Accounting Information Sytem of Beximco Pharma

8/11/2019 Accounting Information Sytem of Beximco Pharma

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Accounting Information System of Beximco Pharma

An accounting information system is a unified structure within an entity, such as a business firm, thatemploys physical resources and other components to transform economic data into accountinginformation for the purpose of satisfying the information needs of a variety of users. In fact the AIS is a subsystem of a broader information system that encompasses allinformation generating activities. The AIS consists of people, procedure and information technology.It performs the following three functions in the organization:

It collects and stores data about activities and transactions so that the organization can reviewwhat has happened.

It processes data into information that is useful for making decisions that enable management to plan, execute and control activities.

It provides adequate controls to safe guard the organization assets, including its data. Thesecontrols ensure that the data is available when needed and that it is accurate & reliable.

This study has identified one of the major components of the accounting information system ofBPL Expenditure cycle, the technology, the output & users, and the control mechanismsrelated to this cycle. Some of them are input to the system, some work to process the input, andsome represent the output. Regardless of what they are, they work together to achieve the system'sobjective which is to satisfy the information needs of the users.

Business events, also called transactions, are the steps, within the physical & financial

processes of firms. We may group the business events of BPL into process sequences cal ledtransactions cycles. Most Organizations engaged in many similar and repetitive transactions.These transaction types can be grouped into four basic cycles, each of which constitutes a basicsubsystem in the AIS. These four cycles (or subsystems) of the AIS are related to one another andeach feeds data to the general ledger & reporting system that provides information to both internal &external users.

Accounting Software

BPL uses a computer software program called "MAPICS" for its transaction processing purpose."MAPICS" is the acronym of "Management Accounting Planning Information ControlSystem". The software was developed and launched in the market by IBM Corporation in1980. It is DOS based. MAPICS is batch processing software. In BPL transactions are entered in

batches for a month and the batch is then posted and reports are generated according to pre-designed format. By structure MAPICS is a modular software. BPL uses the following modules ofMAPICS:

General Ledger. Budget Preparation. Financial Ratio Analysis. Fixed Asset Accounting. Accounts Receivable. L C Monitoring System.


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Apart from MAPICS, BPL uses some other software for accounting purpose such as:

Fixed Assets Management System. Payroll System. Inventory Control System. Sales and Billing System. Production Information System.

All these softwares are developed by the MIS department of BPL and these softwares are notintegrated with MAPICS.

Furthermore, MS Excel is extensively used by the accounts department.

Expenditure Circle of BPL

The expenditure cycle is a recurring set of business activities and related data processing operations

associated with the purchase and payment for goods and services. The expenditure cycle of BPLincludes:

A. Acquisition of raw and packing material

a. Local Purchase

b. Import

B. Acquisition of fixed asset

C. Other revenue expenditure

The focal point of this report is to put light on the acquisition of raw and packing material form local

and foreign sources and related accounting treatments. Acquisition of fixed assets and other revenue

expenditures are discussed briefly.

A.a: Local Purchase of Raw and Packing Materials

The domestic purchase of raw material includes following business functions;1. Processing purchase order2. Receiving goods, material and services3. Recognizing the liability4. Processing and recording cash disbursement

1. Processing Purchase Order

The procedure begins with need recognition. The respective department identifies its need, getsapproval of the departmental head and with the approval an authorized person sends purchaserequisition to purchase department to initiate purchase. In case of property, plant and equipmentacquisition, before sending purchase requisition, a budget has to be prepared by the user department.If the departmental head or higher authorities, whichever is required, approve the proposed budget a

purchase requisition is sent to purchase department. And in case of raw or packing materials, the

planning department determines the quantity and timing of raw materials. This department informsthe purchase department when to buy materials.


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When the purchase department got the requisition, it calls for quotation or tender. After receiving thequotation or tender, supplier has been selected. The supplier may be local or international. If theterms and conditions are in favor of both BPL and the selected supplier, an order for the purchase isthan issued by the purchase department. In case of raw or packing material, the purchase order isissued by the factory. A purchase register is maintained by the purchase department in which they

maintain all the required information relating to a consignment.

2. Receiving Material, Goods and Services

Generally the goods and services are received by the user department who has issued the purchase

requisition or in some cases by the authorized department. Materials are received by Quality

Assurance Department (QAD) in the factory. After receiving materials, goods and services an MRR

(Material Receiving Report) is issued for material and other than material a GRR (Goods Receiving

Report) is issued by receiving department to purchase department. In the mean time the invoice or

bill is received by the purchase department.

Before using the product by user department that is at the time of delivery, it has been inspected by

the inspection team or QCD (Quality Control Department), by user department or by authorized

department. QCD examined the materials on a sample testing basis and provide a certificate.

Normally,

I. QCD inspects standardized items like raw material, packing material etc.

II. User department inspects non standardized items like services, stationeries etc.

III. Inspection department inspects machineries, plants etc.

Again at BPL there are some authorized departments for inspection. For example, computer or IT

related products are inspected by IT department, furniture are by HR department. If the received

goods, material and services are not according to purchase requisition BPL may

Refuse the order

Reorder the item

Received on condition

Before taking any action, there is a discussion between BPL and the supplier. After re-

communication it has been decided whether the payment to the supplier will be made or not.


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Figure: Receiving Function

3. Recognizing The Liability

The purchase department compares the invoice/bill and MRR/ GRR/ QC with the purchase order. If

every thing has been complied, the amount payable to supplier is approved by the purchase

department. There is a seal on the invoice named Approved By with the signature of purchase

manager. It means the purchase department is satisfied with the information mentioned in the bill. A

copy of all this documents is kept by purchase department and the main copies along with copies not

negotiable are sent to accounts and finance department.

Vendor

Warehouse/ Factory/Ready for Use

Accept Delivery by User

department/Factor

Count &Inspect goods by respectivedepartments

Packingslip

Goods &services

PackingSlip

Goods &services

Goods &services

MRR/GRR

Vendor MRR/ GRR

Purchasing order by Purchase/

Planning Dept


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The accounts and finance department is then ready for giving provision voucher . An authorized

person is liable for giving provision voucher. He examines the not negotiable copy of bill/ invoice at

the time of giving provision voucher. Generally the liability is recognized when the vendor sends the

invoice or bill. But in some cases it may be recognized at the time of goods received.

