Case Analysis : Cash Could Be Stolen For Sales Invoices And The Items Sold / Shipped

This control is directly related to the accuracy transaction-related audit objective for sales. The auditor might test the effectiveness of this control by examining a sample of duplicate sales invoices for the clerk’s initials indicating that the unit selling price was verified.

5. No because the amount of the invoice fluctuates for the same product in this type of scheme and therefore it would be difficult to figure out how much the invoice should have been made out for.

Sales invoices are prepared in batches on a daily basis using numbered sales invoices. Sales invoice numbers are automatically generated by the company’s computer system. The accounts receivable clerk does not have appropriate computer rights to override the computer-generated invoice number. Upon preparing sales invoices, the accounts receivable clerk verifies that the first invoice number of the batch is consistent with the last invoice number of the previous batch. Inconsistencies or skipped sales invoice numbers are investigated and resolved before new sales invoices are prepared. The items shipped are compared to the items billed for proper quantity, price, and other sales order terms.

All goods purchased pass through a receiving department under the direction of the chief purchasing agent. The duties of the receiving department are to unpack, count, and inspect the goods. The quantity received is compared with the quantity shown on the receiving department’s copy of the purchase order. If there is no discrepancy, the purchase order is stamped “OK—Receiving Dept.” and forwarded to the accounts payable section of the accounting

D.(2)- As goods leave the shipping dock, the system generates a bill of lading and associated sales invoice, which is automatically recorded in the sales journal.

I would like to remind every loader to please double check the invoices to the order before loading onto the trucks completely. Double checking order to their invoices will save us hours of unnecessary work and also keep us on track with productive hours.

Vendor invoice #1406 was not priced, footed, and extended. Did so now to confirm. Client paid invoice with check without evidence that this step had been done.

You don’t have to accept high A/R balances as part of doing business. Understanding the dynamic nature of your A/R and what it takes to develop stronger collections policies will help you gain more control over your cash flow and improve profit

Moreover, from the analyse tab and the function “Age”, an aging of the Accounts Receivable was performed.

Statistics indicate that collections remain stagnant if they aging AR is left unattended. Timely submission of claims, working on the rejections immediately, following up with the payers and initiating the appeals process – all these ultimately lead to increase in cash

On December 19, 2015, AP closed an internal merchandise theft case at the Bay Brossard value at $33.00. AP observed an associate select a tie and removed the price tags and then put the tie on to wear. The associate put the tickets at the cash register but did not pay for the tie. The associate exited at the end of the day still wearing the unpaid for tie.

Abstract— Consolidating the Global Positioning System(GPS) and Global System for Mobile Communication (GSM) Technology an Embedded wireless system named Theft Detection of Goods and Vehicle Tracking system is propounded. This is a long distance real time vehicle surveillance and security system. This system fulfils the critical need of continuous weight monitoring of goods in a vehicle and real time tracking if the vehicle.

Once the goods have arrived from there Auckland based suppliers and into their storeroom it is important for Cathy to consistently match together the purchase order, packing slip and invoice this way it will help ensure that the orders have been made correctly by ordering what was needed (purchase order) , whatever was received by the suppliers is exactly what was ordered (packing slip) , in addition ensuring that whatever has been paid for is what was received (invoice). This will ensure that all customers will have the best products . At the end of the accounting period this can ensure that Coffee Call will have a high profit figure

Discrepancies in stock management refers to the difference between actual quantities of stock of material available in a bar and the available quantities as per stock records . Major causes of stock discrepancies are: Any discrepancies between sales at selling price on the bar liquor stock sheet may indicate theft by employees or customers . Not taking stock takes occasionally and spontaneously. Actual liquor stock issued from the store being different from the quantity recorded . Actual quantity of liquor received from the store being different from the quantity recorded. Liquor stored at the wrong place and therefore not considered during physical stock verification . Losses during storage for reasons such as evaporation and losses handling . Errors in ascertaining quantities physically available . Receipt or issues entries made in records under

This is to certify that the work presented in the project entitled “SALES PROCEDURES AND LOGISTICS OF USHA MARTIN”