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 .