4. Processing and Recording Check/ Cash Disbursement

After a certain period of time when the date becomes matured for the liability the payment is made

by BPL. The matured date has been calculated in the aged payable report for each vendor. The due

amount for an individual vendor is identified from vendor business position report . In this stage

another report is prepared for forecasting cash requirement. An individual person enters data in

MAPICS for having this reports and forecasts. The same person checks the arithmetical accuracy,

casts, cross casts, deductions and payable amounts. If the checking is matched with those reports

checks are issued to pay vendor.

The mode of payment is usually pre numbered check. In most cases the payment is made by payee

only check. In some cases the payment may be made by cash or by bearer check or paid in advance

fully or partly.

Issuing check is a sensitive issue. It is prepared by that person who will give the payment voucher.

And it is signed by senior management. The payment voucher is given by the same person who has

checked the reports and payable amounts. This voucher includes original bills, MRR/ GRR, Vat

(musok 11) and challan. It is recorded in the record book after the sign has been made.

After all the procedure has been completed the check is given to vendor and the counter foil of that

check is preserved by BPL. If the payment amount is large part by part payment is made.


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Figure: Pay for Goods Function

Factory/ Userdepartment

Vendor

Approvevendor

invoices byurchase

Pay Vendor(cash

disbursement

PurchaseDepartment

Accounts &Finance

Department

Vendorinvoice

Bill/ Invoice Purchase Order MRR/ GRR VAT (MUSOK 11)

Checks

A/P PaymentVoucher

A/PProvisionVoucher

Purchaseorder

MRR/GRR


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The acquisition and payment procedure are summarized below with the help of a chart :

Requisition of respectivedepartment

Tender / Quotation call

Accounts payable paymentvoucher

Issuing order

Ready for payment

Accounts payable journalvoucher/ provision voucher

Sent bills to accountingdepartment

Comply the bills with order,MRR / GRR and approve

Receiving bills by purchasede artment

Produce MRR / GRR

Receiving goods / Servicesby factory/ Respective

Department

Issuing check

Wi th approval of the departmental head

By Purchase Department or by UserDepartment

By QAD , or by receivi ng department

Payment pr ocedure is compli ed with sec 51(A), 52 ofin come tax ordi nance-1984 and ru le 16 of i ncome

tax Rule1984 and Mu sok 11 of VA T A ct 1991

Figure: Procurement of local material


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Input Information

Purchase Requisition

Its a requisition generate by respective department. Data elements conveyed by a purchase

requisition of BPL include unique number of purchase requisition, CEP and purchase order numberwith date name and description of material and service, unit number, required quantity, unit price andquantity ordered. It also includes signature and approval of authorized person, suppliers name; modeof payment, advance payment (if any), terms and conditions, MRR number, invoice number etc.

If the requisition is for fixed asset then a CEP (Capital Expenditure Proposal) is raised by the userdepartment. In this case, proposed suppliers name, estimated budget, justification for proposedexpenditure and estimated life of proposed expenditure is also required. A sample of CEP is given inthe annexure.

Purchase Order

Its a document through which an order is ma de. The heading contains the purchase order number,

purchase requisition number and date. The body contains the description of required item, quantity

required and ordered, amount with unit price, suppliers name and address, terms and condition of

order, due date, other relevant dates etc. Besides, it also describes the mode of purchase, advance

payment (if any), purchase reference and other relevant information.

Material Receiving Report (MRR) / Goods Receiving Report (GRR)

Its a report produced by th e inspection department or receiving department. It is used to reflect the

receipt of goods on consignment or goods returned to supplier. The report indicates item ordered,

name of the material and supplier with the date of arrival of products, its quantity, quality and

description of the received item. It also includes MRR number, order number, signature of the

authorized person etc. The report is also used as inspection report. Because it mentioned information

regarding to

Quantity ordered before quality test

Quantity received after quality test Quality Whether as per specification or not Country of origin Deliver in time or not Pricing Legal requirements etc.

Invoice / Bill

This document is generated by supplier/ service provider that mentions the quantity and amount, bill

number with date etc. The bill is attached with MUSOK 11, delivery challan etc.


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Tax and VAT (Musok 11) Report

BPL prepares these reports for calculating the amount of Tax and VAT deducted at source of

suppliers. Tax and VAT amount is deducted from the total amount due. Deduction and calculation is

made according to section 51(A), 52 of ITO- 1984 1, rule 16 of ITR-1984 2, and the VAT Act-1992

(Mushok 11). The reports contain vendor number, vendor name, and period, total amount due, taxamount, amount excluding tax amount, VAT amount and amount excluding VAT. A sample of tax

and VAT report is added with annexure.

Information processing

Accounts Payable Provision Voucher

Under this document provision i.e., entry is given against acquisition. Accounts payable is credited

here. From the sample (given in the annexure) we see that information relating to voucher no, vendorno, invoice no, MRR no is required with their date for provision journal. Besides, information about

due date for payment, item name, item number, unit, party name and the number of the account under

which the item belongs to is also required. Using this journal voucher, an entry is given in MAPICS

for recording inventory and also for valuation of inventory. Information regarding price is taken from

suppliers bill and information regarding quantity received is taken from MRR/GRR. The following

journal entry is given:

Accounts Payable Payment Voucher

The accounts payable recognized in the earlier part are paid through this payment voucher after

deducting appropriate taxes. The voucher contains he information of the payment date, mode of

payment, item or batch no, voucher no with date, AP journal voucher number with date, amount,

VAT Rules 1991: Section 9 &13: The registered person who sells locally andexports taxable goods for the production of which he uses raw materialspurchased paying VAT, can claim rebate by including the paid amount of VATinto the Treasur De osit and Rebate column of form VAT -18.

Inventory (Raw Material) DR

VAT DR [10 0% of VAT] Accounts Payable CR


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party name and other related information. A sample of this voucher is given in the appendix. The

following entry is given in MAPICS:

Output information

Output information can be of two types:

Information Affecting the Annual Report Figures or External Reporting

Information for Internal Management or Internal Reporting.

External reportThe entire process of import procurement and accounting for its related transactions affects several

heads in the Annual Financial Reports. Below I mention the affected heads with reference to Annual

Financial Report for 2012

Cost of Goods Sold:

The detail of cost goods sold is provided in the Note . Under this head the affected subheads are:

Raw Materials Consumed (Purchase ) [Note]: This amount is the total of raw materials

purchased during a financial year. When raw materials are received RAW MATERIAL

PURCHASE A/C is debited. The end balance is the amount shown in the Annual Report.

Packing Materials Consumed (Purchase) [Note]: Similarly, it is the total of packing materials

purchased during a financial year. When packing materials are received PACKING

MATERIAL PURCHASE A/C is debited. The end balance is the amount shown in the

Annual Report.

