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Wednesday, 21 September 2011

Suggest a suitable system of internal check and internal control over purchases

INTERNAL CHECK OVER PURCHASES :-
Following suggestions are given for a proper control over the purchases :

1. Supply Of Requisition :-
When ever goods are needed in any department of the company, the head of the department should send the purchase requisition to the purchase department. He should mention the quality, quantity of the item and the time by which the goods must be supplied.

2. Purchase Order :-
It should be given in writing. It should be given on a printed and numbered forms. It should be recorded in the purchase book.

3. Copies Of Purchase Order :-
There should be three copies of each purchase order. One copy should be sent to the suppliers. One copy to the store clerk and one should remain with purchase department.

4. Writing Note :-
When goods will be received the store department will make an actual inspection. After counting or weighing receiving person will write the particulars on the good received note in duplicate.

5. Comparisons :-
One copy of the received good note will be sent to the purchase department. Purchase department will compare the quality and quantity with the invoice.

6. Invoice Checking :-
Each invoice on receipt should be checked by responsible officer with the purchase order that price and quantity is correct.

7. Inspection :-
Before storing the goods, these should he inspected and quality should be tested.

8. Purchase Return :-
In case of any defect it should be immediately reported the purchase department. Purchase department may take up the case. All returns out wards should be duly authenticated as toils correctness.

9. Invoice Recording :-
Each invoice should be consecutively numbered and properly filed.

10. Payment :-
A responsible officer should pass on the payment of invoices. Before signing the cheque he should assure himself about the correctness of the account.

11. Proper Record :-
Proper record of purchase should be maintained in writing. All the officials and officers who are involved in the purchase their initials must be taken.

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