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MANUAL

VIEWS: 7 PAGES: 29

									BIN HARMAL CEMENT PRODUCTS FACTORY
               (DURA PIPE)
        P.O.BOX: 19403, AL AIN, U.A.E.




   PROCEDURES & POLICIES MANUAL
  BIN HARMAL CEMENT PRODUCTS FACTORY
                          (R C PIPES DIVISION)
                      P.O.BOX: 19403, AL AIN, U.A.E.




            PROCEDURES & POLICIES MANUAL




INTRODUCTION

The main purpose of this manual is to provide with a quick understanding of the
procedures and policies of our co. in connection with Requisition, Purchase,
Stores & Issue of Material, Services & Assets and Accounting system.

Additions and amendments will be added from time to time to keep the user
updated with the latest Management technology and tools.

This manual is divided into 5 Topics which will be helping hand in solving day to
day problems.




Parveen Aneja
Chief Accountant
(Author)


Dated : 1 Sep’ 2001
                              TOPICS



1. Principal accounting policies

2. Production

3. Requisitions and Purchase of Materials \ Services \ Assets


4. Receipt and Issue of Materials \ Services \ Assets

5. Accounting of Materials, Services, Assets, Expenses &
   Revenue

6. Reports, Internal Audit & Miscellaneous
                                    Topic # 1

                         Principal accounting policies

Basis of accounting

The financial statements are prepared in accordance with the historical cost
convention

Fixed assets

The cost of fixed assets is their purchase cost, together with any incidental
expenses of acquisition.

Depreciation is calculated so as to write off the cost of fixed assets on a straight
line basis over the expected useful economic lives of the assets concerned. The
principal annual rates used for this purpose are :

Furniture, Equipment & Vehicles                           16.66 % (60 Months)
Tools, machinery and equipment                            8.33 % (120 Months)
Building                                                  8.33 % (120 Months)

Inventory

Inventories represent materials in store(s) which is not yet transferred to
Production and are valued at average cost, Provision for obsolescence is required
for non moving item for more than 12 consecutive months. Cost is determined at
actual cost for items purchased for specific contracts and on the Average cost
method of material issued from store.

Cost

Prime Cost includes direct material cost, labour expenses and Other Direct
Expenses.

Factory cost includes Prime and indirect material, labour expenses and other
indirect expenses.

Cost of goods sold included Factory cost office and admn. Cost and selling and
distribution costs.



                                    Page # 1.1
Terminal gratuity

Provision for staff terminal gratuity is made accordance with local labour
legislation and is based on current remuneration rates and cumulative service at the
balance sheet date.



Cash and cash equivalents

For purposes of the statement of cash flows, the company considers all bank and
cash balances with a maturity of less than three months to be cash and cash
equivalents.




                                      Page # 1.2
                              Topic # 2

                              Production


Customer Queries and Disposal

When any quary from Customer is received, its reviewed and answered
by the Management, And after the preliminary discussion with the
Customer, Drawing of product is made by the Production Manager and
submitted to the Customer with other technical details for its approval
by the Consulant or authorized Engineers. After due approval of design
and technical details, Approved Drawing or Release of Fabrication is
counter signed by Production Manager and Plant Manager. After
finaliziation of all other terms with the customer, Management informs
the Plant Manager to start Manufacturing and Delivery of required
product.

Review of Stock Position

Plant Manager will review the position of stock for the supply of new
order received by the Management, If sufficient stock is available,
Delivery schdule will be finalized with the consent of Site Engineer or
Project forman of the Customer, Else Production process is initiated.

Initiation of Production Process

„Order to Manufacture‟ is prepared by Production Controller with full
details of product to produce and approved by Plant Manager and given
to 1. Gen. Foreman 2.Quality Controller & 3. Production Manager




                                Page # 2.1
                                      Topic # 3

        Requisitions and Purchase of Materials \ Services \ Assets

Requisitions :

