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Revenue & Receipts - Coggle Diagram
Revenue & Receipts
Three components
Receipts from debtors
Sales adjustments
Credit sales
Credit sales
Five areas
Invoicing
Recording
Dispatch
Credit management
Ordering
Documentation
Sales Adjustments
Credit note returns and allowance journals
Debtors journal
Good returned vouchers
General ledger
Ordering function
Documentation
Price lists
Credit application form
Internal sales order
Credit Bureau iformation
Customer order
Process
Order received- internal sales order created
Internal sales order should
Specify quantity ordered
Contain prices as per official price list
Contain customer details
Be authorised by a credit/ sales manager
Be numerical
Different process for new or existing customers applying for credit
Dispatch function
Documentation
Delivery note
Back-order note
Picking slip
List of deliveries
Process
Manual function
After goods picked- creates delivery note
If goods out of stock create back order note
Person responsible for picking goods uses a signed copy of the picking slip
Transfer to dispatch to be packed and delivered with delivery note
Delivery note should be
Be signed as acknowledgement f receipt of goods
Recorded in register to be matched with goods
Describe the quantity and the goods
Issued in duplicate copy
Sequentially numbered
Gate control
Guard should count the goods + agree with DN and sign
Agree quantity on DN to quantity being delivered
Invoicing function
Documentation
Sales invoice
Price lists
Process
On return of signed delivery note by customer:
DN matched with ISO + invoice generated
Numerical list of DN's + invoices frequently produced + missing numbers followed up
Quantities on invoice obtained from DN
Price on invoice obtained from official price list
Calculations reviewed by independent person
Recording function
Invoices recorded + accurately entered against correct debtor
Compare invoice to DN and check:
Quantity
Description
Prices
Complete regular sequence checks + follow up on missing/ duplicate numbers
Trace posting: Sales journal- debtors ledger- general ledger
Monthly statements sent out by independent person
Credit management
Documentation
Age analysis
Monthly statement
All documents kept in the cycle are relevant