An inventory of the organization’s property and financial obligations is carried out, as a rule, before the reporting of the results of the year. This procedure has several features. Let's consider them in the article.
General information
An inventory of the organization’s property is a set of measures aimed at checking and documenting the existence, condition and value of material assets. Information about them is contained in the relevant documentation. The company provides for a special department, leading accounting. An inventory of the organization’s property is preceded by the publication of the relevant order. This document indicates the grounds for the implementation of this procedure, a commission is appointed. The order also indicates the timing for the work. Inventories of property of the organization can be carried out both planned and unscheduled.
Tasks
An inventory of the organization’s property is required:
- To establish the actual availability of material values.
- Comparison of the data with the information of the financial statements.
- Identification of substandard resources, formation of motivated conclusions, preparation of documentation for their write-off or markdown. In carrying out these procedures, the necessary specialists and competent structures may be involved.
- Determination of the culprits in detecting surpluses, shortages, damage to property.
- Checks of the completeness and reliability of the display of property and obligations, compliance by counterparties of the contractual terms, application of measures to collect and repay debts, write them off at the end of the limitation period.
Classification
There are various types of inventory of property and liabilities of an organization. For example, procedures can be partial, selective, complete, periodic. Meanwhile, to verify the accuracy and completeness of reporting, to identify how much the content of the data and primary documentation corresponds to the actual state of affairs, allows a continuous inventory of the organization’s property. It is mandatory in accordance with paragraph 7 of the instruction governing the rules for the compilation and presentation of final (monthly, quarterly, annual) indicators. An inventory of the organization’s property, registration of its results is carried out in accordance with the guidelines approved by the Ministry of Finance order No. 49 of 06/13/1995.
General rules
Organization of the inventory of property is carried out in relation to material assets, regardless of their location. The procedure applies to inventories and other material resources that are not owned by the enterprise, but are stored, leased, received for processing, etc. Inventory is also carried out in relation to unaccounted property. Audit is carried out at the location of material assets. This may be a workshop, workshop, production site, laboratory, and so on. The procedure for the inventory of property of the organization includes the following stages:
- Issuing an order.
- Check and inventory.
- Documenting.
- Data mapping.
- Drawing up a conclusion.
Order
It should be adopted in advance so that the organization of the inventory of property does not become a surprise for employees and decision-makers and they can prepare for it. The order shall indicate the composition of the commission, its chairman, the facilities in respect of which the audit will be carried out, its terms. The document can be prepared in the form given in the guidelines. The order is recorded in the control book.
Commission
Its members may be administrative workers, accountants, other specialists who have the appropriate competence and professional skills to assess the status of obligations and property of the enterprise. Inclusion of materially responsible persons in the commission is not allowed. If at least one of the appointed members is absent, the audit results may be invalidated. This is especially true in cases when the organization of the inventory of property is aimed at identifying those guilty of theft, damage to material values, the check is carried out when changing materially responsible persons, as well as when transferring the conclusion to the court.
With a large number of inspection objects, working commissions can be formed. They are subordinate to the chairman of the permanent core audit team. The tasks of working commissions include not only checking the status and availability of material values. They have the right to make proposals to improve the control, storage, acceptance, and vacation of property.
Delivery of materials
The organization of the inventory of property involves the determination of the balances of material assets and existing debts according to documents. For this, members of the audit commission study all receipts and expenditures, reports on the movement of objects and assets. The chairman endorses all the documents that are attached to the registers. This marks the date of the inventory. This acts as the basis for the accounting department to determine the balances of material assets at the beginning of the procedure.
Important point
Before taking an inventory of the organization’s property, materially responsible employees submit receipts that all the receipts and receipts have been handed over to the accounting department or handed over to the commission, and that all the objects received have been capitalized and the departed ones written off. The same securities are made by persons who have accountable amounts or powers of attorney for the acquisition / receipt of material assets. Verification of the actual availability of property is carried out with the obligatory presence of responsible employees. In the event of a change, the receiving persons sign the receipt of receipt. At the time of verification, all operations with objects are terminated. In case of receipt of material assets in the audit process, they are placed separately and an inventory is drawn up on them. If the inventory is carried out for several days, the premises with the property are sealed.
