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  Appendix B. UNIFORM SYSTEM OF PERPETUAL INVENTORY  

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  • COURT ORDER #98-18
    Filed on Jan. 29, 1998 in County Clerk's Office

     

    IN THE COURT OF WASHINGTON COUNTY, ARKANSAS

     

    IN THE MATTER OF ESTABLISHING A UNIFORM SYSTEM OF PERPETUAL INVENTORY FOR PROPERTY AND EQUIPMENT FOR WASHINGTON COUNTY.

     

    AMENDED ORDER

    NOW, on this 27 th day of January 1998, comes on for hearing the matter of establishing a uniform system of perpetual inventory for property and equipment for Washington County, by Washington County, Arkansas, and from the various information and other things, matters, and proof before the Court, the Court finds:

    WHEREAS, to meet the requirements of the Legislative Joint Auditing Committee, this policy is presented as a property accounting system; and,

    WHEREAS, the County Judge of Washington County, Arkansas shall prescribe and establish a uniform system of perpetual inventory for property and equipment with a central control being established and maintained in the Purchasing Department. In connection therewith, the County Judge shall:

    (1)

    Prescribe the procedure of accounting and reporting for the sale, trade-in, exchange, discarding, junking, or other disposal of property and equipment and the system for receiving credit for lost, stolen, or damaged property and equipment. All county departments shall be required to report promptly in writing to the Purchasing Department all such property or equipment, disposed of, lost, or damaged;

    (2)

    Require that the addition of all new property or equipment added, including purchase, trade-in, exchange, or transfer, or by constructing or making such property or equipment, shall be promptly reported in writing and in such detail as such be required by the Purchasing Department; and,

    (3)

    By regulation, distinguish between items or equipment, and consumable supplies or goods, and such minor tools, materials, and parts as such be deemed by him to be expended within a reasonable period of time. A record for each item of equipment (or class of equipment such as chairs or desks) with a cost of Five Hundred Dollars ($500.00) or more should be developed with the following information recorded for each item: (a) Identification and/or Serial Number, (b) Description, (c) Original Cost, (d) Date of Purchase, (e) Location; (f) Date Discarded, Destroyed or Sold; and,

    WHEREAS, when setting up an inventory system for the first time, some of the above items of information such as cost date of purchase, etc., might have to be omitted. Regardless, all equipment items should be inventoried. Every effort should be made to determine a cost of each item; and,

    WHEREAS, in connection wherewith, the County Judge prescribes the procedure of accounting and reporting for the sale, trade-in, exchange, and the system for receiving credit for lost, stolen, or damaged property and equipment with a cost of Five Hundred Dollars ($500.00) or more should be approved and confirmed.

    IT IS, THEREFORE, BY THE COURT CONSIDERED, ORDERED, AND ADJUDGED that an inventory record policy for Washington County, by Washington County, with a cost of Five Hundred Dollars ($500.00) or more be and hereby is approved and confirmed in all respects.

    IT IS SO ORDERED.

    ________________________________
    Charles A. Johnson, County Judge