Quantcast Auditing Fixed and Flexible Credit Accounts

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Figure 14-1.—An example of a Postal Officer’s Weekly Inspection Checklist.
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Preparing DD Form 2259 for Fixed Credits
AUDITING FIXED AND FLEXIBLE CREDIT ACCOUNTS Learning  Objective:   Recall  the  procedures for conducting postal audits. Stamps and postal stationery are issued by a PFO to MPOs in the form of fixed credit, or by Postmaster, New  York  or  Postmaster,  San  Francisco  as  flexible credit. Fixed credit is a fixed amount of monetary credit extended  to  a  COPE  or  other  postal  clerks  for conducting financial services and for ordering stamps and stamped paper from the USPS. Flexible  credit  is  an  initial  amount  of  credit extended to a COPE or PFO by the U.S. Postal Service for  ordering  accountable  paper.     A  stamp  sales remittance reduces the amount of credit, while stamp requisitions increase the credit. The total amount of fixed or flexible credit carried by  an  MPO  depends  upon  the  estimated  number  of persons to be served. As a general guide, this amount is calculated  at  a  minimum  of  $25  per  person  with  a minimum amount of $5,000 for the command’s credit. For fixed credit accounts, the COPE only keeps enough of the fixed credit to conduct day-to-day operations. The rest is held by a reserve custodian and receipted for on a Consigned Credit Receipt, PS Form 3369.   The COPE keeps the original of the PS Form 3369 and the reserve custodian is given a duplicate copy.  As stamps are sold, the cash from stamp sales becomes part of the fixed credit. To replenish stamp stock, the COPE must submit  a  stamp  requisition  once  the  cash  on  hand reaches 25% of the fixed credit.  The amount of stamp stock on hand added to the amount of cash on hand and requisitions  in  transit  should  always  equal  the  total amount of the command’s fixed credit. When new stamp stock is ordered for a fixed credit account, funds are remitted by check to the PFO or NPFO.  Upon receipt, the stamps become a part of the fixed credit.  As the COPE, you must always be able to produce the full amount of the credit in stamp stock, in-transit stamp requisitions, and funds during audits. The  flexible  accounting  system  provides  more latitude  in  stamp  requisitioning  as  funds  are  not submitted  with  requisitions  to  obtain  stamps  and stamped paper.  A PFO or COPE’s accountability for stamps  and  stamped  paper  under  this  system  is reduced,  based  on  stamp  sales  remittances,  and increased  when  stamp  requisitions  are  received. Therefore,  the  term  “FLEXIBLE”  rather  than “FIXED”   is   used   to   identify   this   system   of accountability. Official audits of an MPC’s account are made by the monies audit board members.  However, accounts used to conduct window sales may also be audited at any time by the COPE or postal officer. To conduct a proper inspection and audit, auditors must be familiar with the DOD Postal Manual, Volume I,  as  well  as  portions  of  the  U.S.  Navy  Postal Instruction (OPNAVINST 5ll2.6). By  making  these  instructions  available  and  by assisting in every way possible, you will be ensuring an accurate inspection. TOLERANCE LIMITS Once  the  audit  is  completed,  and  all  figures  are totaled and verified, there is a chance that the account may be over or short of the credit amount.  Tolerance limits  have  been  established  for  this  purpose. Tolerance limits apply only to credits of finance clerks conducting window transactions with customers. Tolerance limits for fixed credit accounts, plus or minus, are as follows: ·   $300.00 or less—$2.00 ·   $300.01 - $1000.00—$10.00 ·   $1000.01 - $5000.00—$20.00 ·   $5000.01 and above—$40.00 ·   Stamp vending accounts—$20.00 Tolerance  limits  for  flexible  credit  accounts  are 1% of the flexible credit. Fixed and flexible credits being withdrawn have no tolerance levels. AUDIT RESULTS Overages and shortages within tolerance limits are carried forward to the next audit.   The disposition of overages and shortages in excess of the tolerance limits is as follows: ·   The entire amount of an overage, to include the tolerance, is collected by the auditor and turned over to the COPE.  The COPE will prepare a PS Form  1096,  Cash  Receipt,  in  duplicate.    The clerk receives the original and the COPE retains the duplicate copy in the MPO files.  For a fixed 14-5

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