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    Standard

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    ramen pandey
    This standard operating procedure outlines the IOU management process for Unicorn Industries Ltd. It states that IOUs, which are equivalent to cash loans, should be kept low to reduce working capital requirements. The SOP applies to all departments and sets a maximum IOU amount of 10,000 Taka, requiring management approval above this limit. It describes controls for issuing, adjusting, and reconciling IOUs to ensure proper management of company funds.

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    Standard

    Uploaded by

    ramen pandey
    25 views2 pages
    This standard operating procedure outlines the IOU management process for Unicorn Industries Ltd. It states that IOUs, which are equivalent to cash loans, should be kept low to reduce working capital requirements. The SOP applies to all departments and sets a maximum IOU amount of 10,000 Taka, requiring management approval above this limit. It describes controls for issuing, adjusting, and reconciling IOUs to ensure proper management of company funds.

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    This standard operating procedure outlines the IOU management process for Unicorn Industries Ltd. It states that IOUs, which are equivalent to cash loans, should be kept low to reduce working capital requirements. The SOP applies to all departments and sets a maximum IOU amount of 10,000 Taka, requiring management approval above this limit. It describes controls for issuing, adjusting, and reconciling IOUs to ensure proper management of company funds.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    25 views2 pages

    Standard

    Uploaded by

    ramen pandey
    This standard operating procedure outlines the IOU management process for Unicorn Industries Ltd. It states that IOUs, which are equivalent to cash loans, should be kept low to reduce working capital requirements. The SOP applies to all departments and sets a maximum IOU amount of 10,000 Taka, requiring management approval above this limit. It describes controls for issuing, adjusting, and reconciling IOUs to ensure proper management of company funds.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 2

    STANDARD OPERATING

    Unicorn Industries Ltd


    PROCEDURE

    Distribution

    1.Accounts(Factory & DOHS office)


    Title I OWEYOU(IOU) MANAGEMENT
    2.Admin

    3.Operational Manger
    4.CEO

    Purpose: IOU itself equivalent to liquid cash so keeping it low as much as possible will
    result in less working capital requirement and to run the operation smoothly.

    Scope: This SOP will be followed by accounts and all departmental head through Operational
    manager and admin.

    The SOP will be effective from --- before which training of the relevant personnel must be
    completed.

    Responsibility: Accounts in –charge/Manager/Head of accounts, cashier, admin and


    operational manager will be responsible for proper execution of this SOP.

    Description
     IOU would be only applicable for any expenditure which requires cash in advance for
    incurring any expenditure in an emergency basis and which will be settled through
    submitting actual bill.
     Maximum amount of TK 10,000 will be issued through IOU. If any requirement exceed
    the limit then formal approval from management would be required.

    Originated by: Reviewed by: Approved by: SOP No:


    PT-001.01

    Version:01 Date of issue Supersede no: N/A Date of revision:


    STANDARD OPERATING
    Unicorn Industries Ltd
    PROCEDURE

    Distribution

    1.Accounts(Factory & DOHS office)


    Title I OWEYOU(IOU) MANAGEMENT
    2.Admin

    3.Operational Manger
    4.CEO

     No employee can use IOU for pursuing their personal requirements.


     Any New IOU in the name of any employee would not be issued unless last one adjusted
    and if required then approval stating special consideration from CEO needed.
     Any IOU should be adjusted within 10 days of issue otherwise that amount would be
    deducted from his/her salary who has taken.
     IOU should be properly filled up with the signature of receiver.
     Every IOU should be checked by operational manager and approved by CEO.
     Manager (Accounts) should review the IOU status in every week.
     Total IOU should not exceed the limit of TK 200,000.If it exceed then approval needed
    from management.
     There should be an “adjusted” seal on IOU or torn of IOU when approved bill submitted
    against any specific IOU or any employee could take IOU which has taken in his name
    when everything settled against the specific IOU
     There should be a monthly reconciliation of IOU by accounts and need to be properly
    documented.
     Accounts manager will review the weekly IOU status and if any IOU exceeds the budget
    limit then he/she will contact with relevant person and make it solved. He/she will inform
    CEO if the problem is not solved and follow up it until it is solved.

    Originated by: Reviewed by: Approved by: SOP No:


    PT-001.01

    Version:01 Date of issue Supersede no: N/A Date of revision:

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