Following Four departments are defined in RCP Division

1.   Production
2.   Cage Machine
3.   Yard
4.   General

a. Store Material Requisition slip wil be made on the occurance of genuine
   requirement, by the Senior person in each dept. and will be submiited to
   General foreman for his approval.
b. General foreman after revewing the requirements will approve or disapprove
   the Store Material Requistion Slip.
c. After approval from General foreman Material Requisition will be submitted to
   the Storekeeper for issue of material.
d. If material is available in the store, Storekeeper will issue the material as per the
   approval of General foreman against Signature of the receiver.
e. If material is not available in the store, Storekeeper will make Material
   Requistion slip with details of Last purchases and submit to Accounts dept. for
   checking.
f. Accounts dept. after checking the Store Balance and last purchase details, will
   submit the Material requistion to the Plant Manager for his approval and Plant
   Manager will submit to the Management for final approval.
g. Management will revew the Material Requistion slip and finally approve or
   disapprove the Material Requistion Slip.
h. On approval of Materail Requistion, Purchaser will make L P O on the basis of
   approvel Material Requistion Slip.

(Procedure for preparation of L P O is seperately discussed under Purchases
section)
 (Procedure for Issue of material from store by Storekeeper is seperately discussed
under Topic#4)




                                      Page # 3.1
Purchases : Materials \ Services \ Assets

1. For purchases against L P O (Local Purchase Order) :

Local Purchase Order (L P O) as printed document or Order confirmation on letter
head with complete terms & conditions of payment can be used to inform to the
supplier about the supply of mentioned item therein.

Purchaser on receipt of Material\Services\Assets Requisition slip will take
approval from Management for start of Purchase process.

After approval of Purchase requisition, In case of new item(s) Purchaser will
arrange three quotations for the required Material\Service\Asset otherwise
confirm the rate from approved (regular) supplier and Prepare Purchase requisition
with complete details of quoted Rates with Terms & Conditions of suppliers and
take approval of supplier from Management for issue of LPO to the selected
supplier.
(Management vests authority to select any Supplier).

After getting approval of supplier and finalization of rates L P O will be prepared
in quadruplicate (4 copies) with complete details and specification of
material\services\asset required with its rate, terms of payment (Which may vary
from 30 to 90 days as per the negotiation with the Supplier concerned) and
conditions mentioned therein will be signed by Management Representative.
Original copy of L.P.O. will be send to the supplier for supply of items, second
copy will be given to Accounts dept., third copy will be send to Storekeeper and
fourth copy will be kept in master file.




                                    Page # 3.2
2. For Purchases against Agreement & Others

Agreement is a document, as evidence of mutual agreement of Seller and
Purchaser with Authorized Signature and seal of the Company to Sale-Purchase of
Material \ Service on particular rate with other detailed terms and conditions
binding upon both parties. All agreement for Material \ Services purchase for the
co. will be signed by the Management.




                                   Page # 3.3
                                    Topic # 4

            Receipt and Issue of Materials \Services \ Assets

Receipt of Material

In Store

a. Representativer of Supplier or any Authorized person (Foreman, in case of
   return of material from site) can bring the material to the store.
b. On receipt of material (including Returned from site) Storekeeper will count
   and verify the quality of material to be received.
c. After counting and verify the quality Storekeeper will prepare Store Receipt
   Voucher (SRV) in duplicate for the Actual receipt. (for verification of quality
   of material help can be taken from the experts). If material is received as
   returned from site, he will get Sign. on SRV from Foreman who has return the
   material.
d. Original copy of SRV with delivery note will be given to Store In-charge on
   same day.
e. After receiving the material storekeeper will arrange the material in the store on
   pre defined locations. S.R.V. will be entered in the Bin Card and computer in
   accounting software by the storekeeper.
f. Accounts dept. after receiving the SRV from storekeeper will check and
   complete with Inv. No. and rate etc. And SRV with invoice with copy of LPO
   will reviewed by the Store incharge, Production Controller and Management.

Following formalities will complied with by the Storekeeper before putting
signature over the delivery voucher.

1. Date : If date shown in the delivery note is different from the actual date of
   receipt of material \ services, Current date will be mentioned on the delivery
   voucher of supplier with remarks “ Received on ____________”.

2. Quantity : If quantity shown in the delivery note is different from the actual
accepted quantity, the Actual quantity received will be mentioned very neatly and
signature thereunder.

3. Quality : If quality of the material is apparently not good it should not be
accepted otherwise Store incharge should be contacted immediately.

4. Description : Description of Material under delivery note should be checked
with actual material.


                                     Page # 4.1
Following points will be mentioned very carefully on the SRV.

1. Date : Date of SRV will be the date on which actual material is received not the
date of Delivery voucher of supplier.

