by vinayak rao, i.r.a.s. dy. cao (c&p) western railway hq, mumbai. overview of stores accounts
TRANSCRIPT
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BYVINAYAK RAO , I.R.A.S.DY. CAO (C&P)WESTERN RAILWAY HQ,MUMBAI.
OVERVIEW OF STORES ACCOUNTS
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PURCHASES BY I. R.
1999-00 RS. 9398 CR.2000-01 RS. 10,835 CR.1999-00 RS. 8601 CR. INDEGENOUS2000-01 RS. 10,373 CR.
INDEGENOUS1999-00 91.5 % INDEGENOUS
PURCHASES2000-01 95.7 % INDEGENOUS
PURCHASES
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MODE OF PROCUREMENT
ZONAL RAILWAYS AND PU s PROCURE MOST OF THE MATERIAL THEY NEED. CERTAIN ITEMS ARE PROCURED THROUGH RAILWAY BD., AND DGS&D.
IN 2000-01 48 % WAS PROCURED BY ZONAL RLYS AND PU s, 47 % BY RAILWAY BD. AND 5 % BY DGS&D.
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INVENTORY TURN OVER RATIO (TOR)
INV. TOR = VALUE OF BALANCE STOCK– ISSUES DURING THE YEAR –YEAR TOR
–1999-00 10.22%–2000-01 12 %
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STORES BALANCES & ISSUES (W/O FUEL)
0
1000
2000
3000
4000
5000
6000
80-81 84-85 90-91 99-00 00-01
I.D.Y.
BAL.P.Y.
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INVENTORY TURNOVER RATIO (W/O FUEL)
9
9.5
10
10.5
11
11.5
12
96-97 97-98 98-99 99-00 00-01
%AGE
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DISPOSAL OF UNUSABLE ASSETS ON I. R.
DURING 2000-01 RS. 949 CR. WAS REALIZED BY DISPOSAL OF UNUSABLE ASSETS. THIS CONSTITUTES ROUGHLY 10 % OF PURCHASES. SCRAP DISPOSAL
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ORGANISATION AT RLY. BD. LEVEL
S .O .
D .D .
D IR
D .D .
JT. D IR
E X . D IR E X . D IR E X . D IR
A D D . M E M B E R (S TO R E S )
M E M B E R (M E C H .)
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ORGANISATION AT ZONAL LEVEL
A C O S A C O S
S S O S S O
D Y . C O S I D Y . C O S II
C M M C M M
A C O S A C O S
D Y C O SD E P O T
C M M
C O S
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ASSOCIATE ACCOUNTS
A O / F U E L
S A O /IC
A O / S TO R E S TE N D E R S
S A O / S F
A O / S TO R E S B IL L S
S A O / S A L E S
D Y . C A O (S TO R E S )
F A & C A O (W S T)
F A & C A O
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FUNCTIONS OF STORES DEPT.PURCHASE, INSPECTION, CUSTODY, ISSUE OF
RLY. STORES; AND CONDUCT PURCHASES IN MOST EFFICIENT,ECONOMIC,FAIR,AND TRANSPARENT MANNER
INVENTORY MGT. & STANDARDIZATIONDEVELOPMENT OF COST EFFECTIVE
MATERIALSCOMPILATION OF STORES BUDGET IN
CONSULTATION WITH ACCOUNTSSATISFY PUBLIC ACCOUNTABILITY AT ALL
STAGES OF TRANSACTIONS[ PURCHASE, ISSUE, SALE]
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FUNCTIONS OF STORES 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
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IMPORTANT TERMS
MOVABLE SURPLUS
THAT STORES WHICH IS LIKELY TO BE ISSUED IN FUTURE
DEAD SURPLUSTHAT STORES
WHICH IS NOT LIKELY TO BE ISSUED IN FUTURE
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IMPORTANT TERMS
STOCK ITEMSWHICH ARE
STOCKED IN STORES DEPOTS
N. S. ITEMSWHICH ARE NOT
STOCKED IN STORES DEPOTS
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CONCEPT OF AVERAGE ANNUAL CONSUMPTION
BASED ON THE AVERAGE OF ANNUAL CONSUMPTION OF PAST THREE YEARS
THIS IS VERY USEFUL IN DECIDING THE QUANTITIES TO BE PROCURED
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HISTORY SHEET FOR ITEM “X”(FIGURES IN RED INDICATE NO. OF DAYS WHEN ITEM WAS OUT OF STOCK)
DEP. YR-3 AC YR-2 AC YR-1 AC AAC
KTT700 60
838 890
1001226
650
1501103
1056
SBI1400 50
1622
1800
80
2479
2000
40
2246
2116
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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 SPECSSPECS SHOULD BE SUCH THAT THEY
DO NOT SUIT ONLY ONE PARTICULAR MANUFACTURER
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(CONTD.)
