGES

  19. PRECHECK OF P. O. AND BILLS • PRE CHECK OF ALL P.O.s > RS. 40,000 IS COMPULSORY • COMPARISION WITH ORIGINAL OFFERS AND TC MINUTES • CHECK BILLS WITH REF. TO P.O. AND ALL THE SPECIAL CONDITIONS MENTIONED THERIN

  20. PURCHASES (IMPORTED) • BILL OF LADING IS A DOCUMENT GIVING TITLE OF GOODS SIGNED BY A SHIPPING COMPANY OR THEIR AGENTS CONTAINING DECLARATION REG. RECEIPT OF GOODS( CARGO) CONDITIONS ON WHICH TRANSPORTATION IS MADE AND DELIVERY OF GOODS AT PRESCRIBED PORT

  21. LETTER OF CREDIT • L.C. IS A BANK INSTRUMENT AUTHORISING THE (ISSUING ) BANK ON BEHALF OF THE PURCHASER(APPLICANT) TO PAY A CERTAIN SUM TO SPECIFIED SELLER(BENEFICIARY) PROVIDED THE SELLER SUBMITS THE DOCUMENTS AS PRESCRIBED IN THE LETTER OF CREDIT.

  22. TYPES OF L. C. • REVOCABLE VS. IRREVOCABLE LC • CONFIRMED LC • TRANSFERRABLE LC • REVOLVING LC

  23. STORES SUSPENSE HEADS • PURCHASES INDEGENOUS P 7110 • PURCHASES IMPORTED P 7120 • PURCHASES DGS&D P 7130 • SALES REALISATION P 7140 • STORES P 7160 • STOCK ADJUSTMENT P 7180 • MISC. ADV. (CAP) P 7310

  24. SINT (DTR) • STORES ISSUED DURING A MONTH BUT NOT RECEIVED IN THE SAME MONTH BY THE RECEIVING DEPOT ARE NOTED DOWN IN THE REGISTER OF SINT(DTR)

  25. SINT (PURCHASE) • CREDITS TO PURCHASE A/C ARE POSTED FROM R.O. • POSTING OF SUCH ROs WILL BE DONE IN PRICE LEDGERS ONLY WHEN THE MATERIAL IS RECD. AND ACCEPTED IN ITS NUMERICAL LEDGER.IN SUCH CASES ACCOUNTAL IS DELAYED BEYOND THE MONTH IN WHICH THERO IS ISSUED.ALL SUCH ITEMS OF THIS TYPE ARE POSTED IN SINT (PURCHASE).

  26. PT. I DIFFERNCE IN STOCK- DIFFERENCE BETWEEN GROUND BAL.& BOOK BAL. PT. II DUE TO REVISION OF RATES ON ACCOUNT OF DEPRECIATION STOCK ADJ. A/C

  27. PT. III ALL DIFFERNCES BET BOOK VALUE AND VALUE REALISED IN AUCTION SALES, LOSSES ON A/C OF LEAKAGE, THEFT, OBSOLOSCENCE, ETC. REVIEW OF STOCK ADJ. A/C TWICE A YEAR ON 31.3 AND 30.09 STOCK ADJ. A/C (CONTD.)

  28. OUTPUTS FROM EDP CENTRE • LIST OF STOCK MASTER • LIST OF VOUCHERS WHERE BAR CHANGES BY > 10 % • DEBIT CREDIT SUMMARY- STORES MONTHLY SUMMARY • DIVISION WISE ISSUES TO REVENUE DEMANDS • TRANSACTION REGISTER • CONTROL CLASS LEDGER

  29. STOCK ITEMS IF ITEM IS NOT OVERSTOCK CREDIT IS GIVEN AT BAR FOR SECOND HAND MATERIAL AT 1/2 THE VALUE FOR ALL NON STOCK ITEMS AT APP. SCRAP RATE RETURN STORES

  30. DISPOSAL OF SCRAP • RECEIPT OF SCRAP • PROXY AUCTION • FORMATION OF LOTS • LOT REGISTER • VALUATION OF SCRAP[NON FERROUS SCRAP R.P. IS VETTED BY HQ A/Cs • SALE THROUGH AUCTION, TENDER, TENDER CUM AUCTION, DIRECT SALES • STAFF SALE

  31. CONTD. • EMD UE UPTO RS. 2000 • @ 25 % OF VALUE FOR RS. 2000- 10,000 • @10 % OF VALUE FOR RS. > RS. 10,000 • TIME PERIOD FOR PAYMENT • FOR < RS. 1 LAC 10 DAYS • FOR > RS. 1 LAC 20 DAYS • FOR > RS. 2 LACS INSTALMENTS CAN BE GRANTED BY C O S

  32. DIRECT SALE • FREIGHT @5% • INCIDENTAL CHARGES @ 2 % • DEPARTMENTAL CHARGES @ 12.5 %OVER AND ABOVE.

  33. INVENTORY CONTROL • OBJECTIVES: • TO AVOID BLOCKING OF CAPITAL • MINIMISE CARRYING COST • MINIMISE HANDLING COST • MINIMISE OBSOLESCENCE

  34. TECHNIQUES OF I. C. • A B C ANALYSIS • AA CATEGORY- ANNUAL ISSUES > RS. 5 LACS • A CATEGORY - ANNUAL USAGE BET. RS. 50,000 & RS. 5 LACS[NOT> 3 MONTHS REQ.] • B1 CATEGORY - BET. RS. 25,000 TO 50,000[NOT > 6 MONTHS REQ.]

  35. CONTD. • B2 CATEGORY ANNUAL USAGE BET. RS. 10,000 BUT < RS. 25,000[ NOT MORE THAN 6 MONTHS REQ.] • C CATEGORY - USAGE < RS. 10,000 P.A.[NOT > 12 MONTHS REQ.]

  36. V.E.D. ANALYSIS • VITAL ITEMS ARE THOSE WITHOUT WHICH EQUIPMENT WILL NOT FUNCTION • ESSENTIAL ITEMS ARE THOSE WITHOUT WHICH EEFFICIENCY WILL BE AFFECTED ADVERSLY • DESIRABLE ITEMS ARE THOSE WITHOUT WHICH EQUIPMENT WILL STILL WORK.

  37. LAST BUT NOT THE LEAST, …. THANK YOU FOR PATIENCE LISTENING

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