2. Qty. : Qty. mentioned in the SRV will be the actual qty. accepted and received
in the store not the qty. as mentioned in the delivery voucher.

3. Rate : If rate is available on the delivery voucher, it will be mentioned in the
SRV otherwise, except rate all columns will be completed .

4. Unit : Unit of material received will be mentioned as Unit of Material is
Issued from the store.




                                    Page # 4.2
Issue of Materials from Store

a. Senior person from any of four dept. can can collect the materials mentioned in
   the duly approved requisition slip and sign for Actual accepted receipt of
   material and take away the material to his dept.
b. Storekeeper will consolidate the material requisition and prepare dept. wise
   Store Issue Voucher SIV on daily basis, and will submit SIV with material
   requisition slips to the Store In-charge daily.
c. And the S.I.V. will be entered in the Bin Card on daily basis by the storekeeper.
d. Accounts dept. will prepare Computerized S.I.V. on the basis of manual SIV,
   print out will be checked & verified by the Store Incharge and Plant Manager.




                                    Page # 4.3
Receipt & Issue : Materials Outside Store

Material will be unloaded at site in presence of Foreman. Following formalities
will complied with before putting signature over the delivery voucher.

1. Date : If date shown in the delivery note is different from the actual date of
receipt of material \ services, Current date will be mentioned on the delivery
voucher of supplier with remarks “Received on _________”.

2. Quantity : If quantity shown in the delivery note is different from the actual
quantity, the Actual quantity received will be mentioned very neatly and signature
thereunder.

3. Vehicle No : In case of material supply, Actual Vehicle Number will be tallied
with Vehicle Number printed on the delivery note, as different vehicles have
different capacities.

4. Quality : If quality of the material is apparently not good it should not be
accepted otherwise Generforeman should be contacted immediately.

5. Description : Description of Material under delivery note should be checked
with actual material.

It should be very known that delivery note is the evidence of receipt of material or
service for the co. so it must be delivered the Foreman or Production Controller on
the same day and the Foreman or Production Controller after putting his signature
should pass on the Accounts Dept. Any laps in the chain of operation will result in
delaying of processing of invoices. The management has full authority to take
strict action against the defaulters.

The unloaded material or services delivered outside Store will be assumed to be
issued to Production unless otherwise instructed or stated.




                                    Page # 4.4
Receipt of Assets

If Asset purchased is storable, it will be unloaded in Store or Workshop, if it is for
office purpose it will be loaded in office, otherwise at suitable place decided by the
Project Manager .

The receiver will be Storekeeper for receiving in store, Asset Monitor for
receiving in office and Foreman for receiving at site, and will sign the delivery
note of supplier after looking into following points.

1. Condition of Asset : The receiver will verify the condition of asset to be receive
and in case of any abnormality full detail of the same will be given on the delivery
note with sign. thereunder.

2. Date : If date shown in the delivery note is different from the actual date of
receipt of Asset, Current date will be mentioned on the delivery voucher of
supplier with remarks “ Received on __________”.

3. Quantity : If quantity shown in the delivery note is different from the actual
accepted quantity, the Actual quantity received will be mentioned very neatly and
signature thereunder.

4. Description : Description of Asset under delivery note should be checked with
actual asset.

Receipt Voucher (RV) or (SRV) as the case may be, will be prepared by the
storekeeper and forwarded to Store In-charge.




                                     Page # 4.5
Issue & Return of Assets

General foreman \ Administrator \ Assets Coordinator \ General Staff member
can collect the Assets mentioned in the duly approved requisition slip and sign for
Actual accepted receipt of Asset in the following

If its for long time use : Custody form, which will be maintained by the
storekeeper.

If its for a day or two : Register maintain for the purpose in Store or Workshop.

Receiver of Assets in all the cases will solely responsible for condition of Asset
till he return back the same in the original condition. Storekeeper will keep
Custody form in the concerned employee file till the asset is returned back and
inform to Project Manager \ Assets Coordinator in writing in case of any change
in condition of returned asset is noticed. Clearance from Store Incharge is
mandatory when any staff is leaving co. on account of annual or emergency leave
or resignation.

When any of the Asset user is found guilty of misusing \ mishandling \ losing the
item, he may be penalized up to the Current Market Purchase Price of the Item.




