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Organizing Detailed Accounting of Goods in the Enterprise


*For goods purchased outside



Actual value of inventory


=


Purchase price stated on invoice


+


Cost of acquisition


+

Taxes are not deductible.

return


-


CKTM,

Purchase discount

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Organizing Detailed Accounting of Goods in the Enterprise

If the goods are purchased from abroad, import tax is included in the import price. The VAT payable when purchasing goods is also included in the import price if the enterprise is not subject to VAT payment under the deduction method.

*For self-processed goods



Actual value of inventory


=

Actual price of outsourced export goods

processing


+

Cost of outsourcing processing


+

Shipping costs

(if any)

*For goods received as joint venture capital contributions or shares


warehouse

Actual input value

=

Capital contribution value

evaluation board

+

Related costs

to receive

Calculate actual price of goods leaving warehouse

The selection of the method for calculating the actual price of goods exported from the warehouse must be based on the characteristics of each enterprise in terms of the number of locations, the number of times goods are imported and exported, the qualifications of the accounting staff, warehouse keepers, and the warehouse conditions of the enterprise. Decision No. 48 sets out 04 methods for calculating the export price of inventory. Enterprises must ensure consistency throughout the accounting year by choosing the method of calculating the price.

Specific actual price method: According to this method, the exported goods belonging to which batch at which price are calculated according to that unit price. Applicable to


Enterprises with few types of goods and identifying each shipment. This method has the advantage of accurately determining the price of exported goods, making current costs consistent with current revenue. However, in the case of units with many types of imported and exported goods regularly, it is difficult to track and the work of detailed accounting of goods will be very complicated.

Weighted average method: According to this method, the value of each type of inventory is calculated based on the average value of each similar type of inventory at the beginning of the period and the value of each type of inventory purchased or produced during the period. The average value can be calculated by period or each time a shipment is imported, depending on the situation of the enterprise.

Average unit price

whole period

=

Value of inventory + Value of inventory

Number of goods in stock + Number of goods imported during the period

+ Average unit price for the whole period



+ Continuous average unit price (moving average unit price): This method shows the exact price of goods leaving the warehouse, promptly reflects the fluctuations in inventory prices, and the price calculation is carried out regularly.

whole period

Average unit price


Inventory value before import time i + Inventory value after import time i

=

Quantity of goods in stock before import i + Quantity of imported goods

i time

First-in, first-out (FIFO) method: According to this method, the actual cost of goods sold is calculated based on the assumption that the goods that were imported first are sold first, and the unit price of goods sold is calculated based on the unit price of the previous imports. The value of the goods in inventory at the end of the period is calculated based on the latest imports. This method is suitable in cases where prices are stable or tend to decrease.

Last-in, first-out (LIFO) method: According to this method, goods are calculated at the actual price of the warehouse based on the assumption that the goods imported last are used first and are calculated according to the unit price of the next import. Value of goods


Ending inventory is calculated at the unit cost of the first purchases. This method is suitable in case of inflation.

1.2. Organizing detailed accounting of goods in the enterprise

Goods are one of the accounting objects that need to be organized in detail not only in terms of value but also in terms of quantity, not only by warehouse but also in detail by type, group, and item of goods. Detailed accounting of goods is the monitoring and recording of the changes in import and export inventory of each item of goods used in production and business to provide detailed information for managing each item of goods. Depending on the characteristics of each enterprise, depending on the qualifications of the accountant and warehouse keeper, to organize detailed accounting of goods, enterprises can choose one of the three methods below.

1.2.1. Detailed accounting of goods using parallel card method

At the warehouse : The warehouse keeper uses the warehouse card to record the import, export, and inventory status of each item in each warehouse according to quantity criteria. The warehouse card is opened for each item.

Every day when receiving import and export documents, the warehouse keeper checks the validity and legality of the documents and then records the actual import and export numbers on the warehouse card based on those documents.

At the end of the month, the warehouse keeper calculates the total import and export and the ending inventory of each type of goods on the warehouse card and compares the data with the detailed accounting of the goods.

At the accounting department : The accountant opens a book or a detailed goods card to record the changes in import, export, and inventory of each type of goods, both in physical form and in value. Every day or periodically after receiving the import and export documents submitted by the warehouse keeper, the accountant checks and records the unit price, calculates the amount of money, classifies the documents, and enters them into the detailed goods book.

At the end of the accounting period, the accountant will add up the books and calculate the inventory for each type of goods, and at the same time, compare the data in the goods detail book with the corresponding warehouse card. Based on the goods detail accounting book, the accountant will take the data to record.