ITO 1984: Section 52: Where any payment is to be made, whether in full or in part, or by way of advance, on account of indenting commission shippingagency commission or supply of goods or execution of contract, to any such

person or class of persons as may be prescribed, the person responsible formaking the payment shall, at the time of making such payment deduct tax onthe amount so payable at such rate as may be prescribed.

Accounts Payable DR

TDS(applicable rate) CRBank CR


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I n v e n t o r i e s :

The inventories affected by import operations and related accounting are found in Note :

Raw Materials Inventory Packing Materials Inventory Laboratory Chemical Inventory Raw and Packing material in transit Spares and accessories

Internal report

To serve the internal reporting needs the following reports are prepared: Accounts payable payment voucher Vendor ledger Vendor account balance Journal register

Cash requirement report Aged payable Tax report VAT (Musok 11) report Vendor business position Report on purchase Report on payment

Vendor account balance

It is nothing but a report about the due amount payable to an individual vendor or a number of

vendors on a certain date. The report includes vendors name, code and the total due amount.

Journal register

From this register management of BPL will get all related information of accounts payable

transaction for a certain period of time. For example, if management wants to know about the amount

of purchase of an individual vendor for a certain period of time with related deductions they can get it

from journal register. Even the register also informs about whether any payment has been made or

not and the due amount of that period. A sample of the register is given in appendix.

Cash requirement report

Its a managerial enquiry regarding vendors payable amount to forecast the current liab ilities. From

this report management of Finance and Accounts Department can be informed about the cash to be

paid to individual vendor for a certain period of time. A sample of this report is given in the

annexure.


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Aged Payable Report

Its a report about forecasting the maturity date of payable. It reflects the status of old unpaid

invoices or vouchers. After the maturity date the payment will be made. The date will be matured

according to purchase order contract. The reference date for age calculation is the voucher date or

due date at when the product has been received.

Vendor Business Position

It is the evaluation of overall vendor position with BPL. In this report BPL generates information

about vendors net due amount at a certain period of time. Fro m this report management can have

knowledge about the amount of gross payable; amount of tax, Vat, payment and other deduction

deducted from gross payable amount and the net amount has to be paid to those vendors on that

period.

A.b: Import of Raw and Packing Materials

Another source of raw and packing material is importing from overseas market. For this purpose,

purchase department must open a letter of credit at bank. It ensures the liquidity of foreign supplier.

After opening a letter of credit, Purchase department maintains a file where all the related documents

are kept separately for each LC and sends a copy of each document to the Finance and Accounts

department for further processing of information and to prepare the cost sheet for the materials

received against each LC. This file is called PC (pharmaceutical consignment) file. The finance and

accounts department has three sections:

Treasury Cost and Budgeting Accounts

The processing of information related to import procurement takes place in the Cost and Budgeting

section. For the convenience of the users I have discussed the whole thing into three parts. They are:

Input Information

Information Processing

Output Information


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Input Information

Source of information:

Three departments are involved in the entire materials procurement process.

They carry their own responsibilities in this regard. The departments are:

Sales Department Planning Department Purchase Department

The entire process looks like:

The planning department is concerned with the production planning and material procurement.After getting the sales forecast from the sales department, the planning department goesthrough the current stock information of different raw and packing materials. It prepares animport procurement schedule which helps them manage the procurement planning. The tabularformat of the schedule is too large to accommodate here. Therefore I am just mentioning thecolumn heads. The column heads are:

General

1. Material ID: 2. Name of the Material: 3. Procurement Time: 4.Unit cost: 5. Monthly Requirement:

StockFactory Stock: I&I 3 Stock: Stock in Hand:

PipelineUnder Process: Await Shipment: In transit:At port: Under Clearance: Received:

Summary

Total stock in all stages: Total Req. As per Factory:Balance to be ordered: EOQ:Month Covered: To be procured this Month:

After considering this stock information it first calls for limited tender among the enlistedsources (local agents) for the supply of particular materials. The list of suppliers is kept in adatabase preserved by the planning dept. Within 15 days, the quotations are submitted by thecompeting suppliers. Then the planning dept. prepares a comparative statement and forwards itto the purchase department.

Sales DepartmentSales Forecast

Planning Dept.Import Procurementschedule

Purchase Dept.Pro forma InvoiceLC opening

AccountsPC, IV, BC

Files


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Purchase Procedure:

The purchase department is concerned with all the purchases of the firm. Usually the lowest bidder gets the offer to supply materials (considering their past performance, credit terms etc.).

Then an Import Authorization Format' is prepared by the purchase dept. The format is then sentto the Director (commercial) for approval. The dept. then asks for pro-forma invoice (;in case

of direct purchase from foreign suppliers) or indent (in case of supplies by local agents). Thenthe firm applies for `Block List' (for approval from Drugs authority) to import the rawmaterials. After doing all these prior works, the firm proceeds to open an L/C.

The purchase dept. first collects a form of application for the opening of letter of credit from a bank. An LCA form (in quintuplicate) is also collected. After filling up these forms, they aresubmitted to the bank along with the pro forma invoice approved by the Block list of Drug

Administration and IMP form of Bangladesh Bank. The L/C margin (a certain percentage ofL/C amount), bank charges and commissions for opening the L/C, insurance payment (if madeat that time) etc. are also made. The insurance covers all risks from the beginning of transit.

The opening bank sends a copy of L/C to the advising bank and another copy is also sent by the

company to the local agent or indenting company. The supplier then takes necessary measuresto ship the materials. It sends the non -negotiable shipping documents (copies of bill of lading /

airway bill, invoices, certificate of analysis of each batch. Form-9, packing list, certificate of

origin etc.) to the buyer (the firm) by courier within 7 days and submits negotiable copy of alldocuments to the negotiating bank. Then the supplier asks the advising / negotiating bank tomake the payment. After paying off the supplier, the advising bank asks the L/C opening bankto pay the amount within 72 working hours (3 working days). The opening bank then pays it offwithin the stipulated time. The bank then collects the L/C payment from the firm (applicant) onan agreed upon date. In case where the materials are borne in air transport, the firm needs theendorse copy document to get clearance from the customs authority after it reaches the airport.The Drug Clearance of invoice issued by the Drug authority is also required. The C&F agent ofthe firm is engaged in the goods clearance formalities. After getting the clearance, the materials

are borne to the factory.