                                    Page # 4.6
                                    Topic # 5

   Accounting of Materials, Services, Assets, Expenses & Revenue

Processing of Invoices :

For processing of Invoices of Materials \ Services \ Assets, Purchaser\Accounts
Dept. after getting the delivery notes, time sheets & invoices, will initiate the
Invoice Processing Form enclosing Invoice and followings.

1. “Details of Material \ Services received , giving full detail of Date of receipt,
Delivery Note No., Vehicle No. , Actual Qty. Received, Rate and Valuation.

2. Actual Qty. Received will be compared with invoiced qty. and in case of excess
invoiced qty., Request for Credit note will be arranged and sent to Supplier office,
and copy of same letter will be enclosed with the invoice. and in case of less
invoiced qty. suitable remarks will be given in the Details of material \ services.

3. Invoiced Rate will be compared with the Agreement or LPO, and in case of
excess invoiced rate, Request for Credit note will be arranged and sent to Supplier
office, and copy of same letter will be enclosed with the invoice. and in case of
less invoiced rate, suitable remarks will be given in the Details of material \
services.

4. Receipt and issue voucher (RIV) for the material \ services will be prepared
giving full detail of material \ services, if the same is directly received and
consumed on Dept.\site
When there is regular delivery of material or services, one consolidate RIV can be
made at month end.

5. Store Receipt Voucher (Already prepared by store keeper) will be scrutinized
and completed in all respect.

6. Copy of LPO (if purchase is against LPO), and Purchase Requisitions will be
enclosed.

8. If Invoice pertains to any expense for Asset, Expense Report for each Fixed
asset.




                                    Page # 5.1
Time Schedule of Invoice Processing

Standard days for completion of processing invoices are as follows

A) Invoices against LPO : Forwarding of invoices with all above within 7 working
days of receipt of invoice, When invoice is not received, All other documents by
20th day of following month of receipt of material or services to accounts dept.

B) Invoice against agreements : Forwarding of invoices with all above by 15th day
of following month of receipt of material or services to accounts dept. When
invoice is not received, All other documents by 20th day of following month of
receipt of material or services to accounts dept.




                                   Page # 5.2
Formation of Accounts Dept.

Accounts dept. may consist of Accounts Clerk, Asst. Accountant, Accountant,
Chief Accountant, Financial Superintendent, Internal Auditor, Financial Controller
etc. as per the decision of Management.

Presently Chief Accountant is designated. Chief Accountant will initiate all the
accounting activities.




                                   Page # 5.3
Accounting policies

In addition to Topic # 1, Accounting will be performed in the following manner.

Accounts head will be divided as follow

Direct Material Expenses account
Direct Wages and Salaries
Direct Expenses

Indirect Material Expenses account
Indirect Wages and Salaries
Indirect Expenses

Office and Admn. Expenses
Selling & Distribution Expenses

Store account

Revenue account

Suppliers & Subcontractors account
Staff Account (Advances)
Staff Deposit account

Fixed Assets account
Fixed Assets‟ Prov. For Depn. account
Petty cash account
Bank account

Prepaid Expenses account
Accrued Expenses account
Accrued Salary account

Provision for leave account
Provision for gratuity account

Deposit Retention account
Capital account
Statutory reserve account
Profit and loss account


                                     Page # 5.4
Direct Material Expenses account will cover all expenses for directly related to
products produced. Different types of material are used in production like, Cement,
Steel, Agreegates, Other Additives etc.

Direct Wages and Salaries account will cover all expenses of Wages & Salary
for directly related to production.

Direct Expenses account will cover all expenses which are directly related to
production.

Indirect Material Expenses account will cover all indirect material expenses
used in production.

Indirect Wages and Salaries will cover indirect wages and salaries paid to staff,
who are indirectly involved in production. For example maintence staff.

Indirect Expenses will cover all indirect expenses like depreciation etc.

Office and Admn. Expenses account will cover Cost of other than running
expense, Maintenance of Office, Office‟s staff Salary, Reimbursement of Certain
expenses, Special General expenses, Travelling, General Insurance and Bank
expenses.

Selling & Distribution Expenses will cover expenses on account of selling and
distrbution\delivery of material.

Store account : All purchases made for production or otherwise will be retained in
the store, and will be debited to this account and will be credited at the month end
, with the average cost of material issued during the month.

Revenue account will cover all sales proceeds of material sold to internal or
external customers.

