UNALLOCATED STORES

Purpose of.

3701 - The purpose of an unallocated store is to acquire stores of a standard design and in constant demand, and to hold minimum stocks project or service, and to allow the vote of the relative project or service to be charged with the value of the stores when issued.

Maximum holding

3702 - The maximum limit of the value of the stores which may be held in stock at any one time may not be exceeded without the authority of the Commissioner of Finance.

Aplication of Financial Regulations

3703-The provisions of Chapter 23 to 35 concerning Regulations Security, Issue, Return, Handing Over, Acquisition and Losses will apply mutatis mutandis to Unallocated Stores.

Vote to be charged

3704 - The cost of stores purchased to replenish standard stocks, and stores imported and handled by an Unallocated Stores Organization Vote to be for a specific work or service, will normally be charged initially to the Unallocated Stores subhead of the current Estimates, under the item of "Purchases of Stores".

Local Purchases for specific projects or service.

3705-The cost of stores purchased locally for specific projects or service will normally be charged direct to the relative vote of the project or service.

Cost of Stores.

3706 -The "cost" of unallocated stores for accounting purposes will be:

a) For imported stores - the invoice price (f.o.b.),ocean freight,inspection fees, marine insurance, customs duty and local transport cost.

b) For stores purchased locally - the full purpose price, less discount,if any.

Fixed price method.

3707-When stores are received, each category will be separately taken on charge in quantity and value. The value at which stores will be taken on charge will be ascertained by the officer in charge of the stores by determining a unit price for each category approximate to remain as a fixed or ctalogue price until a variation of the cost of a replacement purchase demands a revision of rate.

Last known price method.

3708-As an alternative system to the fixed price method, and when approved specifically by the Ministry of Finance, the articles may be taken on charge at the last known price when details of the full landed costs are not immediately available.

Minimum records

3709- The Accountant in charge of the ministry or Extra Ministerial Department will ensure that the following records are maintained as a minimum:

a) Purchases Journal (or Stores Cost Book).

b) Issues Journal (or Stores Issues Summary).

c) Stores Ledger, to include an account for each category of store,and a separate account for:

i) Shortfalls and Excesses (or Price Adjustments).

ii) Claims.

Purchases Journal

3710-The Purchases Journal (or Stores Cost Book) will be the prime Journal.Purchases entry record for the taking on charge of the stores received and will normally be a manually written record in columnar form conveniently divided to facilitate:

a) The.reconciliation between the prime entries for stores received with the accounting entries in the Abstract. (see Financial Regulation 1205(e)

b) The reconciliation between the prime entries for the cost of stores received with the values taken on charge at the fixed or pre-determined rate.

c) The reconciliation and agreement of the total postings to and balances remaining on the various stores accounts.

d) The periodical computation of the total of the differences between the actual costs and the fixed prices.

e) The recording of the value for goods imported when. short-landed or damaged and the subject of a. claim on the carrier or supplier.

f) The recording of the revaluations of stocks on hand upon the change of a fixed price.

Issues Journal or Stores.

3711 - The Issue Journal or Stores Issues Summary will provide a summary and a monthly total of the values of issues of stores computed at the prevailing fixed price. Copies of the Stores. Issues vouchers,when required,will be forwarded monthly in the form of Ministry controlling the storee at a date to be prescribed by the Accounting Officer. The Director of Finance will incorporate into the Abstract record the total of the issues to the credit of the Unallocated stores sub-head of issues to the relative votes of the project or service for which the stores were drawn. (see Financial Regulation 1207).

Shortfalls and Excesses Account

3712 - The Shortfalls and Excesses Account for the Price Adjustment Shortfalls Account will be utilized only for the following purposes: and Excesses

a) To accommodate the differences between the total costs and the fixed prices of issues.

b) To accommodate the value of stores found surplus.

c) To accommodate the value of minor discrepancies of stores and of goods short-landed or damaged when written-off store ledger charge by the Accounting Officer under the authority Financial Regulations 3401 and 3406 (a).

d) To accommodate the value of unserviceable stores writtoff store ledger charge by the authority of the Accounting Officer under the provisions of Financial Regulation 3410.

e) To accommodate the increase or decrease in the valuation of stocks on a change of fixed price.

Clearance of excess balance on the short-falls and excesses account.

3713 - A credit balance remaining at the end of financial year on the short-falls and Excesses (or Price Adjustment Account) will be abandoned, and no accounting entry will pass through the Abstract.If the account runs into a debit balance near to the end of the financial year (or earlier, if the debit is excessive), the officer in charge of the store will fully investigate the cause and, if appropriate, make the necessary amendments to the fixed prices,Alternatively, he will apply for additional funds by Virement Warrant (see Financial Regulation 409). Under Sub-head "Unallocated Stores Deficiencies", sufficient to accommodate a transter by adjustment voucher to put the Shortfalls and Excesses Account (or Price Adjustment Account) into a credit balance by the end of the financial year. The adjustment will be debited to the "Deficiencies" sub-head and a credit to Unallocated Stores "Payment".

Store charges

3714-Store Charges will be raised only when stores are issued on repayment to another Government, corporation or in exceptional circumstances on repayment to a Government official or to the public.The element of store charge will be shown as an addition to the issue or fixed price, and will be classified direct to the appropriate Head of Revenue.

Claims for short - landing or goods damaged

3715-The value of imported stores received in a damaged.condition from, or short landed by the carrier, will be recorded in the Purchases for Journal (or Stores cost Book) and taken on charge in the appropriate goods landing or Register and the claims against the carrier or supplier will be passed to made immediately within the prescribed time limit. The receipt of a appropriate record will be made in the Claims Register. The Stores Charges Account will reflect the periodical tools of the value of the claims made, settled or written-off and the balance of the values of claims outstanding. (see end of chapter for pro-forma for annual statement).