FUNDS AVAILABILITYLAST PURCHASE RATEED/ST/CST/OCTROI HAS TO BE TAKEN
INTO ACCOUNTINDENTS > RS. 40,000 ARE VETTED
BY ASSOCIATE ACCTSINDENTS > RS. 2,000 ARE SIGNED BY
JAG OR HIGHER OFFICER
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5 R s OF PURCHASING
RIGHT QUANTITY
RIGHT QUALITY
RIGHT PRICE
RIGHT DELIVERY
RIGHT SOURCES
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TYPES OF TENDERS
OPEN / LIMITED / SINGLE
FOR SAFETY ITEMS APPEARING AS RDSO’S APPROVED SUPPLIERS LIST OR GM’S APPROVED SUPPLIERS’ LIST
BULLETIN TENDERS
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SCRUTINY OF TENDERS
OPENING OF TENDERSCOMPARATIVE STATEMENT.DETAILS OF ED, ST / CST, PACKING
CHARGES AND CALCULATIONSFIN. IMPLICATIONS OF OTHER
CONDITIONS, e.g. QTY. DISCOUNTS, EARLY PAYMENT DISCOUNT, ETC.
LAST PURCHASE RATESCREDENTIALSPAST PERFORMANCE
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CONTD...
CONSTITUTION OF T. C.LATE OR DELAYED TENDERS TO BE
REJECTED
UNSOLICITED OFFERS TO BE REJECTED
NEGOTIATION WITH L1 ONLY
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.
SPLITTING
SPLITTING CAN BE RESORTED TO KEEPING IN MIND THE FOLLOWING:
VITAL AND CRITICAL NATURE OF THE ITEM
QUANTITY.DELIVERY REQUIREMENTSCAPACITY OF FIRMSPAST PERFORMANCE
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I. R. S. CONDITIONS OF CONTRACT
RISK PURCHASELIQUIDATED DAMAGESBOOK EXAMINATION CLAUSEFALL CLAUSEFORCE MAJURE CLAUSETIME PREFERENCE
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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 THEREIN
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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
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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.
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TYPES OF L. C.
REVOCABLE VS. IRREVOCABLE LC
CONFIRMED LC
TRANSFERRABLE LC
REVOLVING LC
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STORES SUSPENSE HEADS
PURCHASES INDEGENOUS P 7110PURCHASES IMPORTED P 7120PURCHASES DGS&D P 7130SALES REALISATION P 7140STORES P 7160STOCK ADJUSTMENT P 7180MISC. ADV. (CAP) P 7310
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STORES (P-7160)DR. WITH COST OF STORESBY CR. TO:PURCHASE CAP. 7110 OR 7130 FOR
IMPORTED, AND INDIGENOUS ITEMSWMS 7210 FOR W/S MANUFACTURED ITEMSREV./ WORKS FOR STORES RETURNED TO
DEPOTSDTR (7170)MAC CAP.7130 (FABRICATED MATERIALS),ETC.
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P 7160 is Credited by cost of stores issued by Dr. to:
Sales (cap.7140) in case of saleWMS (7210) in case of issue to w/shopRev./ Wks allocation for issue to
rev./wksDTR in case of depot transferMAC(7310) for issue for fabricationNOTE:Balance in Cap. 7160 indicates
value of stores held in stock.
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SINT (DTR)
OPERATED TO WATCH RECEIPT & ACCOUNTAL OF STORES TRANSFERRED FROM ONE DEPOT TO ANOTHER.
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)
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PURCHASE SUSPENSE
OPERATED TO WATCH PAYMENTS TO FIRMS FROM WHOM MATERIAL HAS BEEN RECEIVED AND TAKEN INTO STOCK BEFORE PAYMENTS ARE MADE.
CREDIT BALANCE IF PAYMENT IS MADE AFTER MATERIAL IS RECEIVED
DEBIT BALANCE IF PAYMENT IS MADE BEFORE MATERIAL IS RECEIVED.