Suppliers and Subcontractors account will consists of all suppliers of material,
services, and assets and all sub contractors those who are engaged in doing sub
contracting job for our co.

Staff Account (Advances) will consist of all staff members account debited on
account of advances or expenses incurred by the co. on their behalf.

Staff Deposit account will consist of all staff members account credited on
account of dues payable to them.

                                    Page # 5.5
Fixed Assets account : Asset with any incidental expenditure at its original cost
will be debited in the concerned group of the fixed asset account.

Following groups to be formed for Fixed asset :

1.    Building
2.    Plant & Machinery
3.    Electricals
4.    Tools
5.    Equipments
6.    Lab. Equipment
7.    Office furniture and equipments
8.    Vehicles

Fixed Assets’ Prov. for Depn. account : Monthly provision on fixed assets is to
be created and credit to Group wise fixed assets. In case of Disposal of Asset
depreciation provided on the asset will be credited to this account.

Petty cash account : Presently Dhs.20,000.00 is approved by the Management.
And the same is debited in petty cash account. This amount will handled by Petty
cashier, Any enhancement approved by the Management in future will be debited
to this account.

At the time of booking Petty expenses, Petty Cash Exp. account will be credited,
and at the time of issue of cheque his account will be debited and settled.

Bank account : Presently Union National bank, CBD Al Ain, is the co. banker.

Prepaid Expenses account: Any expense paid for next financial years in current
financial year will be debited to Prepaid expenses account and will be reversed to
the Concerned Project or Administration expenses in the relevant year(s).
Expenses paid in particular month but benefits extended in more than one month of
the same financial year will also be debited to Prepaid expenses and will be
reversed to month wise Accounts head.

Accrued Expenses account : Any expense due but unpaid for the current
financial year will be credited to Accrued expenses account and will be reversed at
the time of actual payment.
Expenses due but unpaid in particular month of the same financial year will also be
credited to Accrued expenses and will be reversed at the time of actual payment.



                                    Page # 5.6
Accrued Wages & Salary account : Wages & Salary due but unpaid for the
current financial year will be credited to Accrued expenses account and will be
reversed at the time of actual payment.
Salary due but unpaid in particular month of the same financial year will also be
credited to Accrued Salary and will be reversed at the time of actual payment.

Provision for leave account: Monthly Provision for leave account will be
calculated for leave earned by each permanent staff as per U A E law.

Provision for gratuity account : Monthly Provision for end gratuity will be
calculated for gratuity due to each permanent staff as per U A E law.

Deposit Retention account: Deposit given by our co. for getting services of
hired assets for example Gas cylinders, water bottles etc.

Capital account : Face value of Issued capital of co. is credited in this account.

Statutory reserve account : As per UAE law are 10% of year‟s profit.

Profit and loss account : Undistributed profit or loss.




                                     Page # 5.7
Accounts Dept. Assignments :


1. Invoice Processing:

Accounts dept. on receiving Invoice processing form enclosed with all requisites
will take following actions;

1. Check the authority of person who has ordered, and received,

2 Verify all Details, Summaries made by Purchaser.

3. Scrutinize all the data and confirm the numerical correctness of all enclosures.

4 In case of assets invoices, Entry will be made in Manual and computerized asset
register, and copy from each will taken and attached with the invoice processing
form.

5. Journal Voucher (JV) will be prepared as per Accounting policies of Co.
Original white copy of the JV will be kept in separate file. Pink copy will be
enclosed with copies of all invoices, delivery notes, LPO etc. for Monthly file.
And a copy of JV will be enclosed with Original Invoices, Delivery Notes to be
finally enclosed with cheque.

6. Credit Note if required, but not received from the supplier, will be arrange from
the supplier.

After completion of above, invoice processing form will be signed by each
authorized person within 4 days of receipt of same and will be pass on to Office
engineer.

2. Other Assignments :

LPO reconciliation with invoices received : Invoices received against LPO
issued will be marked at the time of receipt of invoice from P& S dept. and
unmarked LPO will be investigated at the end of each month..

Petty cash closing on month end : Petty cashier will be asked for making
summary of expenses at the month end to record in accounts.




                                     Page # 5.8
Month end Store consumption : At each month end value of material issued to
each project will ascertained & put through.

Provision for Depreciation : Monthly provision will be prepared and cost will be
charged to the concerned project.

