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.
Statements of accounts receivable balances are mailed to customers each month by the accounts receivable accounting department. Customers’ reports of