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SINT (PURCHASE)
CREDITS TO PURCHASE A/C ARE POSTED FROM RECEIPT ORDER (RO).
POSTING OF SUCH RO s 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 THE RO IS ISSUED. ALL SUCH ITEMS ARE POSTED IN SINT (PURCHASE).
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STOCK ADJ. A/C
PT. I
DIFFERNCE IN STOCK- DIFFERENCE BETWEEN GROUND BAL.& BOOK BAL.
PT. II
DUE TO REVISION OF RATES ON ACCOUNT OF DEPRECIATION
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STOCK ADJ. A/C (CONTD...)
PT. IIIALL DIFFERNCES
BETWEEN 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
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W/SHOP MANUFACTURING SUSPENSE (WMS)
THOUGH IT RECORDS LABOUR COST, MATERIAL COST, AND OTHER MISC. CHARGES INCURRED ON THE WORKS UNDERTAKEN IN RAILWAY WORKSHOPS, STORES FORMS A MAJOR PORTION OF THIS. THUS IT IS AN IMPORTANT ITEM FROM THE POINT OF VIEW OF STORES BUDGET.
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OUTPUTS FROM EDP CENTRELIST OF STOCK MASTERLIST OF VOUCHERS WHERE BOOK
AVERAGE RATE (BAR) CHANGES BY > 10 %
DEBIT CREDIT SUMMARY- STORES MONTHLY SUMMARY
DIVISION WISE ISSUES TO REVENUE DEMANDS
TRANSACTION REGISTERCONTROL CLASS LEDGER
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WHY DO WE NEED B.A.R.?
THOUGH THERE ARE VARIOUS METHODS FOR PRICING ISSUES SUCH AS LIFO, FIFO,ETC. THE BOOK AVERAGE OFFERS A SIMPLE AND SCIENTIFIC METHOD FOR ALLOCATING VALUE TO ISSUES FROM STOCK.
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Book Average Rate (BAR) : AN ILLUSTRATION
O.B.QTYNos.
O.B.RT.(Rs.)
RcptQTY.
RcptRT.
Iss.RT.
Iss.RT.
C.B.RT.
C.B.RT.
500 10 200 11 0 0 700 10.3
700 10.3 0 0 400 10.3 300 10.3
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RETURN STORES
STOCK ITEMSIF 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
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DISPOSAL OF SCRAPRECEIPT OF SCRAPPROXY AUCTIONFORMATION OF LOTSLOT REGISTERVALUATION OF SCRAP[NON FERROUS
SCRAP R.P. IS VETTED BY HQ A/CsSALE THROUGH AUCTION, TENDER,
TENDER CUM AUCTION, DIRECT SALESSTAFF SALE
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CONTD…
EARNEST MONEY: VALUE UPTO RS. 2000@ 25 % OF VALUE FOR RS. 2000- 10,000@10 % OF VALUE FOR RS. > RS. 10,000TIME PERIOD FOR PAYMENTFOR < RS. 1 LAC 10 DAYS FOR > RS. 1 LAC 20 DAYSFOR > RS. 2 LACS INSTALMENTS CAN BE
GRANTED BY C O S
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DIRECT SALE
FREIGHT @5% INCIDENTAL CHARGES @ 2 %DEPARTMENTAL CHARGES @ 12.5
%OVER AND ABOVE.
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INVENTORY CONTROL
OBJECTIVES:AVOID BLOCKING OF CAPITALMINIMISE CARRYING COSTMINIMISE HANDLING COSTMINIMISE OBSOLESCENCE
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TECHNIQUES OF I. C.
A B C ANALYSISAA CATEGORY- ANNUAL ISSUES >
RS. 5 LACSA 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.]
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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.]
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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.
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STOCK VERIFICATION
There is a separate cadre of the Stock verifiers (SV s) and Inspectors of Stores Accounts (ISA s). They carry out verification of stock in depots, and with the plant holders in the field / workshops.
The differences detected between the book balances and the ground balance is reported through stock sheets.
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Stock verification (contd.)
Disposal of stock sheetsThe stock sheets are discussed by the
controlling officer with the accounts officer and explanations are offered. If these are acceptable, the stock sheets are closed without further action.
If not then action under DAR is recommended against the defaulting staff.
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LAST BUT NOT THE LEAST, ….
THANK YOU FOR PATIENT LISTENING
VINAYAK RAO