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control and sales revenue accounts. The accounting department
supervisor approves all monthly summary entries before posting to
the general ledger.
The controller approves all cash refunds and allowance credit memos
for sales returns, after initiation by customer service.
Cash Management
The monthly bank statements are mailed to the controller’s office.
Duplicate deposit slips are retained and used when bank deposits are
made, the cash receipts
journal listing, and the cash disbursements listing to reconcile the
general bank accounts. The payroll bank account is also reconciled,
utilizing the payroll register
retained by the controller’s office.
The assistant controller oversees all cash management and activity,
including the performance of the bank account reconciliation for each
bank account held by
the company. The assistant controller compares the cash receipts
journal and daily deposit records with the bank deposits and duplicate
deposit slips during the
bank account reconciliation.
Internal auditors will randomly review the bank account
reconciliations.
Cash Receipts and Accounts Receivable Processing
All cash receipts from customers related to sales are credited to
accounts receivable individual and control accounts. Cash receipts are
received by mail and
opened by the office secretary. The office secretary prepares the cash
receipt listing and daily deposit. A copy of the cash receipt listing and
duplicate deposit
slip is sent to the controller’s office. Another copy of the cash receipt
listing and the remittance advice are sent to the accounts receivable
clerk for posting.
The accounts receivable department posts credits to individual
customer accounts, dating the entries with the date of the remittance
advice and cash receipt
listing received.