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 INVENTORY MANAGEMENT

REVISION HISTORY: Version No. 1 2 Date 5/22/2012 5/26/2013 Revised By Pauline Yehn Sebastian John Kendrick H. Pajarin Approved By Matthew U. Gopez Zheena E. Ocampo Noted By Conrad Allan M. Alviz Conrad Allan M. Alviz Details Initial Issue Annual Update

Implementing Rules and Regulations on Inventory Management National Federation of Junior Philippine Institute of Accountants – Region III Council

Page 1 of 9

............................................................ 88 EFFECTIVITY ................................................................................................................................ 3 USAGE ..... 5 INVENTORY PROCEDURE ............................................................................................................ Font color: Auto Formatted: Space After: 0 pt Implementing Rules and Regulations on Inventory Management National Federation of Junior Philippine Institute of Accountants – Region III Council Page 2 of 9 .......... 33 DEFINITION OF TERMS .................. 77 ENFORCEMENT OF THE IMPLEMENTING RULES AND REGULATIONS ................................................................................................................ 7 REPEALING CLAUSE .................................................. 6 ENFORCEMENT OF THE IMPLEMENTING RULES AND REGULATIONS ................................................... 7 AMENDMENTS OR REVISIONS .................................................................................................................................................................................................................................................................................................................................................................................................................................................. 3 PURCHASE ................................................................................................................................................................................................. 88 REPEALING CLAUSE ................................................................................................................................................... 33 PURCHASING .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 8 Formatted: Font: 11 pt.........................................................................................................................................................................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 OBJECTIVES........ 4 ASSIGNMENT OF COUNCIL’S PROPERTIES......................................................................................................................................................................................... No underline................................. 44 ASSIGNMENT OF COUNCIL’S PROPERTIES..................................................................................................................................................................................................................................... 8 EFFECTIVITY ................................. 7 SEPARABILITY CLAUSE ....... 88 OBJECTIVES .................................................................................................................................... 77 AMENDMENTS OR REVISIONS .............................. 55 INVENTORY PROCEDURE......................................................................................................................................................................................................... 77 SEPARABILITY CLAUSE ..................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 3 DEFINITION OF TERMS........................................... 33 USAGE...............................................................................

scissors. To manage the usage of the Council’s consumables in order to avoid misuse. To govern the assignment of properties to certain officers for proper handling purposes. . done without approval shall be void and willshall not be recognized even if evidenced by an official receipt. Purchases having the amount of Php 300. P: 1. using the officer’s own money. D. wasted. What do you mean by this? Formatted: Indent: Left: 0". Font color: Auto Formatted: Font: +Headings. paper clips. which shall be needed and used throughout the federation year. dissipated. A proper budget.25" + Indent at: 0. Hanging: 0. shall be a onetimedone in bulk event before the first major activity of the Ccouncil is rendered. To define the responsibilities of the officers to the Council’s properties. The purchase of office supplies.of Finance. or spent. Comment [CMA1]: I don’t understand.) Property shall pertain to all properties of the Council in general. printer..23". Formatted: Justified PURCHASING A.00 and above should be considered material. To impose sanctions on any violations from this regulation.. ink. Formatted: Justified DEFINITION OF TERMS Council shall pertain to the NFJPIA-Region III Council Officers shall pertain to the incumbent Regional Executive Officers Consumables shall pertain to something that is capable of being consumed.5". No underline. rulers. Font color: Auto Formatted: Font: +Headings. No underline. Font color: Auto Formatted: Font: +Headings.g. is submitted beforehand to the Regional Vice President. Font color: Auto Formatted: Font: +Headings. illustration boards. Font color: Auto Formatted: Font: +Headings B.) Equipment shall pertain to those things used in operation or activity which is considered fixed (e.) Office Supplies shall pertain to those things which are smaller than equipments but aren’t consumables (e. Font color: Auto Formatted: Font: +Headings. C. The purchase of consumables needed for the rendering of activities shall be allowed any time as long as: E.g. No underline. To define the process of monitoring the inventory.g. consumables and equipment which should be considered material shall only be done after the approval of the President and Regional Vice President for Finance. scanner etc. B. … + Start at: 1 + Alignment: Left + Aligned at: 0. No underline. C. that may be destroyed. No underline. E. Purchasing of office supplies. Implementing Rules and Regulations on Inventory Management National Federation of Junior Philippine Institute of Accountants – Region III Council Page 3 of 9 . No underline. etc.3". puncher. Request for reimbursement on advance purchase. This materiality basis should hold true with respect to all IRRs on Purchases alone. Advance purchase of office supplies and consumables which are considered immaterial shall only be reimbursed if purchase of such is proven to be necessary. No underline. Tab stops: 1. (e. Numbered + Level: 1 + Numbering Style: A. etc. Font color: Auto Formatted: Font: +Headings.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 OBJECTIVES To govern the proper usage of the C ouncil’s properties. computer. papers. Left Formatted: Font: +Headings Formatted: Font: +Headings. dry seal. with a statement justifying the reason of the purchase.

