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Property inventorying

Economic entities have certain property at their disposal. It may be located in offices, at warehouses, in structural units. Data about everything that the enterprise has at its disposal are reflected in relevant records. These data should correspond to the reality. For the purpose of such compliance verification inventories are conducted. It concerns buildings, intangible assets, tangible assets and so on.

PURPOSES AND FREQUENCIES OF INVENTORIES

Conducting inventories allows the following

  • Confirm real existence of all property that is in the books of the enterprise.
  • Identify commodities and materials that have lost their original qualities.
  • Verify compliance with commodities and materials storage requirements.
  • Find excess or lack of property by reconciling real existence and volumes fixed
    in records.
  • Assess completeness and correctness of accounting property value characteristics.

Enterprise management independently makes a decision as to when to conduct such inventory checks and whether it will conduct inventory independently or engage external experts. In the latter case the cost of providing services of conducting inventories will be justified by their quality, operational efficiency and faultlessness guarantees. It is not easy to find a company having employees with good knowledge of the process and its peculiarities who can take impartial approach to conducting inventory. Objective and appropriate services for conducting inventories are offered in "RosCo".

As a rule, inventory is planned after the 31st of December. By this date accountant prepares documents and gets a possibility of making adjustments until the moment of submitting the balance sheet for the previous year. The course of conducting inventory is recorded in accounting policies of enterprises. At the direction of management inventories may be complete and partial (separate areas are analyzed). "RosCo" experts provide services taking into account the following information.

There are conditions that make voluntary process of inventorying obligatory.
Those include:

  • Property transfer as the result of renting, buying, selling.
  • Change of accountable officers.
  • Company reorganization that supposes change of owners,
    legal organizational form, merger.
  • Liquidation of business.
  • Identifying facts of stealing, property damages, abuses of official position.
  • Fires, natural disasters.

STANDARD OPERATING PROCEDURES

Inventory procedure requires establishing a commission.
It shall include:

  • Chairman is the company head
    or his deputy.

  • Chief Accountant.

  • Managers of structural units.

  • Representatives of the public.

In addition to standing inventory commissions working commissions are established.
They include:

  • Representatives of the manager who has made the
    decision that it is necessary to conduct an inventory.

  • Different experts: accountant, stock manager,
    economist, production engineer, storekeeper and so on.

It is important to conduct inventory with the participation of experienced employees, familiar with reviewed property, and qualified experts well aware of the subject-matter of this procedure. This service is offered by "RosCo" at reasonable prices.

Composition of all commissions participating in complete or spot inventories is approved by the order of the company head. Dates of commencement and completion of works should b e specified in this document. By the commencement of inventory it is necessary to complete primary receiving reports and expenditure papers processing, make required records in analytical and synthetic records, draw up inventory of property. If at least one of the commission members as absent at the time of conducting audit, its results may be deemed invalid.

If it is a planned procedure, commodities and materials are prepared in advance, if it is a surprise inspection, they are prepared in the presence of the persons participating in this inventory. All warehousing activities are stopped till the moment of this inventory completion. Storekeeper draws up an inventory with receipt that all property is recorded in the cards and the documents are transferred to the accounting department. The verification is conducted using the method of actual counting, weighing on sites (depending on property type and measurement units).

"RosCo" employees can help to do it. The cost of our services is much lower than the costs
that may arise as the result of using unprofessional approach.

DOCUMENTARY INVENTORY ACCOMPANYING

Inventory is conducted in the presence of materially responsible persons and implies drawing up inventories or acts in two counterparts. The resultant amount of sequence numbers of reviewed stocks and the number of physical data are specified in the document in writing. Last page contains prices and results check marking, together with signatures of materially responsible persons.

They issue a receipt confirming that all commodities and materials recorded in inventory are accepted for custody and there are no claims in relation to them. When the inventory is completed the stocklists are transferred to the accounting department. Accounting department employees verify them, compare them with the data reflected in the records and identify appropriateness/lack/excess.

The verification results are recorded in inventory reconciliation reports. Stocks where discrepancies are identified are entered there. If actual and recorded numbers coincide, only total number of commodities and materials is specified in the report. It is necessary to enter identified excess into the books on the debit side of the accounts attributing it to financial results or increasing funds (for budgetary enterprises).

If discrepancies between stocks existing in reality and data recorded in accounting documents, inventory commission continues with investigating the causes of these discrepancies. Conclusions about the actions that have led to these excesses or shortages, and record them in hard copy in the form of a report. It shall also contain ways of resolving the current situation. Based on the results of spot inventory, an act with actual amounts and quantitative characteristics obtained during the inventory, together with discrepancies (whether positive or negative values) is drawn up. The act is certified by signatures of persons conducting the inventory, chairman and commission members. Separate lists are prepared for rented stocks.

The results of planned intermediate inventories are reflected directly in the reporting documents for the month when they were conducted. If an annual inventory has been conducted at some enterprise, its results are recorded in the relevant annual accounting report.

During the period between complete inventories at enterprises with big commodities and materials stock-list it is reasonable to conduct test checks at sites where the stocks are processed and stored.

