12 20 restrict the use of journal entries

... to the rush basis of the payment, it is common for the accounting person to forget to make the entry into the computer system, which throws off the bank reconciliation work at the end of the ... through the originating bank via the ACH network to the receiving bank, which posts the payment and then forwards the remittance information in the message to the seller The primary purpose of the ... for the name of the initiating party, which appears in the information transmitted by the bank The result is a callback to the company, asking for the detail so the supplier can properly post the...

Ngày tải lên: 20/06/2014, 18:20

... delivery person, who then brings the truckload of goods to the customer The customer counts the amount received The delivery person calls up the amount of the delivery on the screen of the portable computer, ... only the time and effort of printing the statements, but also eliminate the cost of the special form used to print the statements, as well as the cost of stuffing them in envelopes and mailing them ... that the invoice will be lost in the mail, either due to a problem at the post of ce or because the recipient’s address has changed Further, there are delays at the receiving company, while the...

Ngày tải lên: 20/06/2014, 18:20

... kinds of investments can be used, thereby keeping the investment of cer focused on a specific set of investment options Once the investment policy is in place, the investment of cer can use it ... ongoing developments in the marketplace, rather than in accordance with the dictates of the budget Though the main focus of this best practice is to reduce the complexity of the budget model, it ... the supplier In any of these cases, the cash management staff will take an inordinate proportion of its time to process the movement of funds There must be an easier way There is, and it is the...

Ngày tải lên: 20/06/2014, 18:20

... statements can be off by a significant amount The core document used by the logistics department that drives the accuracy of the inventory is the bill of material This is a listing of the components ... because of one major issue—some of the recommended changes require the complete cooperation of the sales manager, who will probably actively resist at least a few of them Accordingly, the duration of ... commission, the extent of any split commissions, and their amounts Further, given the volume of invoices and the complexity of calculations, there is almost certainly an error every month, so the sales...

Ngày tải lên: 20/06/2014, 18:20

... activities to parallel ones 12 18 Create a closing schedule 12 19 Document the process 12 20 Restrict the use of journal entries 12 21 Train the staff in closing procedures 12 22 Use cycle counting to ... portion of the total number of journal entries Nonetheless, by setting up recurring entries in the computer, there are fewer journal entries to make The only problem with using recurring entries ... on the documentation process, it is possible to more rapidly institute changes to the overall process Cost: Installation time: 12 20 Restrict the Use of Journal Entries Journal entries can be the...

Ngày tải lên: 20/06/2014, 18:20

... does not allow the journal entry feature to be restricted to one person—this depends on the type of computer security system included in the software Restricting the use of journal entries leads ... 14–5 Use data warehouse for report distribution 14–6 Use forms/rates data warehouse for automated tax filings 14–7 Use the general ledger as a data warehouse General 14–8 Restrict use of journal entries ... permission of the corporate parent before a subsidiary alters its chart of accounts any further to requiring the substitution of the existing chart with the one the corporate parent uses The bullet...

Ngày tải lên: 20/06/2014, 18:20

... as they not exceed the physical storage area set aside for their use The company logs these items out of the storage area when it uses them and pays the supplier for the amounts used This has the ... will languish in the warehouse for years The solution is a periodic planned review of the entire range of product offerings, with the intent of eliminating the slow-moving items The accounting ... transaction entries at the time of initial occurrence as easy as possible, so there is no need for the warehouse staff to delay the data-entry task If the warehouse has a highly variable amount of transaction...

Ngày tải lên: 20/06/2014, 18:20

... written off The timing of the write-off, once again, depends on the particular circumstances of each company Some may feel that it is best to wait until the end of the year before writing off an ... loss of $9 that will require the sale of nine more units to offset the loss However, if the same product had a profit of 50 percent, it would require the sale of only one more unit to offset the ... can also add the delivery reference number used by either United Parcel Service or FedEx to the invoice Either the customer or the company can then go straight to the Web sites of either package...

Ngày tải lên: 21/06/2014, 04:20

... distribute them because the recipients are not aware of the cost of creating them A further problem is the distribution of the reports It is common for someone who does not realize the expense of distributing ... because they have no idea of when they are supposed to get rid of them By default, they typically remain in a heap in the back corner of the most distant warehouse, eating up ch10_4773.qxd 12/ 29/06 ... checks and file them away again All of this movement of paper also raises the risk that documents will be misfiled during the process of taking them out of files and then putting them back in When...

Ngày tải lên: 21/06/2014, 04:20

... period of years, while also gaining the expertise of the employees running the center The supplier can then sell the services of this group to other customers, thereby expanding the scope of the ... way to reduce the time devoted to journal entries is to create a standard set of journal entry forms These are used for the recording of standard journal entries where the amount of money to be ... Exhibit 12. 6 This exhibit clusters all of the best practices into the time before the end of the reporting period, in the midst of it, or after it The vast majority of the practices fall into the...

Ngày tải lên: 21/06/2014, 04:20

... small number of outlying dock doors available for the use of these suppliers, or by gradually eliminating them with the cooperation of the purchasing department Another issue is the use of third-party ... of them may be valid, the odds of finding an error are greatly enhanced The next step in the auditing process is discovering the nature of the problem that caused the transaction error Since the ... 16–19 Lock Down the Warehouse Area The single most important cause of inventory inaccuracy is parts ‘‘walking out of the warehouse.” This means that the physical layout of the warehouse allows anyone...

Ngày tải lên: 21/06/2014, 04:20

... activities to parallel ones 12 18 Create a closing schedule 12 19 Document the process 12 20 Restrict the use of journal entries 12 21 Train the staff in closing procedures 12 22 Use cycle counting to ... journal entries 12 7 Automate the cutoff Work Elimination 12 8 12 9 12 10 Avoid the bank reconciliation Defer routine work Eliminate multiple approvals 12 11 Eliminate small accruals 12 12 Reduce investigation ... on the Internet 12 3 Restrict the level of reporting 12 4 Write financial statement footnotes in advance 12 5 Create a disclosure committee Work Automation 12 6 Automate recurring journal entries...

Ngày tải lên: 21/06/2014, 04:20