Admin Flashcards
Describe the contents of each of the following reports and explain how you use them: WOR and Monthly Financial Statement
Material Cost. Cost per week by each garment we want.
What process should be used to track scrap sales and how is it verified?
“Scrap sales are defined as the sale of any used inventory (garments, shop towels, dust, linen, etc.) which has been determined to be of such poor quality (stains, tears, etc.) that it can no longer be rented. Scrap sales will be properly documented and approved. 1. Assign a designated partner to handle scrap sales. 2. Obtain approval from GM 3. Enusre No company markings of any kind are left on the material 4. Once the scrap sale transaction has been properly approved, the vendor must be
accompanied to the office where a ZRBB sales order must be requested in order
to complete the transaction. The sales order must be completed indicating the
type of scrap with the correct material number(s), quantity sold, selling price and
the appropriate sales tax. The material numbers to be used for scrap sales must
match the actual material being scrapped with the usage code of S. Once the
invoice is complete, the vendor must sign it and the office must retain a copy.
The funds received must be placed in an envelope. Two signatures must be
included on the flap of the envelope containing the scrap sale funds, the same as
any other funds. The proceeds from the scrap sale must be placed in the safe
until the partner handling deposits includes it with that day’s receipts. 5. If the scrap will be delivered on a route, a back office sales order is utilized. The
SSR must bring a signed copy of the invoice back to the office 6. Report Scrap Sales under Direct Sales Revenue”
When is an accrual necessary?
When is an accrual necessary? When invoices relating to a certain month cannot be submitted to Corporate Accounts Payable by the deadline, the Administrator Assistant will complete the monthly accrual upload form and forward to the Staff Accountant for the location/account the invoice is being charged to.
Invoices are to be processed in timely manner. In what time period are vendor invoices to be paid?
All invoices submitted will be paid by the 25th of the month following the month in which the expense was incurred. In the event the invoice is past due than the payment will release the following day, this will happen when AP finds an invoice that was not received from the vendor when running the MB5S GR/IR in SAP along with reconciling the vendor account.
What is the criterion for an item to require an asset tag?
If its on the asset register or on the useful life chart.
What are the key items that are looked at during a fixed asset audit?
tags are fixed legible accurate wshen comparing to the asset register.
What is the proper way to dispose of an asset?
Fill out an asset disposal form, receive gm approval send to location accountant.
What is a blanket Purchase Order and what are the requirements needed to use one of these?
PO used for reoccuring pourchases or expenses with same vendro Same policy C-22. 30 day cancellation clause, keep track of the account.
Define Garment Investment Ratio.
How long it takes to pay off a garment. Standard garment 25 to 1.
What is an acceptable Garment Investment Ratio (New Business)?
Standard 25 to 1 and for FR it is 35/1 weeks to pay off.
Describe the cost control system you implement in your operation. How does it work? What are the trigger points?
Reference your forecasttrends, utilizing declining balance and projected spend then stay below that. Utilize a general ledger will help.
What sales figure from the income statement is used to determine the production expense as a percentage to sales?
Rental stated processed sales.
How often does policy require fixed asset audits be done at location?
Anually between Aug 1 and Sept 30th. utilize Exhibit B - Annual Fixed Asset Audit Instructions and Exhibit C - Annual Fixed Asset Audit Form.
How is a fixed asset audit completed?
The completed Annual Fixed Asset Audit Form must be printed, signed, and dated by the General Manager as well as any partners that completed the audit. Any discrepancies found, defined as the difference between the contents of the Asset History Sheet and the assets present at the location, will need to be communicated to the location accountant no later than October 31st (i.e. completion of disposal/transfer forms, asset tag requests to accounting, etc.). The location accountant will finalize all findings by December 31st.
