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UNIT 4 REVENUE AND RECEIPT,

UNIT 4 REVENUE AND RECEIPT

ORDERING

Docs

Controls

CREDIT MANAGEMENT

Docs

Controls

DISPATCH

Docs

Controls

INVOICING

Docs

Controls

REVENUE RECORDING

Docs

Controls

Receipts from debtors

Controls

Basics

over cash

over bank account

Docs

**SALES ADJUSTMENTS

Docs

Controls

General controls

customer order

ISO

price list

credit application form

creditor bureau info

Generate ISO
New customer - credit application
existing customer - not exceed credit limit

picking slip

DN

back order note

list of deliveries

used signed picking slip to pick
create DN
back order note if not stock available
Transfer to dispatch
gate control - guard agree goods with DN

sales invoice

price list

use signed DN from customer and ensure match ISO - generate invoice (quantity from Dn, price from price list
numerical list of DN + invoice (missing follow up)
Calculations reviewed independent

invoice

sales journal

debtor ledger

general ledger

invoice record correctly and against indiv debtor
compare invoice to DN (quantity, description, price)
trace posting
monthly statement indep person

Age analysis

monthly statement

credit bureau info

Credit application process
Id debtors to hand over to attorneys

cancelled cheque

cheque requisition

deposit slips
-[x] bank statement/ confirm letter

cash book

bank recon

cash register reading

cash advance docs

cash summaries

receipts

cash counts

segregate duties
keep different money apart
proper stationery control
safeguard money

cashier balance daily
compare cash with supp docs
cashier responsible own funds/ float
supervisor over cashiers
bank cash soon
Petty cash - 1 person, limit amount, clear expenses, pre-number

Bank account recon with cashbook monthly
independent person writes up cashbook
review by senior indep

goods return voucher

credit note

debtor journal

general ledger

Goods returne - record, vouocher + credit note
ensure auth
segregation, formal docs, monitor + superv

Auhtorisation

Completeness

Accuracy

Recording

Accuracy

Supervision + review
segregation of duties
rotate duties
regular leave
management controls
internal audit
stationery control
scrutinise records + docs
test castings + calc

Weakness - when a control is missing

Rolling/ kiting