Accounting for goods and materials: some aspects

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

Accounting for goods and materials in the warehouse plays an essential role in the economic accounting of the enterprise. The reliability of data periodically transmitted to the accounting department in the form of reports and objectivity in assessing the profitability of the enterprise as a whole depend on its organization.

There are several options for organizing inventory accounting. These are varietal as well as batch methods. The algorithm for issuing the relevant documentation depends on the choice of one or another option. In any case, accounting for goods and materials is carried out directly in physical terms. The basis is incoming or outgoing documents. All of them must be handed over to the accountant within a strict deadline.

Variety accounting of goods and materials

Assumes that all goods in the warehouse are stored under certain items (or grades). Any new entry joins the existing ones. Responsible persons reflect all changes in specialized cards or journals.

Batch inventory accounting

Its difference from the first option is that any new arrival of objects is stored separately. Moreover, a special card is opened for the newly received batch.

Accountinginventory accounting

There are two main options. Both of them are based on such a document as a turnover sheet. In the first case, cards are created for each individual item of goods, which allow for quantitative and total accounting. They reflect the receipt and consumption of materials on the basis of primary accounting documents, and also calculate the turnover for a certain period (month) and display the balances at the beginning of a new one. Then, in accordance with the available cards, turnover sheets are formed separately for each warehouse.

This is done monthly. In addition, a reconciliation of the data reflected in the cards provided by the warehouses and accounting departments is carried out. The second option involves grouping all documents according to the available item numbers, which serve as the basis for calculating monthly totals separately for receipts and expenditures. All information is entered into the turnover sheet.

Classification

It should be noted that all production stocks can be divided into basic and auxiliary materials, raw materials, purchased semi-finished products, as well as returnable waste. Each of the above groups has its own subcategories and is listed in the nomenclature with a specific code. The first 3 digits in it define the account number, the 4th and 5th digits are the product group, the rest reflect specific characteristics.

Evaluation of goods and materials

This procedure, however, as well as the reflection of certain values on synthetic accounts, can be performedboth in cost and price. The second option is the most common. Accounting for goods and materials, accounting postings allow you to calculate the total cost of each batch. To do this, you must set the appropriate analytical marks in the program.

Valuable write-off methods

Write-off can be carried out at average cost or by FIFO, LIFO methods. The first option is the most common in practice. Inventory and materials are written off during the reporting period at accounting prices, and at the end of the month, the shares of existing deviations from the actual cost are entered. The FIFO method is characterized by writing off all goods at the price of the 1st batch, then at the 2nd and so on. The last option is the opposite of the previous one. All materials are written off in reverse order until the total consumption of valuables is formed.