How To Organize Accounting Of Materials

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How To Organize Accounting Of Materials
How To Organize Accounting Of Materials

Video: How To Organize Accounting Of Materials

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Video: Accounting for Material(LIFO/FIFO) in Nepali || Grade 12 || Accountancy (HSEB/NEB) 2023, January

In accordance with PBU 5/01, organizations must keep records of inventories. This is necessary to control the movement of materials, that is, assets that are used as raw materials or components in the manufacture of products.

How to organize accounting of materials
How to organize accounting of materials


Step 1

Reflect the movement of materials in accounting only on the basis of documents, and they must be correctly drawn up. If you receive inventories from a supplier or from processing, draw up a receipt order (form No. M-4). It must be issued by an employee appointed as a financially responsible person on the day the goods arrive at the warehouse.

Step 2

If the material is accepted by your authorized representative, issue a power of attorney for him (form No. M-2). Please note that the document can be issued only for the person who is listed in your state.

Step 3

If, upon receiving the inventories, you find a discrepancy with the supplier's documents, draw up an act (Form No. M-7). Execute the document in duplicate, one will remain with you, the second with the supplier.

Step 4

In the event that you have a limit for the release of materials, when moving valuables to the warehouse, issue a limit pick-up card (form No. M-8). Make it up in duplicate, one form will remain with the storekeeper, the second - with the representative of the structural unit.

Step 5

To control the internal movement of materials, fill out a bill of lading (form No. M-11). Create a document in duplicate. When you transfer inventories to third-party organizations, fill out an invoice for the issue of materials (form No. M-15).

Step 6

To record all transactions for each stock number of the material, issue a card (form No. M-17). The employee who is the materially responsible person should fill out and enter information into it. Information is entered only on the basis of supporting documents.

Step 7

In accounting, reflect the materials on account 10, open the appropriate accounts for it. For example, you have purchased raw materials. In accounting, make entries: D10 subaccount "Raw materials and materials" K60.

Step 8

Conduct an inventory of the refinery at least once a year. The check should be carried out also when changing the financially responsible person.

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