Guidelines for control & issue of receipt book
Scope & need
Receipt Books are security documents. Receipts issued in the name of company to any customer/associate etc. in the normal course of business discharges the liability of the company since the customer/associate may not know whether the person signing and issuing the receipts is authorized for the purpose or not. Hence strict control is needed in the printing, custody and issue of receipt books, and also in monitoring the use and accounting of the Receipt from the authorized persons to whom these are issued. The following control measures should strictly be followed.
Printing of receipt books
Receipt books to be printed by reliable printers. At a time 6 months requirement of receipt books to be printed and the next print order to be given, when 85% of the quantity printed is exhausted i.e when the stock level comes down to one months consumption.
The format of the receipt books is already approved and the same to be continued. However after the 40th set of receipt foils, a requisition form may be attached to enable the field officer to apply for the next book, by signing the same and forwarding to office (PF-48).
Receipt sheets should be consecutively numbered, proceeded by letters ‘PLA’ for our company, serial number should not be broken, but should be continued up to 10000. After the number reaches 10000, a fresh series will start with letters ‘PLB’ as a new series for the next 10,000 followed by ‘PLC’ etc.
Record & custody of receipt books at the corporate office
Immediately on receipt from the printer, these books to be checked by business controller and thereafter particulars of each book (starting number & ending number only will be entered in the Receipt Book Stock & issue register (PS-35) in Col Nos. 1 & 2.
After entry in the Stock & Issue Register, the receipt books should be bundled separately in blocks of 10 books each, tied, packed, sealed and kept in store. One bundle (10 books), may be taken for current issue to employees authorized for cash collection by A.M. (Sales & accounts)
Issue of receipt books
Requisition for issue of new receipt books will be received at the accounts department, initially, who after verification will forward the same to the procurement & supply officer for issue, if found O.K. The procurement & supply officer will enter the particulars in the receipt books stock & issue register in Col. Nos. 3,4 & 5 and obtain the signature of the recipient in Col No.6.
When the book is sent through messenger, the signature of the messenger will be obtained and entry should be made in column No.5 and the messenger is to deliver the same to the filed officer and secure a simple acknowledgement of the book and forward the same to the procurement & supply officer. On receipt the date of such acknowledgement will be entered in Col. No. 7 of the register and the procurement & supply officer will be pursuing the matter up to this point. When the receipt book is sent by courier or be registered post, make entry in Col. No. 5, the receipt of this acknowledgement,will be pursued by the store incharge and on receipt the particulars (dates) of the acknowledgments will be entered in Col. No.6 of the register. The procurement & supply officer in all the cases, fill-up the number-series (starting number and ending number)of the new book, in the requisition from received from the field officer through the accounts department, and forward the requisition form to the accounts department, for noting by them in control register(PS-36).
Receipt book control register (PS-36)
When intimation of issue of a new receipt book is received by the accounts department, a folio will be opened for the book and particulars of date of issue and the name of the person to whom it is issued etc. will be entered therin. As and when payments are received with the duplicate copy of the receipts in the book, the accounts section will fill up the particulars serially in the register, ensuring that the running serial number series is not broken. The amount column will be totaled and tallied with the amount of remittance received. The same process will be repeated for each remittance received under the said receipt, until the entire book is exhausted.
Handling of cancelled receipts
When any particular receipt is not received and the number is missing on account of the fact, the receipt form is spoiled and not used, the first and second copies of the spolit form as per procedure given in PL-137 (first page, item no.3 under heading “Responsibilities of employee entrusted with collection Duties”) should be forwarded by them, along with the duplicate copies of other receipts and the payment. The competent authority will verify the spolit form. All such spoilt forms will also be entered in the last page of the register and then destroyed in the presence of the competent authority and the referred earlier, and both should initial in the control register on the last page against the said entery.
Control measure for issue of new receipt book
On receipt of the requisition form from an employee, procurement & supply officer should satisfy himself that all the receipt forms in the previous receipt book have been properly accounted for, as per enteries in the control register, and all collections received by the field officer upto date is received at the corporate office. However, in order to provide uninterrupted collection work, a new receipt book may be issued, when the last 10 receipt forms of the previous receipt book are not utilized by the field officer. However, while entering the new book in the control register, details of unutilized forms of the perious book will be noted by the accounts section in the “Remarks” column, and these forms will first utilized and exhausted by the field officer, before he starts using from the new book. This should be strictly verified and enforced.