Claim: when not to make.

3716-A claim will not normally be made when the value of the short-landed or damaged stores does not exceed N600.00.

Claims write-off.

3717 - Unsettled claims will be abandoned and written off in accordance with the provisions of Chapter 34. A claim abandoned under the authority of the Accounting Officer,Financial Regulation 3406 (a), may be charged against the Short-falls and Excesses Account (or Price Adjutment Account) if the balance on the account is sufficient to absorb the loss. In all other instances the losses will be transferred, when funds are made available, to the separate sub-head of Expenditure "Unallocated Stores Deficiencies", by a transfer adjustment as an expenditure credit to the item of "Purchases"

Annual balance statements.

3718-As soon as possible after the end of a financial year, or not later than a date to be prescribed by the Accountant-General, an Annual Balance Statement and Reconciliation Accounts (see end of Chapter for pro-forma), will be prepared by the Accounting Officer to the Accountant-General and the Auditor-General.

Stock verification.

3719-The provisions of Chapter 35 concerning Board of Survey and Inspections of Stores and Financial Regulations 2003 and 2507 concerning the responsibility of Stock Verifiers and Internal Auditors,will apply.

3720-The provisions of Chapter 34, concerning losses of stores will apply.

UNALLOCATED STORES ANNUAL BALANCE STATEMENTS STORES ACCOUNT

Value of stores on hand at the beginning of year as valued at the fixed prices.

Stores taken on charge during the year at the prices

stores found surplus and taken on charge

Stores revaluation on change of fixed price.

*Note: To be published in the Annual Report of the Accountant-General.

(Financial Regulation 3718)-continued

Stores isued during the year at the fixed prices(*)

Stores written-off during the year:

(a) against the ShortfaHs and Excesses Account.

(b) against U/A Stores Deficiencies Sub-head.

Stores revaluation on change of fixed price.

Valued of Stores on hand at the end of the year as valued at the fixed prices.

(Financial Regulation 3718)-continued

SHORTFALL AND EXCESSES ACCOUNT

Total Price Deficiencies during the year

Claims written-off

Stores written-off

Revaluation of Stores

Balance on hand at the end of the year

(to be abandoned)

Total Price Excesses during the year.

Transfer to Unallocated Stores Deficiencies Sub-head

Revaluation of Stores

RECONCILLIATION ACCOUNT ISSUES

Value of stores issued during the year as per Stores Account.

Adjustments, if any

(Financial Regulation 3718)-continued

PAYMENTS

Payments as per Abstract

Less Payments in respect of stores taken on charge in previous year.

Less Expenditure credits for Claims met.

Less transfers to U/A Stores Deficiencies sub-head.

Total Price Excesses during the year

Adjustments, if any.

Value of Stores issued during the year as per Abstract "Issues"

Adjustments, if any

Stores taken on charge at the fixed prices (as per Stores Account).

Total Price Deficiencies

Value of Claims raised during one year

Adjustments, if any.

CLAIMS ACCOUNT

Value of Claims brought forward from prevous year

Value of Claims raised during the current year

(Financial Regulation 3718)-continued

Claims met during the year Value of Claims abandoned and written-off.to:

(a) Shortfalls and Excesses A/C

(b) U/A Stores Deficiencies Sub-head

Value of Claims carried forward.

(b) Details of Fees - In the First Schedule of the Criminal Court Rules, 1955 and in the Second Schedule of the Judgments (Enforcement) Rule 1945.

(c) Conditions - In Order XVIII of the High Court Rules 1955.

(iii) As Regards the Magistrates' Courts

(a) Regulations - In Sections 74 to 76 and 86 of the Magistrates' Court Law, 1955; in order XVIII and XIX of the Magistrates' Courts Rules, 1955, in Part XLIII and sections 461 and 462 of the Criminal Procedure Ordinance,1945; in the Criminal Procedure Rules, 1945; in Rules 4and 5 of Order XII of Part II of the Judgments (Enforcement) Rules, 1945, and in Rules 5, 25 and 26 of Order LV and Rules 3, 18, 19,20 and 22 of Order LVI of the High Court Rules,1955.

(b) Details of Fees - In the First Schedule of the Criminal Procedure Rules 1945; in the Second Schedule of the Judgments (Enforcement) Rules, 1945; and in the Second Schedule of the High Court Rules, 1945.

(c) Conditions - Orders XVIII and XIX of the Magistrates'Courts Rules,1955.

(iv) As Regards Juvenile Courts

(a) Regulations - As for Magistrates Courts, and in the Juvenile Courts Rules, 1946, Rule 32.

(b) Details of Fees-In the Second Schedule of the Juvenile Courts Rules.

(c) Conditions- As for Magistrates' Courts.

In observing these regulations, officers responsible for Court Accounts shall be guided by the following Financial Regulations (the term Registrar in these Regulations includes all officers responsible for Court Accounts).

Court cash- book (Judicial Form B.4)

3803 - A cash-book in the form prescribed for the High Court in Schedule I of the High Court Rules, 1955, restricted to Court Transactions, will be kept by all Registrars, and all receipts and payments must be entered therein at the time of their transaction. All entries on the receipt side of the cash-book will be supported by the triplicates of the Registrars' Revenue Collector's Receipts (Treasury Book 6A). All entries on the payment side will be supported by Court payment vouchers (Judicial Form B.2), or.treasury Receipts (Treasury Book 6). A specimen page of a Court cash-book (Judicial Book B.4) is shown in the first schedule of the High Court rules, 1995.