YOU ARE HERE »
SECTIONS »
ITE Resale Accounting Procedures
1. All student resale supplies received by students will be paid for in advance. This procedure applies to items stocked at the school and items special ordered. All special order items will be paid for in advance of completing the ordering process.
2. Instructors will issue a bill (LPS item #731125, Form IE-30) to the student for resale supplies purchased. The purchaser pays for supplies in the school office and a receipt is issued to the purchaser at that time. The receipt must be shown to the instructor by the student, as proof of payment before the project is taken home. NO resale money will be collected or handled by the instructional staff.
3. Student resale material inventory will be kept to a minimum . Stock only essential items. Specialty items will be secured by the student whenever possible. To help reduce the need to stock large quantities of student resale items, instructors will utilize the local vendor plan established by the LPS Purchasing Department. Strict adherence to the guidelines for ordering via this plan will be required and monitored by the building principal or designee.
4. A complete and accurate inventory of student resale items will be completed by May 1 of each year. This inventory will be filed with the Career and Technical Ed. specialist who in consultation with the department chair will determine the total „usable‰ dollar figure for the inventory. An LPS ITE Resale Inventory form supplied to department chairs that will supervise the inventory process. Additionally, obsolete inventory as determined jointly by the Career and Technical Ed. specialist, department chair, and ITE staff will be removed from the schools and in cooperation with the purchasing department disposed of through sale or the annual auction.
5. June 30 of each year ITE student resale accounts will reflect a balance of (+ or -) $100 for ML accounts, $250.00 for high school accounts. This balance will be a reflection of the year‚s expenditures, receipts, and „usable‰ inventory. Each ITE student resale account will be considered independently. Year-end balances will be examined and verified by an LPS internal audit.
6. Positive resale account balances will be carried forward to the next fiscal year as receipts (if under $100.00-ML, $250.00-HS). Excessive positive balances may be debited from the account. Negative balances will be adjusted to zero by transferring the necessary funds from the school‚s budget allocation to the appropriate ITE student resale receipts account.
v4.5