Documents received

Purchase department sends copies of all the relevant documents to the Cost and Budgeting section of

Finance and Accounts department. The documents are kept in three types of files according to their

purpose:

PC File (For Raw and Packing Materials and Also spare parts for pharmaceuticalsmachinery)


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IV File (For Infusion Raw and Packing materials and Also spare parts for Infusionmachinery)

BC File (For Basic Chemical)

The documents kept in these files can be categorized as follows:

Documents with Relevant Financial Information:

1. L/C Related Documents from Bank:

The L/C slip and the copy of banks L/C book is received. The books contain detail information on

L/Cs. The relevant information extracted from this book are:

L/C Margin Opening charge Amendment Charge Telex/ Courier service Charge Bank Charge Document Retirement

2. Premium Bill:

Premium bill is prepared by the insurance company. This bill is non negotiable. The information

included in this bill is:

A.

3. C & F Bill:

The C & F bill is prepared by the clearing and forwarding companies. Different C & F agencies

operate at different land, sea and airports. Imports are made through all these three types of ports.

The C & F agent does the necessary formalities with the customs authority and sends the materials

to the destination. They contain the following:

Non Negotiable Premium Bill:Marine @ x.xx% XXX.XX

XX.XXWar and Strike @ x.xx%

Net Premium XXX.XXXX.XXAdd: VAT 15%

Stamp Duty X.XX

Total Premium XXXX.XX


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B.

4. Shed Bill with Jetty Challan:

This bill is prepared by the Biman Bangladesh Airline Authority (in case air port); the Chittagong

port Authority (in case of sea port); Benapole Land port Authority (in case of land port). This is

prepared for the dock or warehouse charges. For reporting purpose two types of information are

extracted from this bill.

Total DEM

VAT on DEM

5. Bill of Entry and Assessment Notice:

These two documents are the most important in regards to reporting and accounting purposes. The

Customs authority prepares this bill against the C & F Agency. It includes the information on the

Duty and taxes and VAT payable on imported materials. In all the ports the same type bill is

prepared without any exception because the customs authority uses identical software for all the

ports. Some materials need to go through PSI (Pre Shipment Inspection); so they are subject to PSI

charges. The detail of the duty and taxes and their rates are discussed in the later chapter.

The bills include following information:

C & F BILL Against PC #_________

AmountCustoms Duty and Taxes ####Wherfrent and Removal ###

Documentation ##Cooly wages ###Transport ##Misc. Expenses ##Expenses under section 82 ###Audit/ treasury/ Bank Exp. ###Agency Commission @ 0.0x% ###

TOTAL #####Less: Income tax on Agency commission (##)

ADVANCE (#####)DUE ###


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C.

D.

Bangladesh Customs AuthorityBill of Entry

Calculation of taxes:Type Tax base Rate Amount

Customs Duty [a] * [b]Supplementary Duty [b] * [c]VAT [b] * [d]AIT [a] * [e]DevelopmentSurcharge

[a] * [f]

Note: Th e alphabets used in thi s table wil l u sed for fu rth er reference in the chapter to come .

Consignor:

Consignee:

Agent:

Name of Carrier: Nationality:Description:Invoice No:

Bank Name:

LC Type:LC No:

HS Code:Gross Weight:

Net Weight:Item Assessable Value: [a]

Bangladesh Customs AuthorityAssessment Notice

Off ice: Dhaka/ Chittagong CustomsCustoms Declarati on No:No & Date of Assessment: I tems:

Agent:Reference:I mporter: Account No:M ode of Payment: Cash / Cheque Statement no & Date:

CD [b]

[c][d][e][f][g][h]

SDVATAITDSCAdvance Trade VATPSI

TOTAL TAXES [m]Document Processing Fee [p]

[q][r]

VAT on C&F CommissionIncome Tax on C&F commission

TOTAL GLOBAL TAXES [s]

TOTAL ASSESSED AMOUNT [m]+[s]AMOUNT TO BE PAID [m]+[s]


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Documents with Relevant Non-Financial Information:

Invoice from Supplier:

Although it contains financial information about the cost of raw materials, it is not needed forfinancial reporting. Because the amount that concerns is the L/C margin and the payment on L/CRetirement. As there is no direct transaction with the suppliers the original invoice is not needed forreporting.

Packing List or Weight List:

This list contains the detail information on the quantity of materials shipped; the number of packages;the type of packaging and the gross and net weight before shipment.

Certificate of Analysis:

Certificate of Analysis contains chemical analysis of the materials. The chemical contents, weight,color and other related information is disclosed and certified by the producing country are presentedin the certificate.

Certificate of Origin:

Certificate of Origin is issued by the trade body (Chamber of Commerce) of the respective countryand certifies that it is a product of their country.

Form -9:

Form-9 is required under the European regulation. All the countries producing chemical or pharmaceutical materials adopted it. This contains decoration from the producer regarding the permission to use the product which is licensed by them. It also sets the limit of using that licensed product.

Airway Bill:

Airway bill is just like ticket of the materials shipped. It contains the information on the materialshipped, the destination, the carrier and the airport of departure.

Consignment Presentation Slip:

Consignment presentation slip is prepared at the port by the port authority and certifies the possessionof the consignment. The slip includes following information:

Part A: Consignment Details

Part B: Examination Transfer to delivery warehouse

Part C: Paper Checking and Collection of Charges

Part D: Final Delivery Information


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Information processing is done through three stages. The records and reports prepared in those stages

are different. The stages are: L/C Opening Stage L/Cs in Transit Stage Post Clearance Stage

L/C Opening Stage

L/C opening process:

The purchase dept. first collects a form of application for the opening of letter of credit from a bank. An LCA form (in quintuplicate) is also collected. After filling up these forms, they aresubmitted to the bank along with the pro forma invoice approved by the Block list of DrugAdministration and IMP form of Bangladesh Bank. The L/C margin (a certain percentage ofL/C amount), bank charges and commissions for opening the L/C, insurance payment (if madeat that time) etc. are also made. The insurance covers all risks from the beginning of transit.

As mentioned earlier (see: 1.2.1) the accounts department gets copy of the L/C and the Banks

statement mentioning other related cost. It is done through the foreign exchange account of

BEXIMCO PHARMA held with different banks.

Records and Reports:

Various records are kept during this stage. Data related to L/C are maintained in two ways. They are: MS Excel Worksheets MAPICS

MS Excel Worksheets:

Two different sets of spreadsheets are prepared. The spreadsheets contain the following information.

I am just mentioning the column heads of the spreadsheets and explanations where necessary.