shall nevertheless be void and not binding with respect to the councilCouncil. B. Properties belonging to the council Council should be used solely for the events and activities rendered by the Ccouncil and shall be highly prohibited from personal use.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 1. etc.2. All the receipts pertaining to such purchase shall be surrendered to the Regional Vice President for Finance VP-Finance in the next meeting. Future purchases collaborated with contracts should only be binding if a Board Resolution with regards to that matter is released bearing the signature of all the Regional Executive Officers. Usage of consumables should be on a First In First Out (FIFO) basis. If the need arises to purchase additional office supplies. due to damage or lack of in the previous purchase. G. If none of the officers have disapproved within two days after the release of such Resolution. meaning. thus subject to the punishment provided in this IRR. it shall be granted provided that it is supported with justifiable reason or the need is apparent to the situation. Formatted: Justified Implementing Rules and Regulations on Inventory Management National Federation of Junior Philippine Institute of Accountants – Region III Council Page 4 of 9 . such Resolution shall take effect.) Quantity Ppurchased Purchase Price Purpose of Ppurchase (as specific as possible) Signature of Regional Vice President -Finance Signature of Assignee Formatted: Justified I. The Workcom or RStancom and the Regional Executive Officer heading the event shall be jointly liable for damage and loss of properties while rendering events and activities. Outside parties shall pertain to non-JPIA parties. Any equipment belonging to the council shall not. The form shall include the following: Date of Purchase Name of Assignee/Position Name of the Object Description (Specific specific brand. be lent to outside parties.3. H. D. The purchase of an equipment should only be allowed after a Board Resolution for such matter is made. the parties involved shall be accused of defrauding the councilCouncil. USAGE A. F. J. Contract entered into. All properties shall be properly recorded by the Regional Vice President for Finance VP-Finance in a separate form intended solely for inventory purposes. in any case. in the name of the councilCouncil. C. model. the duplicate of such should be given to the Regional Secretary General and/or the assigned officer. The budget is approved by the Regional President and Regional Vice President for -Finance. the purchase of such equipment shall be first justified to all Regional Executive Officers. without undergoing the proper proceedings stated above. Moreover. 2.

At least one Regional Executive Officer is present to supervise the use of such equipment. All equipment may only be released after recording such release in the log book. A log book for equipment shall be kept by the Regional Secretary General. G. The Local Chapter is required to exercise utmost diligence and due care for such properties. The Regional Secretary General and/or the assigned officer is required to exercise utmost diligence and due care for such properties. I. consumables and equipments shall be under the supervision of the Regional Secretary General. If it is proven that the Regional Executive Officer assigned to supervise the borrowed equipment is at fault for the damage or loss of equipment then he/she shall be required to replace the damaged or loss equipment plus a fine of Php 200. in case of material damages on any of the Ccouncil’s property under supervision. Generally. The Local Chapter shall be required to replace the damaged or loss equipment plus a fine of Php 200. all supplies. D. the liability shall be assumed by the Regional Secretary General and/or the assigned officer. B. the liability shall be assumed by the Ccouncil if the damages were caused by a fortuitous event. The use of the equipment should solely be for the purpose of rendering a task directly relative to the organization JPIA. 2.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 E. The document shall serve as the protection of the Regional Secretary General and/or the assigned officer from being accused of gross negligence. 3.00.00. Generally. The log book shall include the following: Date Released Name of Equipment Name of Borrower Purpose for Borrowing Signature of Borrower Condition Before Release Date Returned Signature of Secretary General Formatted: Justified F. Provided that a formal document stating such fact is made thereafter by the Regional Secretary General and/or assigned officer and is communicated to all the other Regional Officers within five days after the damage occurs or had been discovered. unless it is specifically assigned to any other officer for a certain purpose. Local chapters Chapters intending to borrow any equipment of the council shall be allowed given that: 1. C. H. The Local Chapter shall be liable for the damage or loss of borrowed equipment. Implementing Rules and Regulations on Inventory Management National Federation of Junior Philippine Institute of Accountants – Region III Council Page 5 of 9 . All Regional Executive Officers agree to let the Local Chapter borrow the equipment. For the exception to the above rule. ASSIGNMENT OF COUNCIL’S PROPERTIES A.

