Financial Systems and Auditing

The ordering process begins with the decision of the customer to submit their order simply by either calling, faxing or mailing their order information. When a customer calls in their order, the customer service representatives takes down pertinent customer information, which includes the customer's name, billing and shipping address, product number and description, quantity and shipping instructions. While taking down the order, the customer service representative access the company's order entry system where inventory checks are conducted as well as credit checks are processed. In addition, delivery options are advised to the customer. Here the customer decides

The major role of the procurement department is to get the products in the door, with little concern for price, to satisfy the needs of production and engineering. There are no basic systems in place to control materials once they arrive. The expediter often typed up purchase orders for rush items, and in other cases, picked up the items and told the supplier they would receive an order confirmation from the Blozis Company supply department. Once returning to Blozis, and distracted by other issues he would forget to ask supply for a confirming order. This caused distress for the supply department clerks, as they would need to process invoices for which it had no corresponding orders. Purchase orders were often made up to match invoices if the material had obviously been received from the supplier, after the fact.

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

i – One specific transaction can be captured in the accounting information as input, process and output such as a supplier invoice. This supplier invoice would be initially recorded onto the company’s books when it reaches them, this would be the input. After this, it will be included in the summary of the general ledger accounts after being processed by double entry accounting, this would be the process. Finally, it will be displayed in financial statements such as the balance sheet and this would be the output.

The purchase order is the root to the problems in the plant that morning. Peach is incredibly upset because the order is not only seven weeks late but the order 41427 is for one of the biggest clients of the plant. Rogo starts to see the issue on page 3 of our text when Peach sits down and tells him the customer had complained very angrily the night before. Promising the customer his word he set out to disrupt the plant this morning to get the order shipped out. According to Woods Hole Oceanographic Institution a purchase order is a “legally binding document between a supplier and a buyer. It details the items the buyer agrees to purchase at a certain price point. It also outlines the delivery date and terms of payment for the buyer.” The reason the purchase order is so important is because it keeps track of what was bought and the agreement the company has with the buyer. When the agreement is not met like a late delivery it has cause to make the buyer upset such as our buyer in the

The system will automatically update data inventory for raw material once a shipment has been confirmed from an approved manager’s wireless device. The System shall provide a large data server for all invoices to be scanned in and stored for record purposes. Invoices scanned in will be stored by a Date-Time-Company Code-Order Number, as well as a search function providing employees the ability to retrieve original invoice forms. The system will update all data servers for receiving, shipping, raw materials used and final products produced continuously throughout day-to-day operations.

When a consumer purchases an item, via the internet or in store, they are not only placing an order for the item, but providing feedback into consumer trends, thus feeding the demand chain. The retailer then places an order with the distributor, who receives and processes the order. Most systems have their retailers set up with automatic credit verification and payment is processed. Once the payment has been processed the order is then packaged and shipped out to the retailer. It is shipped via truck or train to the retailers, where they take the items and

Finally, the orders process systematically provides

payment. It also includes the product, the price the customer paid as well as manufacturing

If the goods meet requirements, Woolworths processes all Trade Partner invoices as they become payable, in accordance with the Trading Terms. All payments are made via Electronic Funds Transfer (EFT). However, if the goods do not meet requirements Woolworths may claim a deduction or return them to the suppliers.

The payment is either done through credit card or wire transfer based customer convenience. The accounting department confirms the rode and sends to the supply and distribution department. The product is sent to the service department based on the bill shared by accounting department. The service department then takes care of the request and reaches out to the customer.

I wrote a purchase order for a chiller roll up access door for a data center project. A purchase order is generated by the buyer and sent to the seller. When accepted by a seller it generates a binding agreement for a set cost, quantity and terms for the materials and equipment exchanged.

Financial statements of the company are significant for the investors who would like to venture into the business operation. It gives them the insight whether the business is making profits or it is doomed to fail;

Indent or Performa invoice is the sale contract between seller and buyer in import-export business. There is slight difference between indent