In order to reconcile between the general and detailed accounting, the accountant must base on the detailed accounting card (book) to create a summary table of import-export-inventory of each type of goods. The data of this table is compared with the data of the general accounting section.

This method has the advantage of simple recording and easy checking and comparison. However, the disadvantage is that the recording between the warehouse and accounting still overlaps in terms of quantity and the volume of recording is still large.

Warehouse card

Warehouse receipt

Detailed accounting book HH

Warehouse delivery note

Diagram 1.1: Detailed accounting process of goods using parallel card method


Summary table XNT

General ledger


Note: Daily recording End of period recording Reconciliation


1.2.2. Detailed accounting of goods according to the rotation reconciliation method

At the warehouse: The warehouse keeper uses the warehouse card to record like the parallel card method.

At the accounting department: The accountant opens a book to compare the circulation of goods by warehouse. At the end of the month, based on the classification of import and export documents by each location and by each warehouse, the accountant makes a list of imported goods, a list of exported goods, and then records it in the circulation comparison book. At the end of the period, the amount is compared with the general accounting.

This method has the advantage that the amount of accounting records is reduced because it is only recorded once at the end of the month, but the disadvantage is that there is duplication of records between the warehouse and accounting in terms of quantity indicators. The checking and comparison between the warehouse and the accounting department can only be carried out at the end of the month, so it limits the effectiveness of accounting checks.

Warehouse card, counter card

Circulating reconciliation book

Diagram 1.2: Detailed accounting process of goods according to the circulation reconciliation book method


Goods import list

General ledger

Warehouse receipt


Warehouse delivery note

Export manifest



Note: Daily recording End of period recording Reconciliation


1.2.3. Detailed accounting of goods by balance method

At the warehouse: The warehouse keeper uses the warehouse card to record the quantity of goods imported and exported from the warehouse. Periodically, after recording the warehouse card, the warehouse keeper must collect all import and export documents arising according to each specified goods. Then, create a document delivery and receipt form and submit it to the accountant along with the import and export certificates.

In addition, the warehouse keeper must also record the quantity of goods in stock at the end of the month according to each item in the balance book. The balance book is opened by the accountant for each warehouse and used for the whole year, before the date the accountant hands it over to the warehouse keeper to record in the book. After recording, the warehouse keeper must send it to the accounting department for checking and calculating the amount of money.

At the accounting department: Periodically, the accountant must go to the warehouse to guide and check the warehouse keeper's inventory card recording and collect documents. Upon receiving the documents, the accountant checks and calculates the total amount of each document and records it in the amount column on the document delivery receipt. At the same time, record the amount just calculated for each group of goods (separately imported, separately exported) in the cumulative table of import-export-inventory of goods. This table is opened for each warehouse, each warehouse has a sheet recorded on the basis of the delivery receipt of import and export documents.

Next, add the monthly import and export amount and the beginning balance to calculate the end-of-month balance for each group of goods. This balance is used to compare with the "amount" column on the balance sheet.

This method has the advantage of limiting duplicate recording between the warehouse and the accounting department, allowing regular checking of warehouse recording work, ensuring accurate and timely accounting data. However, the disadvantage is that it does not know the fluctuations of each item of goods, checking, detecting errors and confusion between the warehouse and the accounting department is very complicated.


Cumulative import-export-inventory table

Diagram 1.3: Detailed accounting process of goods using the balance book method


Document delivery receipt

Warehouse card

Balance book

General ledger

Warehouse receipt


Warehouse delivery note

Document delivery receipt




Note: Daily recording End of period recording Reconciliation


1.3. Organization of general accounting of goods in the enterprise

1.3.1. Accounting for goods using the regular declaration method

General accounting of goods according to the regular declaration method is a method of regularly and continuously monitoring the fluctuations of imported, exported and stocked goods in the accounting books. Using this method, it is possible to calculate the value of imported, exported and stocked goods at any time in the general ledger. In this method, the goods account is reflected according to the correct asset content. This method is often applied in businesses with large goods value.

1.3.1.1. User account

Account 156: goods

This account is used to track the current value, increase and decrease of goods according to actual prices. Structure of account 156:

- Debtor :

+ Actual value of goods in stock due to purchase, self-production, outsourcing, capital contribution or from other sources.

+ Value of surplus goods when discovered during inventory.

- The side has

+ Actual value of goods exported from warehouse for business, sale, outsourcing processing or capital contribution.

+ Value of goods returned to the seller or discount on purchased goods.

+Trade discount on purchased goods.

+Value of lost or damaged goods discovered during inventory.

- Debit balance : Actual value of ending inventory.

Account 156 can be opened in detail for each type of goods depending on the management requirements of each enterprise. Details can be divided into 3 level 2 accounts:

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