Disposal Management
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PROCTER & GAMBLE VIETNAM LTD.
STANDARD OPERATION PROCEDURE
Title: ASSET DISPOSAL MANAGEMENT PROCEDURE.
Document no.
FA - GJ - 01- 99
Page 1 of 2 Issued date:
June-01-1999
Prepared by:
Quach Thuy Linh
Concurred by :
Nguyen Thi Dieu Tran Vu Trong Tai Nguyen Quang
Chi
Purchasing Manager HR Manager RM Manager
Approved by:
Phan Quang Truc
GL Manager
Distribution : All departments
REV. No DATE NATURE OF REVISION REVISION DUE
00 New
DisposalManagement.doc QTL
I-Purpose:
Define a process for disposing or scrapping assets to make sure that we are able to control and account for
the company’s properties exactly.
II-
Roles/Responsibilities:
1. Asset originator : prepares Fixed assets disposal order (FADO) or non-fixed assets disposal request and
get approvals from proper management.
2. Fixed Assets Accountant (FA Accountant): provides the asset information such as fixed assets or not
fixed assets, original cost, net book value,…He or she will make entries to write off it in asset book when
receives approved FADO form.
3. Purchasing: seek scrap buyers or disposal contractors, provide cost of reselling based on net book value
of fixed assets.
4. Human Resources : concur and recommend addresses for donation.
5. Risk management : concur on physical disposal method to make sure it is safe after physically disposed
process.
III-
Authorization level:
Level of approvals should be consistent with Delegation of Authority policies ( Expense receipt column in
Authorization limits list if it is non-fixed assets).
Approval of FADO should be signed by Board of Directors to comply with Vietnamese regulation.
IV-
Procedure:
1. Identify disposed assets and prepare request form
The originator will check with FA accountant by email to clarify whether asset is fixed asset or not.
- If it is fixed asset, the originator will fill in FADO form with assets’ specifications, accounting status
provided by FA accountant and get authorized approval.
The fixed assets regarding to production line must get approvals of TSO or Operation Manager.
- If it is not fixed asset, the originator will fill in Asset disposal request and get authorized approval.
Please be noted that disposal methods must be concurred by Risk Management.
2. Issue disposal request
PROCTER & GAMBLE VIETNAM LTD.
STANDARD OPERATION PROCEDURE
Title: ASSET DISPOSAL MANAGEMENT PROCEDURE.
Document no.
FA - GJ - 01- 99
Page 2 of 2 Issued date:
June-01-1999
Prepared by:
Quach Thuy Linh
Concurred by :
Nguyen Thi Dieu Tran Vu Trong Tai Nguyen Quang
Chi
Purchasing Manager HR Manager RM Manager
Approved by:
Phan Quang Truc
GL Manager
Distribution : All departments
REV. No DATE NATURE OF REVISION REVISION DUE
00 New
DisposalManagement.doc QTL
-The originator (if Asset disposal request) or FA accountant (if FADO form) transfers a copy of
disposal request to Purchasing ( if selling), Human Resources ( if donation) or Risk management (if
scrapping).
- The original copy of FADO form will be kept by FA accountant in order to make entries writing off
fixed asset in Asset book.
3. Physical disposition
- The originator will collect sales contract from Purchasing( if selling), support documents( received
voucher or receipt) from HR ( if donation) or confirmation from Risk management ( if scrapping). Then the
originator will inform to FA accountant after the asset is physically disposed .
- The originator is responsible for the whole disposal process and make sure the asset is already
taken out of company.
- AR miscellaneous accountant makes entries for collecting money from selling .
This SOP will be effective from June 01
st
, 1999.
