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Revenue & Receipts Business Process - Coggle Diagram
Revenue & Receipts Business Process
General
Auditing Sales & Trade receivables
Revenue has an inherent fraud risk
Sales on credit & Cash basis
Hence, ROMM will always be attached to it
Functions of a Revenue and Receipts Cycle
Invoicing
Recording Sales and raising the debtor
Warehouse/Dispatch
Receiving and Recording Pmt from debtor
Ordering Department
Credit Management
Other activities which must be controlled
Credit notes for goods returned
Goods returned by customer
Granting discounts
Considering write off of bad debts
Documents used
Credit application form
Receipt
Statement
Delivery Note
Remittance advise
Invoice
Remittance register
Picking slip
Credit note
Internal Sales Order
Deposit slip
Customer order
Price lists
Back-order-note
Goods returned voucher
Masterfile amendment form
Logs, variance reports etc.