Inventory in a budgetary institution: rules and stages of implementation

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Any economic activity at the enterprise assumes the presence of specific savings in its possessions. This includes tangible and intangible assets, fixed assets, finished products or goods for sale, monetary assets and other property. Whatever the company - large or small, industrial or commercial, state or private - it must necessarily recalculate the list of property present on it through an inventory. In budgetary institutions, this procedure is carried out with particular care.

Inventory concept

Inventory, by its primary definition, means the recalculation of cash positions recorded on the account of the property of the enterprise, with a specific comparisonobtained results with the previous check. This word initially suggests a familiar term called "inventory". But it is worth noting that the process of conducting an inventory in a budgetary institution involves a quantitative measurement of not only the economic estate or inventory objects that are assigned to financially responsible persons, but also the list of funds stored in bank accounts and in cash (on hand), settlements with debtors and creditors, as well as financial liabilities. The main purpose of this event is to identify surpluses or shortages that may arise in the course of economic activity, as well as to search for possible mistakes that were made by employees of various areas of the economic functioning of the enterprise as a whole. Based on the results of the inventory in a budgetary institution, those responsible for shortages are subject to disciplinary punishment in the form of reprimands or bonus deductions, as well as compensation for damages.

Value for the enterprise

Conducting regular checks at enterprises maintained at the expense of state funds is an integral process of their economic activity. The importance of inventory in budgetary institutions is due to the list of possible situations that are subject to mandatory controlling by management, namely:

• conditions for the transfer of the estate of a budgetary enterprise for rent;
• conditions for the sale or redemption of budgetary property;
• monitoring the state of the asset andliabilities of a public institution;
• change of responsible person and transfer of cases;
• the presence of facts of theft, abuse of power and damage to valuables;
• situations of fires, natural disasters and other emergencies.

The most important and significant components of the property of a budgetary institution are necessarily inventoried, the list of which includes:

• enterprise cash desk;
• drugs;
• fixed assets;
• inventory;
• library fund;
• list of precious metals and stones.

Rules

The rules for conducting an inventory in a budgetary institution are regulated by the current legislation. One of the main requirements for the correct conduct of the inspection of state property is the mandatory formation of the composition of the commission. An inventory order in a budgetary institution establishes specific persons who will be members of this commission. The circle of persons submitted for verification includes only employees of the staff of this enterprise, but not third parties in the form of expert appraisers, employees of state inspections, and so on. The mandatory representatives of the commission are the chief and ordinary accountant, and are headed by its head and his deputy. It is important to note that financially responsible persons cannot be part of the inspectors. In addition to the members of the review team, the director of the institution is approved byorder specific dates for the inspection. At the end of the inventory of property in a budgetary institution, an analysis of shortages and surpluses is carried out, the guilty are identified, an administrative pen alty is made from the guilty persons, if any.

Stages of implementation

All work on checking cash and non-cash positions in the estate of a state institution is divided into several stages.

The first stage is preparation. By the beginning of the audit, the accounting department must complete work with all documents on the receipt and issuance of material assets, as well as make the necessary entries in the list of analytical accounting registers, having determined in advance the balances on the day of the audit.

The second stage is the direct inventory in a budgetary institution. Relevant forms are prepared to enter data on the results of the inspection, the names of the members of the commission are entered, specific items subject to inventory are counted, weighed, measured, after which the premises subject to inspection are sealed to prevent forgery or subsequent theft of the inventory.

The third stage is the registration of inventory lists. The forms specifically established by the current legislation regulate the completion of the results of an audit on fixed assets, intangible assets, other intangible assets and stocks, the availability of funds and valuables, as well as strict reporting forms, settlements with debtors and creditors, and tangible assets in storage.

The fourth stage is the verification of completed inventories. It summarizes the results of the inventory of fixed assets in a budgetary institution, liabilities, assets and cash. At this stage, surpluses and shortages of the enterprise's property are revealed.

OS Inventory

Inventory of fixed assets in budgetary institutions is one of the highest priority and responsible areas in the work of the audit commission. After all, here it is necessary to analyze and calculate not only the actual presence of assets in the enterprise, but also determine the physical state of each object to be verified. This requires the experience and certain skills of the members of the commission selected by the head, since the list of fixed assets is often too large: it includes a lot of items from real estate to stationery pens and pencils.

The procedure for conducting an annual inventory in a budgetary institution for fixed assets, as well as for a private unscheduled inspection, includes specific principles for analyzing the object of the survey. The purpose of such a check is:

• recalculation and fixation of the actual availability of fixed assets;
• comparison of the received data with the accounting information entered earlier in the 1C program;
• identifying discrepancies and identifying shortages and surpluses, if any;
• checking objects unusable;
• identifying property, plant and equipment that do not meet the recognition criteria.

The objectsland plots with their buildings, structures, real estate are not subject to mandatory annual verification, and a budgetary institution is not obliged to conduct an inventory of such funds annually - it is enough to check them once every three years.