Appropriate information recording in inventories and accounting are very important. It is better to entrust
professionals with this work. If necessary external experts from the "RosCo" company may be engaged.

If after conducting the inventory mistakes will be discovered in stock-lists You will have to notify the commission
chairman immediately and make relevant adjustments in accordance with the established procedures.

General information about the SME Register
General information about the SME Register
May a company, which the foreign companies are members to, be entered into the SME Register (the register of small and medium-sized enterprises) and on what conditions? Today we’ll discuss that in this video. First of all, it should be noted that the SME Register is organized by tax authorities, and a list of companies entered into the register may be found on the official website of the Federal Tax Service: https://ofd.nalog.ru. Small and medium-sized enterprises include companies and individual entrepreneurs that meet certain restrictions on the structure of the authorized capital and also if: - the average staff number is not more than 100 persons and income is not more than 800 million rubles (for small enterprises); - the average staff number is no more than 250 persons and income is no more than 2 billion rubles (for medium-sized enterprises). On December 1, 2018, the amendments made to Law No 209-FZ were entered into force. The point is that Russian companies with a share of foreign capital exceeding 49% may also obtain SME status if the company’s foreign members: - gained an income from their business activities not exceeding 2 billion rubles during the previous calendar year; - had the average staff number not exceeding 250 persons during the previous calendar year; - a state of permanent residence of foreign member of the Russian company shall not be the Offshore areas*(a list of offshore areas is established by the Ministry of Finance). If the share of foreign members in the Russian company does not exceed 49%, then such a requirement is not imposed for the purpose of designating as SME. What is a purpose of the register? A company may rely on a number of privileges if it is entered into the SME Register. Among them are: - Ensuring the implementation of “supervisory holidays” for SME; - Special tax regimes - Simplified tax and accounting rules - Simplified forms of accounting and statistical reporting, tax returns for individual taxes and fees; - Simplified procedure for conducting cash transactions; SMEs may not set a cash limit. - Privileged payment procedure for state and municipal property privatized by small and medium enterprises. During the coronavirus pandemic, the importance of entering the company into the SME Registry increased For example, in order to receive a subsidy for the salary with the Statutory Minimum Wage Index equal to 1, a company (among other requirements) must be entered into the SME Register. The so-called “credit holidays” apply to companies that are performing their activities in sectors most affected by coronavirus and are also entered into the SME Register. RosCo – entrust your business to professionals! YouTube - https://www.youtube.com/c/RosCoConsul... Facebook - https://www.facebook.com/roscoaudit/ ЯндексДзен - https://zen.yandex.ru/id/5b84df3fa459... Instagram - https://www.instagram.com/rosco_consu... https://rosco.su/
What do you need for accreditation of a foreign representative office? (part2)
Opening their branches in Russia, many of foreign companies prepare the necessary documents on their own. They often get a denial of accreditation because of the finer points. To avoid such troubles, you should take into account not only the requirements of the Order of the Federal Tax Service on accreditation of branches and representative offices, but also the general principles for preparing documents. See more in our video. 1. Data check 2. Legalization of a document 3. Translation of documents 4. Application for accreditation RosCo – entrust your business to professionals! YouTube - https://www.youtube.com/c/RosCoConsul... Facebook - https://www.facebook.com/roscoaudit/ ЯндексДзен - https://zen.yandex.ru/id/5b84df3fa459... Instagram - https://www.instagram.com/rosco_consu... https://rosco.su/
What do you need for accreditation of a foreign representative office?
Opening their branches in Russia, many of foreign companies prepare the necessary documents on their own. They often get a denial of accreditation because of the finer points. To avoid such troubles, you should take into account not only the requirements of the Order of the Federal Tax Service on accreditation of branches and representative offices, but also the general principles for preparing documents. See more in our video. 1.Originals or copies 2.Where can you get the document 3.Terms of issue RosCo – entrust your business to professionals! YouTube - https://www.youtube.com/c/RosCoConsul... Facebook - https://www.facebook.com/roscoaudit/ ЯндексДзен - https://zen.yandex.ru/id/5b84df3fa459... Instagram - https://www.instagram.com/rosco_consu... https://rosco.su/
ORDER SERVICE "Property inventorying"
 
Date of foundation
company «ROSCO»
2004
Membership in professional organizations:
SRO NP «Audit Chamber of Russia»
(Certificate No 1809 dated 28.12.2009)
Chamber of Tax
Consultants
(Certificate No 78)
NP «Partnership of RSE»
(Russian Society of Evaluators)
Membership in public association:
Moscow Chamber
of Commerce and Industry
(Certificate No 123-973 dated 21.12.2009)
Non-Profit
Partnership of Turkish Entrepreneurs (RTIB)
Ratings:
A++1+++1++[%]
(as per the results of 2009 -
А++1+++1+[%])
Company
is included in the register of reliable enterprises of Moscow
Certificates of conformity:
Certificate of conformity to the requirements of GOST R ISO 9001-2008 (ISO 9001:2008)
Professional
liability
is insured