No underline. He/ She willshall be required to replace the damaged property/ies plus a fine of Php 200. J.for Audit shawill conduct an inventory of the Coun cil’s properties. it may be done at any time provided that a proper Rrequisition Fform shall be filled out by any officer who willshall need such materials. F. Punishment shall be imposed. Every property under the supervision of an officer shall be supported by the form provided by the Regional Vice President for. G. a Rrequisition Fform should be filled out. 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 E. Font color: Auto I. to the neglecting officer.Finance and such form shall be presented whenever the Regional Vice President. The newly assigned officer should now be recognized as the assignee of the equipment in the records of the Regional Vice President for AuditVP-Audit. Formatted: Justified Formatted: Font: 11 pt. containing the following details: Date of Request Requesting Officer Name of Officer Name of Assignee Name of the Object Description Quantity Reason for request (specific) Signature of Assignee Signature of Officer Such re-assignment shall be communicated with the Regional Vice President for Audit VP-Audit as soon as it actually occurred. No underline. In case of requisition of consumables. if proven as such. The Regional Secretary General and/or the assigned officer have the responsibility to keep all necessary records pertaining to the properties they supervise.00. The form shall include the following: Date of Request Requesting Name of Officer who requested Name of Assignee Name of the oObject Description Quantity Reason for Rrequest (specific) Signature of Assignee Signature of Officer In case of request for re-assignment of oOffice sSupplies and eEquipments. Implementing Rules and Regulations on Inventory Management National Federation of Junior Philippine Institute of Accountants – Region III Council Page 6 of 9 . A stock card shall be kept by the Regional Secretary General and/or the assigned officer for consumables assigned to them. Font color: Auto Formatted: Font: 11 pt.

00 or less for consumables between the actual count and the expected on-hand (based on records) may be toleratedis considered immaterial. in the Regional Vice President for AuditVP-Audit’s opinion. submitted to them by the Regional Vice President for Audit. Any excess shall be a clear ground for further inspection. C. 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 Audit is included. assisted by the RStancom on Audit and Evaluation Assistance and in the presence of the assigned officer for such property. Equipments and/or oOffice sSupplies which. ENFORCEMENT OF THE IMPLEMENTING RULES AND REGULATIONS A. D. Formatted: Justified AMENDMENTS OR REVISIONS A. It shall be the primary duty of the Regional Vice President for Audit and the Council to effectively enforce the provisions of this Implementing Rules and Regulations. The Council shall be vested with the exclusive power to revise and amend the Implementing Rules and Regulations. B. B. It should be done by the Regional Vice President for AuditVP-Audit. C. Inventory of the Council’s properties should be rendered five days after every major event. 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. B. editing and final approval and to be noted by the Regional Adviser. Implementing Rules and Regulations on Inventory Management National Federation of Junior Philippine Institute of Accountants – Region III Council . The Council also has the sole right to interpret the contents of this Implementing Rules & Regulations and their decision willshall be binding and irrevocable. Amendments to particular provisions in this Implementing Rules and Regulations shall be allowed provided that such amendments willshall be communicated to stakeholders at least two weeks before it could take effect. Any officer who had been proven to defraud or have attempted to defraud the Ccouncil with respect to its properties shall be evaluated by the Regional Executive Officers and determine if subject for impeachmentimpeached from his/ her position. Not All caps INVENTORY PROCEDURE A. isare no longer in its expected condition should be a ground for further inspection. D. A variance amounting to Php 50. Any request for amendments and revisions as well as proposed amendments must initially be reviewed by the Regional Vice President for Audit then to be forwarded to the Regional Executive Officers for discussion.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 Formatted: Font: 12 pt. Page 7 of 9 E. which are deemed unnecessary. The Regional Adviser or his duly designated representative shall act as legal adviser to the Regional Vice President for Audit and the Council and shall render legal assistance as may be necessary in carrying out the provisions of this Implementing Rules and Regulations. stating the reasons thereto. The Regional Executive Officers shall have the right to debunk any proposed revisions and amendments.

Pajarin VICE PRESIDENT FOR AUDIT Colegio de San Juan de Letran . Prepared by: ___________________________________ John Kendrick H. invalidate. provision.Bataan Approved by: ___________________________________ Zheena E. such judgment shall not affect. paragraph or part of this Implementing Rules and Regulations shall be declared unconstitutional or invalid. Formatted: Justified EFFECTIVITY This Implementing Rules and Regulations shall take effect immediately after its presentation and approval from the Assembly. provision. Formatted: Justified 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. or impair any other part hereof. paragraph or part directly involved in the controversy in which such judgment has been rendered. Ocampo PRESIDENT Systems Plus College Foundation ___________________________________ Francis Xavier W.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. Ferrer VICE PRESIDENT FOR ACADEMICS Systems Plus College Foundation Formatted: Justified Implementing Rules and Regulations on Inventory Management National Federation of Junior Philippine Institute of Accountants – Region III Council Page 8 of 9 . but shall be merely confined to the clause.

Rivera VICE PRESIDENT FOR MEMBERSHIP Tarlac State University ___________________________________ Adrianne B. Harve VICE PRESIDENT FOR COMMUNICATIONS University of the Assumption ___________________________________ Jane T. Antonio VICE PRESIDENT FOR FINANCE Wesleyan University . Enrile SECRETARY GENERAL Baliuag University Implementing Rules and Regulations on Inventory Management National Federation of Junior Philippine Institute of Accountants – Region III Council Page 9 of 9 .Philippines Noted by: ___________________________________ Conrad Allan M. ___________________________________ Roy James S.Philippines ___________________________________ Enrico C. David VICE PRESIDENT FOR NON ACADEMICS Holy Angel University ___________________________________ Leila Victoria R. CISA ADVISER SGV & Co. Alviz. CPA. 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.