Spreadsheet containing Data on L/C Margin and Opening Charges:o L/C Numbero Margin in Taka

Purchase Department(Pro Forma Invoice,Drug, IMP)

Local Bank(L/C Margin, OpngChrg, Bank Charge)

Foreign Bank


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premium. To facili tate the journal entry a spreadsheet analysis is made using MS Excel, which

contains:

I. L/C Number II. PC Number III. Item name

IV. Total Insurance Premium (see figure A: premium bill )

V. VAT on Insurance Premium (see figure A: premium bill )VI. Net Insurance Premium (Total Premium-80%of VAT)

The journal entry is often made through payables voucher. The entry is:

Advance payment to the C&F Agent:

The C&F agents are responsible to make customs clearance from the ports and make delivery to the

factory at Gazipur or wherever required. The estimated amount for clearing and forwarding process is

paid in advance. The journal entry is made through Bank voucher using MAPICS software. The entryis:

Post Clearance stage

After successful clearing and delivery of the consignment the C&F agent sends all the relevant

documents. The documents include:

C&F Bill Shed bill with Jetty Chalan Bill of Entry Assessment Notice Consignment Presentation slip

This marks the completion of the import process. After receiving these documents the PC/IV/BC files

are completely ready.

Insurance Premium DR [VI]

VAT DR [ 80% of VAT] Accounts Payable (Insurance

Company) CR

VAT Rules, 2007. Rule 19(1) : The tax payer can claim80% of the VAT as claim against input tax in respect ofcharges for . Insurance services..

C&F Agent (Advance) DRBank A/C CR


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R e c o r d s a n d R e p o r t s P r e p a r e d d u r i n g t h i s s t a g e :

A detailed spreadsheet is prepared to facilitate the journal entry in the first place. The entire

spreadsheet is presented into different parts for convenience.

DUTY TAXES SPREADSHEET:

Part A: General Information:

PART B: Currency and Quantity:

PART C: Bank Charge and Insurance Premium:

PART D: Duty

Column ID Column Head Source/ Formula

K Customs Duty Assessment Notice [b]L Supplementary Duty Assessment Notice [c]M Development Surcharge Assessment Notice [f]N Pre-shipment Inspection Assessment Notice [h]O Total Duty K+L+M+N

PART E: VAT and AIT (Advance Income Tax)

Column ID Column Head Source/ FormulaQ VAT Assessment Notice [d]R DF(Documentation fee) VAT Assessment Notice [s]S AIT (On C&F commission) Assessment Notice [r]T DF/VAT less AIT(c&f) [R]-[S]U Total VAT [Q]+[R]-[S]V AIT Assessment Notice [e]

1. SL#2. L/C Number3. PC/IV Number4. Item Name5. Item Type (Raw/Packing/Spares)

1. Foreign Currency (US$/EUR)2. Cost in Foreign Currency3. Unit4. KG/PC

1. Bank Charge2. Insurance Premium3. VAT on Insurance Premium4. Net Insurance Premium ([2] - 80%of [3]


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PART F: Total DUTY, VAT and AIT

PART G: DEM (Warehouse and Other charges)

PART H: Miscellaneous Expenses and C&F commission

These two are extracted from the C&F bill. Miscellaneous Expenses could include:

C&F commission is imposed on the assessed value of imported materials.

PART I: Agent

PART J: Final summary for Journal Entry

Column ID Column Head Source/ FormulaW Total DUTY, VAT, AIT [O]+[U]+[V]

Column ID Column Head Source/ FormulaX DEM Shed Bill/ Jetty ChalanY Auction Shed Bill/ Jetty ChalanZ VAT DEM Shed Bill/ Jetty Chalan

AA Net DEM [X]+[Y]-[Z]

DocumentationCooly wages

TransportMisc. ExpensesExpenses under section 82Audit/ treasury/ Bank Exp.

Column ID Column Head Source/ FormulaAB Misc. Exp. C&F BillAC C&F Comm. C&F Bill

Column ID Column Head Source/ FormulaAD Total Amount [W]+[AA]+[Z]+[AB]+[AC]AE Advance Amount C&F Bill

AF Due[AD]-[AE]

AG Agent Agent Name

Column ID Column Head Source/ FormulaAH DUTY [O]AI VAT [Q]+[R]*60%+[Z]AJ AIT [V]AK DEM [AA]

AL MISC [AB]+[R]*40%-[S]AM C&F Commission [AC]AN TOTAL AH+AI+AJ+AK+AL+AM


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Claim for VAT Rebate:

VAT rebate is claimed 100% on the VAT paid on cost of materials and VAT paid on warehouse

charges. 60% VAT rebate is claimed on VAT paid on C&F commission. The law in this states as

follows:

Therefore VAT is claimed 100% on VAT paid on cost and DEM VAT and 60% on VAT paid on

Total Global Taxes . The rest 40% is added to the miscellaneous expenses and the income paid on

C&F commission is deducted from the miscellaneous expenses amount to match the total amount due

to the Agent.

The amounts for the journal entry are summarized in the spreadsheet (see part G). The journal entry

is made as follows using the MAPICS software:

*See Part J of spreadsheet for references of the amounts.

The duty tax; miscellaneous expenses and C&F commission goes to the L/C group account. The

other accounts are posted through general journal.

VAT Act 1991: Section 9 &13: The registered person who sells locally andexports taxable goods for the production of which he uses raw materialspurchased paying VAT, can claim rebate by including the paid amount of VATinto the Treasury Deposit and Rebate column of form VAT -18.

VAT Rules, 2006. Rule 19 (2) : The tax payer can claim 60% of the VAT as

claim against VAT pai d in respect of charges for .C&F Commission ..