Checkout Inventory

An equally important point in the work of a state-owned enterprise is the verification of the cash register and the funds stored in it. The purpose of the cash register inventory in a budgetary institution is to check the actual accounting at the current site of cash transactions, as well as to identify the correspondence of information in cash documents with actual cash. But in what cases is a cash check mandatory? This is preceded by the following situations:

• transfer of state-owned property for rent or ownership of the buyer;
• eve of annual accounts;
• change MOL;
• detection of signs of theft, theft, damage to property;
• force majeure;
• natural disasters;
• accidents;
• emergencies;
• liquidation or reorganization of an enterprise.

Before the check, all processes on the movement at the cash desk are stopped, the cashier provides the commission with a set of all PKO, cash register, cash statements. Being a financially responsible person, he also confirms that he has submitted all cash documentation to the accounting department or to the members of the commission themselves, and also provides information that all funds that have arrived have been credited, and those that have left have been written off. Then comes the direct conduct of theverification, which implies the mandatory recalculation of all cash banknotes at the cash desk with their specific denomination, and the amount revealed as a result of the calculation is compared with the one indicated by the cashier in the cash register and balances at the end of the period. If the company has cash registers, the check begins with checking the checks and the amounts entered in them with the data in the program. They do not bypass the absence of a limit at the cash desk - the amount on the balances should not exceed its boundary value. It should also be noted that blots, errors and deletions in cash documents are unacceptable. Upon completion of the inventory of cash in two copies, the commission draws up an inventory act. One of them is transferred to the accounting department, the other remains with the MOT in the person of the cashier.

Inventory of liabilities

Inventory of liabilities in a budgetary institution is aimed at establishing reliable financial information on reporting and accounting, in the process of which specialists determine the presence and condition of debts of a state-owned enterprise. What objects are checked by the inventory of obligations? These include:

• objects of loans, loans, loans;
• specific taxes and fees;
• social insurance items;
• delivery of goods;
• performance of works and services,
• wage level.

During the audit, the director determines the composition of the audit commission. She, in turn, is engaged in evaluating the legitimacyconducted accounting. Arrears are identified for timely payment of loans and interest on loans, the correspondence of figures in contracts and financial statements is determined. The inventory also applies to tax reporting - the amounts that were posted to sub-accounts and which must correspond to the information entered in the declaration are considered.

In the process of identifying debts to social funds, the transferred amounts of money are checked, and debts are sought. No less careful is the approach to the consideration of the salary of each employee, taking into account the specific attention paid to the established underpayments and overpayments.

Among other things, we monitor and analyze settlements with buyers, suppliers, clients, contractors. The terms of payment of payment orders are analyzed, and the submitted advance reports are checked.

Annual property recalculation

Representatives of the Bureau of Technical Inventory are sometimes invited to conduct an annual recalculation of the property of a state enterprise. The budget institution conducts a mandatory annual audit as of October 1 of each year (beginning of the fourth quarter of the reporting period). In addition to the above options for recalculation, the annual inventory provides for the verification of the following components of the economic property of a state enterprise:

• land, real estate (every three years);
• inventories, biological assets, receivables already mentioned, payables, deferred income and expenses, otherobligations (annually);
• fixed assets, equipment, inventories (annually);
• investment, cash, work in progress (annual);
• agricultural facilities (annually);
• beekeeping, nurseries (annually).

During the annual inventory, the commission carries out the following work:

• briefing for inspectors;
• organization of the inventory itself;
• control of the inspection;
• correct determination of control differences;
• re-check in case of an error in the preliminary calculation of property;
• identifying the causes of the difference;
• reporting information to management by filling out an inventory list.

Inventory shortfall

The shortage identified during the inventory of a budgetary institution is subject to analysis. In itself, the definition of shortage is a shortage of inventory items identified during the audit and their direct recalculation. If the shortage was calculated within the norms of natural loss, pen alties are not applied to the materially responsible person. In this case, the amount of shortage or damaged inventory is debited from the accounting account at a specific cost, which includes the contract price and the share of transportation costs spent on these inventory. If the shortage exceeds the rate of natural loss, then the guilty person is identified and a fine is collected from him in the amount of the amount received duringshortage checks.

Inventory surplus

Identified during the inventory in a budgetary institution, the surplus is subject to capitalization. The excess amounts received as a result of the audit on fixed assets, inventories, cash and other assets are taken to the balance sheet. This operation is carried out by accepting the surplus for accounting at the current market value (if we are not talking about cash, they come in the denomination in which they are in excess, and data on them are recorded in the cash inventory act). Inexperienced novice accountants or students who have not completed their studies, who came to work in a budgetary organization and started working on an inventory, mistakenly believe that surpluses are not shortages, that there is nothing terrible in them. But it's not. Especially when it comes to the box office.

In the event that an unscheduled sudden inspection with representatives of the state inspectorate descended on the enterprise, the surplus they found in the cash register, even in the amount of one unfortunate penny, is fined on the enterprise. It is strictly forbidden to keep your own funds or undelivered change at the cash desk. The level of cash in the cash register must clearly match the figures entered in the relevant cash documentation. If we are talking, for example, about fixed assets, then they fall on the balance sheet of the enterprise, but the head of the institution will still be asked relevant questionsfinancially responsible persons who did not put the excess fixed asset on the company's records in the right time.