Approve the order of conducting the inventory, if was discovered the fact of shortage. Specify in this document the date of, the Commission and the property which is subject to verification. Provide to the Commission all receipts and expenditure documents in the case. Determine the residues of the values according to accounting. Collect receipts from materially responsible persons.
Determine the actual availability of the property, make an inventory of the inventory and the collation statement, which will identify the amount of shortage. If it relates to funds, you must also perform an audit of the cash and write a report. The cash balance is verified with the data of the cash journal of the company.
Reflect the amount identified during the inventory and audit of shortages on the debit 94 "Shortage and loss from damage of values". At the same time in correspondence with the account is the account which characterizes a value, which discovered this fact. So can be used account 50 "cash Desk", account 10 "Materials", the account 01 "fixed assets", account 41 "Goods" and so on.
A report of shortage, which occurred by reason of regrading, natural losses or technical losses. On the basis of these documents the amount of the shortfall shall be reflected on the credit account 94 in correspondence with account 20 "Primary production" account 44 "Expenses on sale" and so on. In addition, for tax purposes these costs refer to material costs of the enterprise.
Demand from the worker a written explanation, if the shortage was due to theft. If the employee refuses to provide explanation, a corresponding act. The amount of damage is determined by the actual losses on the basis of market prices. In the accounting record of the amount of the shortfall charged to the debit of account 73 "Calculations for compensation of material damage". Then on the credit of account 98 "deferred Income" reflects the difference between the recoverable amount and the carrying amount of missing values.
Advice 2: How to apply for a regrading
Trading firms sometimes there is shortage of one product over another and that is called "re-grading". For many accountants and storekeepers re-grading becomes a real headache, because you have to replace the shortfall excess, and to think about where to write off the cost.
A clear definition of regrading in the regulations is missing. But the tax authorities understand it as the simultaneous surplus of one commodity and shortage of another kind of goods under the same name, for example the lack of shoes 20 and over.
Confusions are detected during the inventory reflected on the form INV-3. The shortage of one commodity should be written on one line, and the excess in the other.
The decision to offset the shortage and the surplus is taken by the head of the company on the basis of information prepared by the counting Commission. This is possible if the excess and the loss of the goods arose: - the same financially responsible person;– for the same accounting period;– to goods of the same name and in identical quantities.
If you have difficulty with the definition of supplies of goods to one name, use the national classification of products OK 005-93. In case of regrading, make sure you install the employee responsible for its appearance. He must submit to the counting Commission explaining the reasons for the emergence of regrading. You write off the difference in value of goods – this happens when the value of the missing goods exceeds the value of goods in surplus.
In the absence of the guilty person the difference in the cost of goods will consider as excessive product loss and write off on costs. Make sure that the absence of the guilty person for the re-grading was documented by the public authorities. Otherwise, the cost of regrading not included.
Please note that Tax code concepts regrading, so the excesses and deficiencies, try to consider separately.