Final answer:
The question pertains to the retail or inventory management process of handling overage items which are surplus stock items found during inventory audits. After identifying these items, steps are taken to correct inventory records and return the items to their correct location in the store. The question also touches on the use of checks as payment and the concept of an overdraft in banking.
Step-by-step explanation:
Understanding Overage Items, Audit Procedures, and Putbacks
When discussing the process involving overage items, audit procedures, and the subsequent steps for sending items to putbacks, we are typically referring to a retail or inventory management context. An overage item is when there is more stock on hand than there is recorded in the inventory system. This discrepancy requires an audit to investigate and correct any errors. The audit procedure would involve counting the items in question, verifying them against inventory records, and identifying the source of the discrepancy, such as a receiving error or a point-of-sale system issue.
Once the audit procedure is completed, if the items are deemed to be excess, they will be processed for putbacks. This means these items will be returned to their designated location within the storeroom or sales floor. This step is crucial for maintaining accurate inventory records and ensuring that the sales floor is stocked appropriately.
Additionally, it is important to address the questions provided which can be related to retail operations but also to banking. To use a check for payment for goods and services, you need the check itself, a current account with sufficient funds, and the payee's details. When a store receives a check as payment, it deposits the check into its bank account to get the money. An overdraft occurs when someone withdraws more money from their account than is available, resulting in a negative balance.