Provision for Leave & Gratuity : Monthly provision will be prepared and cost
will be charged to the concerned project. And total provision amount as per excel
spread sheet will be compared with the general ledger.

Transactions Audit : All transaction of a month as per Accounts program will be
verified with the Journal and bank vouchers.


3. Reporting Assignments :

Accounts Dept. will be responsible for originating Reports as stated in Topic # 5
and others as required by the Management from time to time.




                                   Page # 5.9
Role of Plant Manager :

Plant Manager will be sole responsible person of all the activities of the production
and otherwise. And will be entitle to use all rights and powers to perform his duties
including Administrative powers of termination of employees.


Issue of Cheques

After obtaining the approval from Management, Original Accounts Payable or
Journal Voucher, Invoice, L P O , Stores Receipt Voucher \ Receipt & Issue
Voucher (Complete Set) will be kept separately for enclosing with cheque.

A summary of Payment due to suppliers will be prepared on monthly basis, giving
full detail of previously paid & outstanding amount with classification of accounts
head.

Cheques will be prepared for supplier giving full detail of Ch. No., Amount,
Previous cheques issued amount , current cheques amount and Outstanding
amount, on monthly basis.

Payment Voucher will be prepared giving details of Cheque No. date and
favouring details and the same will be signed by Chief Accountant and
Management. The Complete set of Invoice with payment Voucher will be sent to
the Authorized signatory of the cheque for his signature on the cheque.

Cheque will be distributed only on cheque receipt of the co. or the person
concerned.

After distribution of cheque, Payment voucher will be filed in Bank Vouchers and
all other orignal documetns will be file in Accounts Payable or Journal vouchers in
order.




                                    Page # 5.10
                                   Topic # 6

                Reports, Internal Audit & Miscellaneous


Following Reports linked with Internal audit will be maintained by the Accounts
dept.


Accrued expenses statement : Details of accrued expenses will be maintained on
daily basis and will be compared with general ledger at the month end.

Prepaid expenses statement : Details of prepaid expenses will be maintained on
daily basis and will be compared with general ledger at the month end.

Suppliers \ Subcontractors retention statement : Details of retention on the
basis of project and supplier & Sub contractors will be maintained and will be
compared with the general ledger on monthly basis..

Deposit guarantee with bank statement : Detail of absconded employees will be
maintained with the amount of deposit as guarantee, the same will be compared
with the general ledger on monthly basis.

Suppliers reconciliation with Cheque payment schedule : Suppliers‟ due bill on
monthly basis will be prepared for cheque issue purpose and will be compared
with accounts program.

Salary scroll reconciliation with general ledger : Total Amount as per Salary
scroll will be compared with total of basic salary, allowances and overtime as per
general ledger on monthly basis and reconciliation statement will be prepared.

Salary scroll reconciliation with previous month : Comparison statement of
current and previous month for Basic pay and allowances will be prepared and
reason for difference for each employee will be explained.


Trial Balance : After feeding of all transactions voucher and preparation of all
reconciliation statements, Trial balance will be signed by the Accountant and Chief
Accountant and sent to the Financial Controller.



                                    Page # 6.1
Monthly Profit & loss : Monthly Profit and loss for each project will be prepared
and submitted to

Suppliers statements : Suppliers statements will be asked on quarterly basis and
will be tallied with own accounts and difference if any will be investigated.

Administration Orders Control Register : One Register for all administration
orders, with complete Record of Joining date, Annual Leave, Emergency leave ,
Termination and Resignations of staff will be proper maintained for the purpose of
calculation of their dues and provision for leave and gratuity.




                                   Page # 6.2
Electronic Data Processing

Password :

Chief Accountant will be the controller of all passwords of Accounting
programme.

Back Up :

Daily backup will be taken in Hard disk, which can be removed after 2 weeks
time..

Weekly backup will taken in Diskette, the same diskette can be reuse after 5
weeks.

Monthly & Yearly Back up will be kept in Hard disk and in diskette permanently
with Accountant

Half yearly and Yearly backup diskette will be kept out of Accounts Room, to be
use in case of disaster.




                                  Page # 6.3
Record Retention Limit


Accounts Payable, Journal Vouchers & Payment Vouchers :

Journal vouchers with copies of Invoices etc. will be retained for 10 years. After
that these may be scrapped with prior permission from Management




                                   Page # 6.4

								
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