Duty TAXES DR [AH]

VAT DR [AI] AIT DR [AJ]

DEM DR [AK]

Misc. Exp. DR [AL]C & F Comm. DR [AM]

C&F Agent(Liability) CR [AN]

THE JOURNAL ENTRY FOR DUTY, TAX AND VAT:


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I n v e n t o r i e s :

The inventories affected by import operations and related accounting are found in Note #22 :

Raw Materials Inventory

Packing Materials Inventory Laboratory Chemical Inventory

Raw and Packing material in transit

Spares and accessories

Internal reports

The most important destination of the accounting reports related to import of raw materials is the

internal management. For efficient decision making the internal management is constantly is need of

timely and appropriate reports on costing. To serve the internal reporting needs the following reports

are prepared:

The Cost Sheet:

This is the most important report prepared on the import procurement process of raw materials. Cost

sheets are prepared for individual raw and packing material items, as well as spares and capital

machinery. Cost sheet is generated by the MAPICS software. It is the summary of entries debited

through the journal voucher of L/C. It is used for costing and pricing decisions. The cost sheets

include the following:

COST SHEET

Company Name: BEXIMCO PHARMA Shipment No:

Supplier Name: Date:

L/C No: Date: Exchange rate:

Invoice No: Date: CEP: Date:

PARTICULARS 1 2 Total

Material Name

MRR No

MRR Date:

Invoice Quantity

FC Cost/ Unit

Total FC Cost


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L/C Margin

Opening Charge

Document Retirement

Duty, LCA, IDSC & others

C & F CommissionInsurance Premium

Miscellaneous Expenses

TOTAL COST

COST PER UNIT

Cost Summary:

Cost summary is a summary of the cost sheets prepared on a monthly basis. It is a MS Excelworksheet. All the information are extracted from the cost sheet. The column heads are:

Month L/C Number PC/IV/BC Number Materials Name Quantity

C&F Rate Foreign currency Cost Currency [US$/EURO/YEN] Exchange rate

C&F in Taka [Exchange Rate*FCCost]

Other costs [Duty/ LCA, C&FCommission, Insurance premium,Misc. Exp., Opening Charge]

Landed cost [C&F in Taka + OtherCosts]

Cost per Unit [Landed Cost /Quantity]

Supplier Name and Country

L/C Balance:

This is prepared to facilitate the payment of L/C liabilities. It is used by various departments

including the treasury. The columns are:

L/C Number

Total Taka

Opening Date

C&F Value in Taka


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B. Capital Expenditure Cycle

BPL has a well-defined policy guideline for capital expenditure. This cycle involves acquisition of

property, plant and equipment. First, the capital expenditure must be included in the yearly budget.

Then the head of the department raising the capital expenditure proposal (CEP) must justify the

proposal. A sample of CEP is given in appendix. The CEP includes following information:

1. Classification of the asset such as new purchase or replacement of an asset.

2. Description of the item

3. Reason or justification for the proposed expenditure

4. Economic life

5. Estimated expenditure

6. Budget provision for the proposed expenditure

7. Suggested supplier

8. Approval with signature of Departmental head, Director, Commercial and Director, Finance

9. Final approval by CEO(Chief Executive Officer)

Then the Director, Finance verifies the CEP along with the business research and developmentdepartment and the CEP is sent to the CEO for final approval. After getting the CEO approval,

purchase department acquires the capital asset from the enlisted local or foreign suppliers. Accounts

department records the transaction and makes the payment as per terms.

Input Information

All the necessary information for the purpose of recording acquisition of fixed assets are taken from

Capital Expenditure Proposal, Purchase order, Budget prepared for this purpose, chart of accounts,suppliers bill approved by purchase department, Bill of entry, Assessment notice, L/C related

documents for import of machineries.

Information processing

BPL initially records all property, plant and equipment at cost and charges depreciation over their

expected useful life. The cost of acquisition of an asset comprises its purchase price and any directlyattributable cost of bringing the asset to its working condition for its intended use inclusive of inward

freight, duties and non-refundable taxes. In respect of major projects involving construction, related

Recordin As ects Of Ca ital Ex enditures:


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pre-operational expenses form part of the value of asset capitalized. Expenses capitalized also includeapplicable borrowing cost. Exchange loss is also capitalized as an addition to the cost of the asset.

Expenditure incurred after the assets have been put into operation, such as repairs & maintenance, is

normally charged off as revenue expenditure in the period in which it is incurred. In situation, whereit can be clearly demonstrated that the expenditure has resulted in an increase in the future economic

benefit expected to be obtained from the use of the fixed assets, the expenditure is capitalized as anadditional cost of the assets. Software expenses are generally charged off as revenue expenditure.

On retirement or otherwise disposal of fixed assets, the cost and accumulated depreciation areeliminated and, any gain or loss on such disposal is reflected in the profit and loss account which is

determined with reference to the net book value of the assets and the net sales proceeds. The gain orloss resulted from disposition of an asset are treated as other income which does nor result from

companys major operating activities and so are not included in gross profit.

BPL charges no depreciation on land and uses reducing balance method for charging depreciation nrespect of all other fixed assets. Depreciation is provided to amortize the cost of the assets aftercommissioning, over their expected useful economic lives. Full year's depreciation is charged onadditions and no depreciation is provided on retirement, irrespective of date of addition or retirementrespectively.The annual depreciation rates applicable to the principal categories of assets are:

Assets Rate

Building and other Construction 10%

Plant and other Machinery 15%

Furniture and Fixtures 10%

Transport and Vehicle 20%

Office Equipment 10% to 50%

BPL maintains a separate module named Fixed Asset Accounting in MAPICS where journal entries

are given to record the acquisition of new asset, replacement, renewal and disposition of asset andrelated depreciation according to the rate. In the MAPICS, only control ledgers for principalcategories of assets are kept. For the purpose of keeping subsidiary ledger, a separate software namedFixed Assets Management System is used where another person gives entry for the same

transaction. This is basically a duplication of work.

Output Information

Output information can be of two types: Information Affecting the Annual Report Figures or External Reporting


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External reports:

The entire process of capital expenditure and accounting for its related transactions affects severalheads in the Annual Financial Reports. Below I mention the affected heads with reference to AnnualFinancial Report for 2012.

Property, Plant and Equipment Carrying Value

The details of all property, plant and equipment are given in the Note #. In the notes to the financialstatements section, BPL discloses all the necessary information regarding property, plant, andequipment including the cost of the assets at the beginning of the year, additions and disposals in thecurrent year, adjustment on disposal, exchange loss, accumulated depreciation at the beginning of theyear, depreciation charged for the current year and carrying value at the end of the year.

Internal Report:

The sum of all assets is reflected in annual report. But for the preparation of budget and makingdecisions regarding the current status of each class of assets, periodic statements are prepared wheredetailed breakdown of each major class of asset are included.

C. Revenue Expenditure Cycle

The expense cycle of BPL is little difficult to describe because of the varying nature of expenses.

For the sake of simplicity, expense cycle is presented here in a segregated manner according

to the major types of expenses namely factory overhead, administrative expense and

selling, marketing and distribution expense.

Factory overhead

The major types of factory overhead are salary and wages, power, insurance, stores and spares consumed

repairs and maintenance, research and development, municipal tax and land revenue, telephone and

postage expense etc. These expenses are incurred in the factory. Whenever an expense is incurred, it is

reviewed and recommended by the immediate supervisor of the person incurring it. Then it is sent to thehead of the respective department for approval. After getting the approval finance and accounts

department records the transaction to the appropriate cost center and makes the payment.

