Retail management policy
Intent and objectives
The purpose of the Retail management policy is to provide guidance to areas that are responsible for the end to end processes associated with the University’s retail activities to ensure financial risks associated with these activities are appropriately managed.
Compliance with this policy is expected to manage the financial risks associated with the following retail activities:
- Ordering and recording inventory
- Sales and cash receipting
- Inventory management
This policy is applicable to all individuals with responsibility, authority, and stewardship over management of the University’s retail operations across Melbourne campuses, from purchasing inventory, sales and cash receipting and reconciliation to and reporting from SAP financial system.
This policy covers the following principles:
1. Authorisation for purchases- authorisation is performed in accordance with the Financial Delegations (XLS) approved by RMIT University.
2. Inventory management and control – valuation method is average cost and stocktakes will be undertaken twice per year (April and September month end). External auditors must be invited to attend and a Financial Services representative must be in attendance at each location. All material variances must be reported to Central Finance area within 24 hours of completion of the stocktake.
3. Cash handling and security- cash must be minimised at all locations and kept in a secure location with limited access and appropriate segregation of duties. Banking must be done on a timely basis.
4. Overall financial management of all retail activities must comply with RMIT University’s policies and procedures and applicable Australian Accounting Standards and other relevant State and Federal legislation.[Next: Supporting documents and information ]