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Physical Inventory Plan

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100% found this document useful (2 votes)
352 views4 pages

Physical Inventory Plan

Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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PHYSICAL INVENTORY PLAN (PIP) FOR THE CONDUCT OF INVENTORY ON PHYSICAL COUNT OF

PROPERTY, PLANT AND EQUIPMENT (PPE), RECOGNITION OF PPE ITEMS FOUND AT STATION, AND
DISPOSITION FOR NON-EXISTING/MISSING PPE ITEMS, FOR THE ONE-TIME CLEANSING OF PPE
ACCOUNT BALANCES

Pursuant to Commission on Audit (COA) Circular 2020-006 dated 31 January 2020, this plan is hereby
prepared to ensure the efficient conduct of Physical Inventory Taking for purposes of Recognition of
all PPE’s found at the station and Disposition of Non-existing/Missing PPE Items, for the One-Time
Cleansing of PPE Account Balances at the Municipal Government of Laak.

I. Preliminary Activities
a. The Office of Municipal General Services will schedule a meeting with the Office off
the Municipal Accountant on ____________, 2024 @ __am/pm to discuss Guidelines
and Forms in the conduct of Physical Inventory of PPE in the
____________________.

b. The Inventory Committee, thru the Office of Municipal General Services Officer, will
schedule a coordination meeting with all the Department/Offices of LGU Laak on
________.

Agenda:

1. Discuss procedures and forms used in the conduct of inventory.


2. Set duties and responsibilities of Inventory Committee as Taggers, Checkers,
Counters and Validators.
3. Provide schedules on the actual conduct of Inventory and preliminary of
activities.
4. Discuss COA Circular 2020-006.

c. Preparation of needed supplies and equipment in the conduct of Inventory such as


but not limited to the following:
1. Printers
2. Computer Desktop/Laptops
3. Bond Papers
4. Writing Materials
5. Sticker Paper

d. Preparation of the following reports as of December 31, 2023.


1. Report of Physical Count of Property, Plant and Equipment
2. Property Acknowledgement Receipt
3. Property Cards
4. Building Cards
5. Title of Lots
6. Other supporting documents such as, Proof of Ownership of property, Deed of
Donation, Delivery Receipt, etc.

II. Reconciliation Process


a. Reports to be submitted to Inventory Committee
1. Inventory Count Form
2. Report of Physical Count of Property, Plant and Equipment as adjusted
3. Scanned copy of all reports as of __________
4. Preparation of initial list of items for disposal
5. List per Employee Accountability
6. List of property per office
7. List of Missing Items/Non-existing
8. Pictures of item inventoried

b. Monitoring and Validation of Reports in the Conference Hall by the Inventory


Committee will be on _________________.
c. Reconciliation and updating of reports by the Municipal Accountant’s Office and
Municipal General Services Office.

III. Designation and Duties of Physical Inventory Team

The Chairman of the Inventory Committee will assign the following roles of the members
of the inventory committee.

ROLES RESPONSIBILITIES
CHECKERS Responsible in checking the description of
items as listed in the Inventory Report of
PPE and state the actual condition of the
items in the Inventory Count Form as
follows;

1. In Good Condition
2. Needing Repair
3. Unserviceable
4. Obsolete
5. No Longer Needed
6. Not used since purchase/delivery

COUNTERS Responsible in listing all items that are


found in station that not listed in the
Inventory Report and indicate condition of
the property in ICF.

TAGGERS Responsible for laying/replacing the


property tag on the equipment if necessary
and indicate the property code in the ICF.
Take picture of the equipment.

VALIDATORS (Chairman, Inventory Countercheck the Inventory Report and


Committee) Inventory Count Form.
Sign the space provided for in the sticker
indicating therein the date of inventory.
MGSO PERSONNEL Responsible for the Orientation of
designated Inventory Team in the conduct
of Inventory and classifications of PPE.

Municipal Accountant’s Office Reconcile PPELCs/SLs with PCs.


PERSONNEL Take necessary accounting entries to
reconcile books of accounts based on
balances in the RPCPPE as adjusted.

Representative from Commission on Witness/Observer


Audit (COA)

IV. Physical Inventory Taking

1. The Chairman, Inventory Committee provides the Checkers and Counters a copy of updated
Inventory Report of PPE, Inventory Count Form and supplies needed.
2. The Checkers and Counters will take the first step on the actual undertaking followed by the
Taggers and Validators Taking the last step.
3. Checkers and Counters submit accomplished ICF form to the Chairman, Inventory
Committee, or its designated member.
4. The Inventory Committee will review, consolidate, and finalize the Inventory Count Form and
prepare a report using Microsoft Excel Format.
5. The MGSO Personnel and MAO Personnel updates respective reports of PPE and prepare all
required documents in the conduct of inventory taking.
6. All reports will be scanned and uploaded in a google drive which will be shared during the
coordination meeting.
7. Monitoring and Validation of reports will commence by the Inventory Committee during the
meeting.
8. Inventory Committee will finalize reports and reconcile balances in the Books of Accounts.
9. The Municipal General Services Office will submit Finalize Report of Physical Count of
Property, Plant and Equipment and Items for derecognition to Commission on Audit.
10. The Municipal General Services Office will recommend preparation of Inventory and
Inspection Report of Unserviceable Properties found during the conduct of Physical
Inventory Taking.

V. Schedule in the Conduct of Inventory

April ______, 2024 – _____________, 2024

Monitoring and Validation of LGU Inventory Reports

____________, 2024 – ___________, 2024


VI. DERECOGNITION OF NON-EXISTING/MISSING PPEs WITHOUT AVAILABLE RECORD OF
ACCOUNTABILITY

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