Administrative Expenses

The major types of administrative overhead are salary of the executives of head office, utility, rent,

legal and professional fees, printing and stationary, AGM expenses, audit fees, entertainment, petrol

and fuel etc. These expenses are incurred in different departments of the head office. Whenever an

expense is incurred, it is reviewed and recommended by the immediate supervisor of the


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person incurring it . Then it is sent to the head of the respective department for approval. After

getting the approval finance and accounts department records the transaction to the appropriate cost

center and makes the payment.

Selling, Marketing and Distribution Expenses

The major types of selling and distributive overhead are advertisement, promotional expense,

traveling and conveyance, training of medical representatives, books and periodicals etc. These

expenses are incurred by the sales and promotion department. Whenever an expense is incurred,

it is reviewed and recommended by the immediate supervisor of the person incurring it.

Then it is sent to the head of the respective department for approval. After getting the approval

finance and accounts department records the transaction to the appropriate cost center and makes the

payment.

Input information

Input information for recording purpose is obtained from the respective department where theexpenses are incurred. Each department sends the bill to Accounts and Finance department. This billis used as the source document. After verifying supporting documents, a person records the expenseas overhead item through appropriate code in MAPICS.


After verifying supporting documents, a person records the expenses as overhead items or operatingexpenses through appropriate code in MAPICS. The appropriate code is determined by chart ofaccounts. Depending upon the nature of expenses, input is fed into the software against a code.Besides this, some other custom made softwares are used to record the advance payment to different

parties including employees, utility expenses, event management etc.

Output Information

Out put information are of two types:

Information Affecting the Annual Report Figures or External Reporting


External report

In annual reports, administrative expenses and selling, marketing and distributive expenses are shownas operating expenses. Factory overhead is included in the calculation of costs of goods sold. These

Recording Aspects Of Revenue Expenditures:


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information are reported in the notes to the financial statements. Related parts are extracted in theappendix.

Internal reports

A report highlighting the actual expenses, budgeted amount for those expenses and variance is prepared monthly for internal decision making.

Internal Control for Expenditure Cycle

The internal control of BPL for expenditure cycle is strong enough to detect, prevent and correct any

errors and mistakes made in authorizing, recording, processing transactions and providing output to

user groups. Some internal control mechanisms are discussed below:

Authorization of Purchase

As described earlier in recording process section, at BPL the user department sends purchase

requisition to purchase department with the approval of departmental head. An authorized person

checks that requisition and made the purchase order. Without purchase requisition no purchase order

will be made. In case of materials, the planning department identifies the required quantities of

materials and sent requisition to purchase department. And in case of fixed asset BPL required

approval of CEO or deputy chairman. But before requisition a budget has been made for that asset. In

each case there is a limit amount for ordering goods.

The purchase order document contains a unique number. This unique number is used as reference for

further proceeds. It also contains the signature of the person raising requisition. The purchase

department is responsible for making the order only. It is not responsible for authorizing or receiving

goods. It maintains a purchase register where all given orders are recorded with ordered item,

quantity, unit price and suppliers name.

Separation of Asset Custody from Other Functions

Usually, the ordered items are received by user department. But in case of inventoriable item, that israw or packing material, it is received by factory. The receiving department produces the MRR/

GRR. The same report is also used as inspection report. In case of raw or packing material, Quality

Control Department generates Quality Assurance report. One copy of MRR/ GRR/ QA is kept by the

receiving department, one copy is sent to purchase department and another copy is sent to accounts

department. So the personnel are separate from each other. Again there is a physical control over

item from their acquisition to disbursement. A cross departmental monitoring activity is a common

scene here.

The bank reconciliation statement is prepared monthly by an employee independent of recording cash

disbursements or custody of assets.


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Timely Recording and Independent Review of Transactions

BPL recognizes accounts payable as its liability at the time of vendors invoice is received. Itrecognizes the liability by analyzing the following documents;

Not negotiable copy of purchase order MRR/ GRR Not negotiable copy of invoice/ bill Vat report

If the person is satisfied with those documents he will then give the provision voucher . This person

does not have the access to handle the cash, securities or other assets.

Authorization of Payments

BPL pays its vendors after the date has been matured for payment. Normally the payment is made by

pre-numbered check. A specially designed check is designed for this purpose. A separate person

gives the payment voucher. Before giving payment voucher he checks all the documents and reports

relating to that transaction and also examined that the bills are approved by purchase department. The

payment voucher includes original bills, MRR/ GRR, VAT (MUSHOK 11) and challan.

When the authorized person signs the checks, he just skims through the attached documents with the

payment voucher. Normally these signs are made by managers or director of accounts and finance.

Physical Security Measure

BPL has instituted some physical security measures to protect its assets and records from being

misappropriated or misused. For example, a gate pass is needed to take out any kind of

moveable property both at head office and at factory, cash in transit is insured and cash at office is

placed under lock and keys, all the records and documents are placed under the supervision of

responsible company officials. The company has also employed closed circuit television (CCTV)

system to monitor every entry and exit.

Budgetary control

Budgetary control is primarily used for the revenue expenditures. For each class of revenue

expenditure, a budget is prepared for each month and the actual expenses are compared against the

budgeted amount.

Threats and Control Procedure

Another function of a well-designed AIS is to provide adequate controls that meet the following

objectives:

1. All transactions are properly authorized


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2. All recorded transactions are valid

3. All valid, authorized transactions are recorded

4. All transactions are recorded accurately

5. Assets are safeguarded from loss or theft

6. Business activities are performed efficiently and effectivelyThe documents and records described in the previous section play an important role in achieving

these objectives. Simple, easy-to-complete documents with clear instructions facilitate the accurate

and efficient recording of transaction data.

The following table lists the major threats and exposures in the expenditure cycle and the applicable

control procedures that are placed in operation to mitigate them. The table is organized around the

stages of the expenditure cycle.

Activity Threats Applied Control Procedure

Order goods

Preventing stock outs and/or

excess inventory

1. To guard against these threats, BPL

establishes an accurate inventory control

system. The perpetual inventory method

is used to ensure that information about

inventory stocks is always current.

2. BPL selects suppliers who are known

to meet the delivery commitments.

Requesting unnecessary items

1. BPL is very much aware of purchasing

items that are not currently needed. To

ensure this, every purchase requisition is

approved by the departmental head.