Material Validation
As a rule, it is performed by a continuous method. It involves recounting absolutely all values. This process is quite laborious. The rules of the inventory allow the use of simplified verification methods only in exceptional cases. For example, such methods are permitted during the audit of goods and materials that are in the intact packaging of the supplier. In this case, the number of objects can be established on the basis of the accompanying documentation with a mandatory audit in kind. If, based on the results of a spot check, a discrepancy is found between the indicators reflected in the markings or specifications of suppliers and the actual availability of values, the commission is obliged to carry out a continuous (full) inventory.
Debt Audit
An inventory of the company's obligations is a reconciliation of data on settlements with customers / contractors. During the audit, the validity of arrears (the availability of primary documentation), the correctness of the calculations and the formation of the final balance on the date of the procedure are checked. If necessary, the commission is entitled to request a reconciliation report. Its data is compared with information from the accounting of the enterprise.
Drawing up inventories and acts
The instruction No. 25n (Appendix 3) provides for separate forms of documents for each audit object. The enterprise has the right to develop blanks of inventories independently. In this case, the forms may contain additional details and values that take into account the specifics of the reflection of information on material values and especially their storage. However, in any case, such forms should contain the indicators established by Appendix 3. Data on the actual presence of property and obligations actually taken into account are entered in the acts and inventory lists. The Audit Commission is responsible for ensuring the completeness and accuracy of entering information. Each inventory is compiled in at least 2 copies.
Filling specifics
The names of inventory objects are indicated in accordance with the nomenclature and in units accepted in the accounting. On each sheet the quantity of values (in words) and the total number in physical indicators recorded on the page are indicated, regardless of what quantities (kilograms, pieces, meters, etc.) are shown. If mistakes are made, their correction is carried out in all copies by striking out the wrong entries and putting the correct ones on top. At the same time, signatures of the commission members and materially responsible persons are put. It is not allowed to leave blank fields in the inventory. Blank lines on the last pages are crossed out. Separate inventories should be compiled on property that is leased, in custody, or received for processing. One copy of the document is to be sent to the owner of the material assets. On the last page a mark is made about checking taxation, prices and calculating results. It is certified by all members of the commission and financially responsible employees. After the procedure, the latter give a receipt that the inspection was carried out in their presence, they have no complaints against the auditors and they took the property for safekeeping.
Data mapping
Acts and inventories signed by members of the Audit Commission are transferred to the accounting department. It checks the correctness of design and calculations, compares the actual data with reporting indicators. In case of deviations, a statement of discrepancies is compiled in form 0504092. The following information should be reflected in this document:
- Lack of within and above the normalized values of the natural loss in value and quantity.
- The market price of the object, the difference between it and the book value.
- Surplus in value and quantity.
The number of copies of the statement is not less than 2. When comparing the indicators, the reassortment of values, the sum differences resulting from it should be taken into account. In addition, losses within the normalized values of natural loss should be written off. The results of the audit are recorded in the inventory. For each type of material assets, separate forms are filled out.
Documentation
In the inventory process, the following inventories are used:
- Valuable papers.
- Balance on cash accounts.
- Debt on loans, loans.
- State debt of the Russian Federation in securities.
- Forms of strict reporting and financial documents.
- The state debt of the Russian Federation on the guarantees and loans received.
- Settlements on income.
- For non-financial assets.
- Cash.
- Settlements with suppliers, buyers, other creditors and debtors.
Responsibility
Information in the accounting reporting documentation may be deemed unreliable if the inventory was not carried out according to the rules or its results were documented in violation of the requirements. This is found, for example, in cases where the company decides to impose a penalty on a materially responsible employee through the court. As a justification for their position, the organization will have to submit an inventory document to the authorized authority.
In accordance with the general rule, the inspectorate of the Federal Tax Service cannot impose a fine on the company for not having carried out an audit, despite the existing obligation. The legislation does not establish any sanctions for not taking inventory measures. Enterprises must understand the importance and necessity of implementing this procedure. After all, it is from the results of the inventory that a reliable idea is formed about the state of their property and existing debts.