Admin Flashcards
(16 cards)
Describe the contents of each of the following reports and explain how you use them: WOR and Monthly Financial Statement
Weekly Operation Report
Weekly snapshot of location financials – look for Labor, Sales, Material Cost, Revenue per Pound, CSI, Industrial New Business, Delinquent Renewals, lost business.
Monthly Financial Statement
Cover income statement, Sales, Production, Delivery, G & A, and Selling schedules, ledger detail.
What process should be used to track scrap sales and how is it verified?
R3405, Form ZRBB will be used, must include the material #, Quantity, price, and sales tax. Invoice must be signed by vendor and a copy kept in the office
When is an accrual necessary?
Is necessary when product was received in that month, but we have not received the invoice for it yet. A form must be filled out and submitted to make sure money is moved from the current month to pay it next month.
Invoices are to be processed in timely manner. In what time period are vendor invoices to be paid?
2- days- 48hours, Policy C-22
What is the criterion for an item to require an asset tag?
Item over $1,000, Requires a CEA, Will last for more than 1 year
What are the key items that are looked at during a fixed asset audit?
Anything with an asset tag must be verified as being at the location, Computers, washer/dryer, heatseals, sewing machines, sami/pami, trucks
What is the proper way to dispose of an asset?
Policy- C28, Must fill out a capital asset disposal form- signed by manager and sent to accountant, copy made and retained by the location for the current year + 5 years.
What is a blanket Purchase Order and what are the requirements needed to use one of these?
Policy- C22, Good for up to 12 months, Must be approved by appropriate partner per dispersment authorization schedule, Recurring service with fixed cost (landscape)
Define Garment Investment Ratio.
Total new account cost for ID/emblems/freight/garments, The number of weeks of revenue required to recover the cost of the initial investment in the inventory for an account.
What is an acceptable Garment Investment Ratio (New Business)?
24- 26 weeks to pay off investment, The lower the better
Describe the cost control system you implement in your operation. How does it work? What are the trigger points?
Expenses are entered into the ledger and as PO’s are received and paid they are marked in the ledger. This is then reviewed in the middle of the month and end of month for monthly estimates. Ledger budget
Why is it important to have properly segregated office functions?
To make sure that internal controls are maintained to minimize potential for theft and manipulation of financial records. Removes the temptations to steal, puts obstacles in the way of someone who wants to steal, recognizes that some people steal
What sales figure from the income statement is used to determine the production expense as a percentage to sales?
Pure Rental + NOG
What is your locations’ projected growth and profit?
??
How often does policy require fixed asset audits be done at location?
Yearly
How is a fixed asset audit completed?
Policy C38, Run and print recent asset history sheet, Assign partners to perform the audit (maint, PM, GM, OM), Use the history sheet and determine the location of all assets listed and verify the asset tag