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Purchasing goods at inflated

price or of inferior quality

1. To prevent this, an open tender is

arranged for the suppliers. BPL selects

those suppliers who are capable of

delivering highest quality goods as

reasonable price.

2. BPL prepares a monthly budget for the

purchase of goods. Actual costs are

compared periodically with budget

allowance. To facilitate control, these

reports highlight any significant

deviations from budgeted amounts for

further investigation.

Purchasing goods of inferior

quality

1. To avoid the purchase of goods of

inferior quality, BPL has established a list

of approved suppliers known to provide

goods of acceptable quality.

2. In addition, supplier performance data

is collected and periodically reviewed to

maintain the accuracy of this approved

suppliers list.

Receive and store

goods

Receiving unordered goods

1. Receiving departments accept only

those deliveries for which there is an

approved copy of the purchase order and

matches the quantity mentioned in the

purchase order with goods received.

Stealing inventory

1. Inventories are stored in secured

locations with restricted access.

2. All transfers of inventory are properly

documented.

3. Separation of asset custody from

recording responsibility.


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Approve and pay

vendor invoices

Failing to catch errors in

vendor invoices

1. Vendor invoices may contain errors

such as discrepancies between quoted and

actual prices charged or miscalculations

of the total amount due. To detect

mathematical accuracy of vendor

invoices, those invoices are compared

with purchase order and receiving report.

Paying for goods not received

1. The control procedure used here is that

the person responsible for payment to the

vendors compares the quantities indicated

on the vendor invoices with the quantities

mentioned in the materials or goods

receiving report.

Paying the same invoice

twice.

1. Invoices are approved for payment

only when accompanied by a complete

voucher package (purchase order and

receiving report)

2. Payments are made only on the basis of

original invoices. Duplicate invoices are

marked clearly that these are duplicate.

3. Payments are never authorized for a

photocopy of an invoice

4. When the check to pay for an invoice

is signed, the invoice and the voucher

package are marked paid and canceled

Recording and posting errors

in accounts payable

1. The person making the payment

compares the difference in supplier

account balances before and after

processing checks with the total amount

of invoices processed.

2. Here the control is deficient in one

aspect i.e. the non existence of limit test.


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Misappropriating checks

1. Use of prenumbered cheque.

2. Access to cheque writing machine is

restricted as well.

3. Proper segregation of duties i.e.

custody of cheque is segregated from theauthorizing function.

4. Every cheque is signed by two persons

before making the payment.

General Control Losing data

1. All the supporting documents are kept

separately in a file.

2. Both internal and external labels are

attached to each file.3. Access control is established via use of

passwords and user ID.


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Annexure

A Sample of CEP

BEXIMCO .DIVISION CAPITAL EXPENDITURE PROPOSAL (CEP)SPARE PARTS APPROVAL

UnitDepthDateSerial #

1. Classification:Replacement Addition Development

2. Description of item with ID Number (if Any):

3. Reason/ Justification for proposed expenditure: 8. Remarks

4. Economic life (Years)

5. Supplier:

6. Estimated Expenditure

7. Budget Provision:

Signature of Budget Officer

Approved By

CEO/ Deputy Chairman

Submitted By Recommended By Recommended By

Departmental Head Director, Commercial Director, FinanceDate: Date: Date:


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Sample of Purchase Order

Purchase Order No. Purchase Requisition No Date of Receipt by PD

SLNo.

Name and Description ofMaterial / Service Unit No QuantityOrdered UnitPrice QuantityOrdered Amount

1234

_______________Sign of PersonRaising

Requisition

________________Approval ofDepartmental Head

_______Date

TotalMode of PurchaseCash / AgainstOrder

Purchase Ref._________________Advance Required Tk.__________ Pay Cash/Issue Check/Order to be

Placed _________________________________Name of the Party

_____________________________Order / Advance PaymentAuthorized

Terms and Condition of Order:Date

MRR NO. ___________

Date

Invoice/ Voucher No________Date_________Amount for Refund______________________Amount Due for Payment_________________

__________________________ ________Passed for Payment/ Adjustment Date

MRR NO. __________DATE __________MRR NO. __________DATE __________MRR NO. __________DATE __________MRR NO. __________DATE __________


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Accounts Payable Provision Voucher

Tax and VAT Report

Tax and VAT ReportVendor

s noVendors name

Period

Totalamount due

Taxamoun

t

VATAmoun

t

Otherdeduction

s

Netamount due

Beximco Pharma AP Journal Voucher Date:..

Voucher No : .. Original Vouc her No: .. 0/00/00

Vendor No : Invoice / Bill : Date: MRR/QC/WO : . 0/00/00Due Date : Description :

Payable : .. Amount Cr.Vat : .. Amount DrCommission : .. Amount Dr Total (Tk) :

Item Description Account no Amount

(Tk)

Dr./

Cr

Signature Date Notes

Prepared by

Checked byApproved by

Posted b


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Accounts Payable Payment Voucher

8. Vendor ledger

Sample of Journal Register

Beximco Pharma AP Payment Voucher Date:..

(Cash / Bank)

Batch/item No : .. Voucher No : Original Voucher No: .. 0/00/00

AP JV No JV Date Vendor No

Check No

type Accountno

Amount(Tk)

Dr./Cr

Signature Date Payee

Prepared by

Checked byApproved by

Posted by

Beximco Pharma Journal RegisterFrom 0/00/00 to 0/00/00Payment Upto 0/00/00

Summary by Vendor

Vendor No & Name

Purchase VatAmount

TaxAmount

OtherAmount

NetPaid

DueAmount


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Sample of Cash Requirement Report

Sample of Aged Payable Report

Sample of Vendor Business Position Report

= 0 =

Beximco Pharma Vendor Business Position ReportFrom 0/00/00 to 0/00/00

Vendor No

Vendor Name Payable Vat Tax Pay-ment

OtherDeduction

DueAmount

Beximco Pharma Cash Requirement Report (Summery)By Invoice Upto 0/00/00Payment Upto 0/00/00

Ref. Date for Age Calculation: Voucher Date Payable Amount & above days old

Vendor No

Vendor Name Payable Paid Deduction DueAmount

Beximco Pharma Aged Payable Report (Summery)By Invoice Upto 0/00/00Payment Upto 0/00/00

Ref. Date for Age Calculation: Voucher Date Payable Amount & above days old

Vendor No

Vendor Name TotalDueAmount

0-30Days

31-60Days

61-90Days

Above90Days

Unclassi-fied

Accounting Information Sytem of Beximco Pharma

Documents

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