Retail management procedure

Procedure

Intent and objectives

To ensure the day to day management of inventory and cash is performed in accordance with Australian Accounting Standards and RMIT’s policies and procedures.

Scope

Retail staff and Financial Services staff.

Exclusions

Nil.

Procedure steps and actions

Procedure (including Key Points)

Responsibility

Timeline

Ordering and recording inventory

Purchasing is centralised at the City Campus Store. All purchases (including prepayments) must be authorised in accordance with the University’s financial delegations.


Campus Store Manager, RMIT


As required

Inventory management software (BookNet) is used to record and manage the various types of inventory (textbooks, course materials, stationery and merchandise) for each location.

Retail staff

As received

Prior to payment vendor invoices are checked against receipt listings from BookNet.

Financial Services

Weekly

Prepayments are allocated against the Prepayment general ledger account.

Financial Services

As paid

When prepaid inventory is received, prepaid amounts are transferred to inventory.

Financial Services

As inventory is received

Internal transfers of course materials and merchandise from Schools to the Campus Stores are recorded at cost and GST is not applied.

Retail staff and

Financial Services

As inventory is received

Sales and cash receipting

Note: all customers must be encouraged to make purchases via EFTPOS facilities, although cash will be accepted if required.


Total sales are reconciled between cash and card transactions.


Retail staff


Daily

OneStop-SAP interface is used to record sales in SAP financial system.

Batch process

Daily

Cash takings are to be managed in accordance with Cash Handling instructions and are collected by Armaguard.

Customer Service Officer

Weekly

Internal sales of course materials and merchandise are recorded at cost and GST is not applied.

Financial Services

As inventory is sold

Inventory management/Stocktakes

BookNet sales are reconciled against OneStop postings in SAP prior to Cost of Sales being recorded in SAP.


The inventory valuation method to be used is average cost.


Financial Services


Monthly

BookNet inventory value is reconciled to SAP.

Financial Services

Monthly

Stocktakes are undertaken twice per year and attended by a Financial Services representative. Stocktake Instructions must be followed for the three key stages of a stocktake, including:

1. Planning

2. Conducting

3. Review and follow up of matters

Campus Store Manager, RMIT

April and Sept

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