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statements regularly.
2. Bookkeeper will reconcile bank accounts regularly.
Internal control for Purchase
1. There is a separation of duties between authorization, recording and
with vouchers.
7. All issued vouchers are accounted for in journals.
8. Voucher register is reviewed.
9. Supplies are stored in a locked area with restricted access.
10. There is a periodic independent comparison of supplies records
officer.
2. Time clock is used.
3. There is internal verification of payroll check with the payroll register
data.
4. Payroll check is signed by the owner.
5. There is a segregation of duties between journalizing of the payroll
passwords.
Transaction Cycles
Cash receipts cycle
1. The customer will pay to the cashier after the service had
been rendered.
2. The cashier will enter to the computer the amount due. Two
Purchasing Cycle
1. When materials are in its repurchase level, the cashier will
materials.
review and approval. One of the staff will shops for the
sent to the supplier, and the last copy is for the bookkeeper.
report. One copy for the bookkeeper and another for the
transaction are kept together and filed by due date. The pre-
date
2. He then forwards the copies of the voucher, the invoice from
the vendor, the purchase order and the receiving report to the
cashier.
3. The Cashier will confirm the data transcribed therein. He will
be filed numerically.
4. The Cashier will prepare a Cash Summary. Cash summary is
Report.
5. Bookkeeper record the transaction in the cash disbursement journal upon
documents which will be merged and filed according to date. The other
copy of the voucher shall be filed numerically, while the cash summary
approval of the owner and will give it to the payee. The payee
followed for the petty cash replenishment with the petty cash
Payroll Cycle
1. The owner shall approve the time cards of employees. He shall
receive their pay. After that, the Cashier shall forward the payroll
according to data.
Flowchart
2 Deposit Slip
Official Receipt
Bank
Customer
Purchasing Cycle
From Owner
1
2. Cash Voucher
Purchase Order
2. Receiving Report
By due date
File
Cash Disbursement
Bookkeeper
Voucher due date
File
Pull vouchers for paym
Cash Voucher
2. Cash Vouc
Purchase
2. Re
Cycle
Owner Cashier
Disbursement Check Check
Cash Voucher Cash Voucher
Purchase Order Cash Voucher
Receiving Report Purchase Order
Receiving Report
Sales Invoice
Sales Invoice
Approve, countersign check
nt
Stamp paid on voucher 2 and indicate payment date
er
order To Bookkeeper
eiving Report
Sales Invoice