Accounts Receivable Control Procedure Homework Help
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Need of Accounts Receivable Control Procedure
The risk of fraud, error and loss in the case of business data is become frequent these days. Lack of heavy security systems and humongous data with productivity are a few reasons. So a book keeping and accounting system is needed to be secured. In order to do that a few internal control procedures have been installed for accounts receivable. Our team made for Accounts Receivable Control Procedure homework Help is efficient enough to deliver the information about such protocols. In Accounts Receivable Control Procedure it is ensured that the sales invoice is recorded and proper payment can be received from the customers as per the agreed terms of business.
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Procedures controls taken for accounts receivable
Control over accounts receivable is important and initiates right when the customer invoice is generated. Then they look after the maintenance of the accounts receivable. The methods of cash payments and credit memos are introduced in order to eliminate the receivable accounts. There are certain key controls which needs consideration. They are
1. Credit approval before shipment: If an order is shipped to the customer with bad credit rating, it will get difficult for the company to achieve receivable accounts from them. So, over any amount, it is important duty of the credit department to get approval on all sales order.
2. Verification of contract terms: Sometimes due to unusual payment terms a customer refuses to pay. So, it is important to verify the contract terms before finalizing anything.
3. Invoice proofreading: If there is an anomaly regarding a huge amount in the invoice, the customer may hold the payment unless and until a new invoice is generated and sent to him/her. So a proofreading won’t hurt beforehand.
4. Authorized credit memos: Sometimes incoming customer payments in cash can be intercepted by people accessing it. They rather, to cover their tracks, provide credit memos. This anticipation can be avoided it there is an approved proof by the manager to generate credit memo that can be verified by the internal auditing staff at a later stage.
5. Restriction of access to billing software: With large data it is difficult to keep everything handmade. Much software has been introduced to maintain the data. This software should be password protected as they can certainly be used for theft purposes.
6. Separate duty responsibilities: If one person is responsible for the payment received throughout the process, the chances of covering the tracks after a theft are easy. That is why separate tasks are to be provided to separate people in order to keep it discreet. In our sections of Accounts Receivable Control Procedure homework Help, we describe many responsibilities that the assigned to the staff.
7. Account receivable journal entries verification: there should not be a manual journal entry throughout the process. As the accounts receivable pass though the sales journal section in the accounting software and its own accounting entries are generated, it should be kept separate.
8. Audit invoice packets: Document entities like sales order, credit authorization, bill of landing and invoice copies should be kept securely in packets or file after the invoices are completed. To ensure the reviews of the billing clerk, an internal audit staff should verify these documents. Our Accounts Receivable Control Procedure homework Help team experts have worked as internal auditors in many firms.
Our Accounts Receivable Control Procedure homework Help team is expert in these procedure controls and hence can deliver a world class written subject in a convincingly format.
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