New procedure for sale of Philately stamps and its accounting
In order to account the sale of philately stamps separately and to project the same as part of BD revenue, Postal directorate has modified the procedure of accounting of sale of philately stamps. CEPT, Mysore has done modification in the Meghdoot package according to the new procedure and implemented same through Meghdoot 7.9.2 update. Following are the new procedures.
1. Till now there is no separate provision (either in Point of Sale OR in Treasury) for sale of Philately Stamps. The consolidated stamps balance available with Treasurer includes postage stamps and philately stamps. Similarly, the stamps sale of both postage and philately stamps (all kinds of stamps) is taken together to raise the cash balance of the Treasurer and there is no separate category/head of account for showing in Summary/Cash Book etc.,
2. Now, a Separate Account head 'Philatelystamps' is created for the purpose of incorporating the sale proceeds of Philately Stamps at Post Offices in their Daily account/ HO Summary/Cash Book etc.,
3. This new head of account will be used by Point of Sale, Sub Accounts and Treasury modules in order to account for the sale proceeds of Philately Stamps into proper head of account.
4. The modifications have been done in Point of Sale and Treasury modules. The following procedure in Point of Sale and Treasury modules has to be strictly adopted in order to account for the sale proceeds of Philately Stamps:
Modifications in Point of Sale
5. In Point of Sale module, Sale of Philately stamps can be done through the option: Operator - Financial - Unclassified Receipt – General. When this option is selected, UCR purpose ‘Philately Stamps - Sale’ will be available to the Operator. The operator can select this option and account for the sale proceeds of Philately Stamps. Screen shot of the option is as under
6. In order to facilitate segregation of different categories of philately stamps, provision has been made available to the Point of Sale supervisor to configure different categories such as Stamps on Gandhi, Sachin Tendulkar etc., The categories of Philately stamps can be configured by the Supervisor of the Point of Sale module. All the categories configured by the Supervisor will be available to the operator (as shown in the screen shot at point no.3), while making sale of Philately stamps.
7. Detailed Philately Stamps sale report (category wise) is available in Point of Sale application through the option: Operator - Reports - Other Reports -Detailed UCR Reports.
If the Licenced Stamp Vendor/Point of Sale counter PA is making regular sales of Philately stamps by the way of recoup/ replenishing from Treasurer handing over the Cash, then the amount of Philately stamps sales will be accounted for in the Daily account/ HO Summary directly from treasury itself. Therefore, in such cases, there is no need for entering the amount of Philately Stamps sold at Counter again through POS application.
Modifications in Treasury module
8. Till now there is no separate provision for sale of Philately Stamps. The consolidated stamps balance available with Treasurer includes postage stamps and philately stamps. Similarly, the stamps sales of both postage and philately stamps (all kinds of stamps) is taken together to raise the Cash/Cheque balance of the Treasurer and there is no separate category/head of account for showing amount of Sales in HO Summary/Cash Book etc.
9. Now, a Separate Account head 'Philatelystamps' under General Receipts is created for the purpose of incorporating the sale proceeds of Philately Stamps at Post Offices in their Daily account/ HO Summary/Cash Book etc., New Stamp Category ‘PHILSTAMPS’ is created for the purpose of uniqueness of the philately Stamps category to segregate the sale proceeds.
10. As there will be already some stock of Philately Stamps which might have been mixed up in Treasury module with either Postage Stamps category/custom created stamps category, entire existing stock has to be first migrated to the newly created Stamps Category.
11. Treasury Supervisor has to configure the existing denominations of Philately Stamps at the PO through the Option Masters—Stamps Denomination as shown below:
12. Afterwards, Treasurer/ Stamps Treasurer who is having the stock of Philately Stamps has to exchange all the existing philately stamps (mixed with Postage stamps OR available in another user defined category like philately etc.,) through the Option Treasurer – Payments—Exchange as a onetime measurer. First Receipts--select Stamps Option with New category of PHILSTAMPS and afterwards Issues with Stamps Option again of existing philately stamps.
13. With the above process, all the existing philately stamps of the PO (mixed with Postage stamps OR available in another user defined category like philately etc.,) will come under the New Stamp Category PHILSTAMPS. There will not be any change in the Total Stamp Balance amount of the Treasurer concerned.
14. Now, Bulk sales of Philately stamps done by Treasurer can be made through the existing option Treasurer –Tools—Stamps Sales with mode of Receipts as Cash/Cheque and Issues as Philately Stamps of available denomination. Configuration of Bulk Customers/Stamp Vendors to be done by the supervisor through the existing option Masters—Stamp Vendors.
15. Sale proceeds of Philately stamps will be reflected in the Stamp Balance Report, Stamps
16. In the TCB Report, the amount of Sale of Philately Stamps through Cash/Cheque will be included in the Closing Cash/Cheque balances of the concerned treasurer as per the existing provisions of the application
17. In the daily account / HO Summary, the amount Philately Stamps Sold will be reflected under Receipt Side against the new head of account 'Philatelystamps'. Since, there is no additional revenue to the Balance of the PO, (As Stamp balance only is converted to Cash/Cheque balance) an additional entry under payment side will be reflected in the HO Summary/ Daily account against the Head of account ‘PhilStampsAdjmt’.
18. The amount of Stamps Sales of other regular Postage Stamps/Revenue/CRF Stamps will continue to be part of Cash/Cheque balance without any adjustment.
19. The procedure prescribed above is only for separate accounting of Philately Stamps sold in Bulk through Treasury application. There is no change in other options of Sales/ supply of stamps to SOs/BOs.
Courtesy : http://bnjho.blogspot.in/ & sapost.blogspot.in
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