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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................................................................................................................................................ 6 Effectivity ......................................................... 3 Merchandise Management National Federation of Junior Philippine Institute of Accountants – Region III Council Page 2 of 10 .................................................................. 3 Definition of Terms ........................................ 5 Enforcement of the Implementing Rules and Regulations .....................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 TABLE OF CONTENTS Background ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 3 Objectives ........................................................................ 6 Separability Clause ................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 5 Amendments or Revisions................................................................................................................................................................................................... 6 Repealing Clause.......................................................................................................................................................................................................... 4 Custody ........................................................................................................................................................................................................................................................................................................................................................................................................ 3 Sales Order Procedures.................................................................. 8 IRR No........................................................................ 3 Sales Return Procedures .............................................................. 6 Appendix....................

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 INTRODUCTION BACKGROUND Merchandise management is the systematic procedure on how to efficiently process orders from Local Chapters within the Regional 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. It is the responsibility of the Regional Vice President for Finance. accurately. To ensure that all merchandise and properly authorized. and correctly accounting for the transaction Sales Order Procedures 1. 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. 3 Merchandise Management National Federation of Junior Philippine Institute of Accountants – Region III Council Page 3 of 10 . Date of sale IRR No. To impose punishments for those officers who will not abide by the rules stated and those who intends to defraud the council. and timely distributed. Effective merchandise management also seeks to control the costs associated with the merchandise. 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. The Regional Vice President for Communication shall be responsible for the receiving orders of merchandise to be purchased. completely. 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 Council’s merchandise. Membership and Audit. billing the customer at the proper time. To govern the assignment of duties to certain officers for proper authorization purposes. OBJECTIVES To establish standard procedures on putting orders of merchandise from its members. together with the Regional Vice President for Communication.

All merchandise purchased shall be properly recorded in a separate form intended for monitoring sales transactions. 4. Selling Price f. This will be guided by the provisions of the IRR #1 Funds Management – Cash Receipts Section.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 2. Sales Return Procedures 1. Contract entered into. c. Date of Sale b. the confirmation of payment should be properly recorded or documented. Description of the items sold e. b. Letter E. in the name of the Council. Name of Local Chapter c. IRR No. 3. The goods were damaged in shipment. b. Description of the goods sold d. Signature of Regional Vice President for Finance After the billing process. The goods were defective. 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. but not limited to the following reasons: a. 60% down payment must be paid before the delivery of the merchandise purchased. without undergoing the proper proceedings stated above. Quantity e. Moreover. the parties involved shall be accused of defrauding the Council. 5. The Council shipped faulty merchandise. 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. Quantity of items sold Upon sending of the Sales Order Form. An organization can expect that a certain percentage of its sales will be returned. The Local Chapter name and address c. the duplicate of such shall be given to the Regional Secretary General or to any Executive Officer assigned by the Regional President. Contact number d. thus subject to the punishment provided in this IRR. The Sales Journal Form shall include the following: a. 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. Upon payment. 3 Merchandise Management National Federation of Junior Philippine Institute of Accountants – Region III Council Page 4 of 10 . 6. Sales return can be accepted after ten (10) days upon receipt of the goods within. The Regional Vice President for Membership. He/she shall issue a Stock Release Document (also called as Picking Ticket) to authorize its delivery. a Billing Statement should be sent by the Regional Vice President for Finance. shall be void and not binding with respect to the Council.

along with a copy of the Return Slip. editing and final approval and to be noted by the Regional Adviser. 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. AMENDMENTS OR REVISIONS A. ENFORCEMENT OF THE IMPLEMENTING RULES AND REGULATIONS A. inspects and prepares a Return Slip describing the items. 5. 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. D. 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. Custody Custody of the merchandise shall be guided by IRR #4 Inventory Management – Custody Section except Nos. The Council also has the sole right to interpret the contents of this Implementing Rules & Regulations and their decision will be binding and irrevocable. E. 3 Merchandise Management National Federation of Junior Philippine Institute of Accountants – Region III Council Page 5 of 10 . 7 and 8.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 2. go to the suppliers to be restocked. The Regional Executive Officers shall have the right to debunk any proposed revisions and amendments. The Council shall be vested with the exclusive power to revise and amend the Implementing Rules and Regulations. stating the reasons thereto. submitted to them by the Regional Vice President for Finance. the Regional Vice President for Audit counts. 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. 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. B. C. which are deemed unnecessary. When items are returned. The goods. 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. IRR No. B.

but shall be merely confined to the clause. or impair any other part hereof. such judgment shall not affect.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 SEPARABILITY CLAUSE If any clause. 3 Merchandise Management National Federation of Junior Philippine Institute of Accountants – Region III Council Page 6 of 10 . Ferrer VICE PRESIDENT FOR ACADEMICS Systems Plus College Foundation IRR No. paragraph or part of this Implementing Rules and Regulations shall be declared unconstitutional or invalid. invalidate. 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. provision. EFFECTIVITY This Implementing Rules and Regulations shall take effect immediately after its presentation and approval from the Assembly. provision. Prepared by: ___________________________________ Leila Victoria R. Ocampo PRESIDENT Systems Plus College Foundation ___________________________________ Francis Xavier W. Antonio VICE PRESIDENT FOR FINANCE Wesleyan University-Philippines Approved by: ___________________________________ Zheena E. paragraph or part directly involved in the controversy in which such judgment has been rendered.

Alviz. Rivera VICE PRESIDENT FOR MEMBERSHIP Tarlac State University ___________________________________ John Kendrick H. CISA ADVISER SGV & Co. IRR No. 3 Merchandise Management National Federation of Junior Philippine Institute of Accountants – Region III Council Page 7 of 10 . Harve VICE PRESIDENT FOR COMMUNICATIONS University of the Assumption ___________________________________ Jane T.Philippines ___________________________________ Roy James S. Enrile SECRETARY GENERAL Baliuag University Noted by: ___________________________________ Conrad Allan M. Pajarin VICE PRESIDENT FOR AUDIT Colegio de San Juan de Letran . CPA. David VICE PRESIDENT FOR NON ACADEMICS Holy Angel University ___________________________________ Enrico C. Villanueva VICE PRESIDENT FOR MEDIA Wesleyan University .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 ___________________________________ Emil Julius T.Bataan ___________________________________ Adrianne B.

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 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. 3 Merchandise Management National Federation of Junior Philippine Institute of Accountants – Region III Council Page 8 of 10 . 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 IRR No.

Item Description Size Total Quantity Remarks I HEREBY CERTIFY THAT THE ITEMS ARE COMPLETE. 3 Merchandise Management National Federation of Junior Philippine Institute of Accountants – Region III Council Page 9 of 10 . Pajarin Regional Vice President for Audit Signed: _____________________________ Local Chapter IRR No. Certified Correct: _____________________________ John Kendrick H.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 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 IRR No.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 National Federation of Junior Philippine Institute of Accountants Region III Council Return Slip Local Date Chapter Address Contact No. 3 Merchandise Management National Federation of Junior Philippine Institute of Accountants – Region III Council Page 10 of 10 .