ACCOUNTING DEPARTMENT WORKFLOW

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ACCOUNTING DEPARTMENT WORKFLOW Binders Needed:          Invoices/Purchase Orders/Order Forms (copies of forms) Sales Journal, Accounts Receivable (Excel spreadsheets) Purchases (copies of forms) Purchasing Journal, Accounts Payable (Excel spreadsheets) Cash Receipts and Payments Journal (Excel spreadsheets) Inventory Log (Excel spreadsheets) Tax Forms (copies of forms prepared in Excel) Payroll (Excel spreadsheets) Bank Statements (copies of bank statements) RECORDING A SALE You receive a PURCHASE ORDER or an ORDER FORM (through your website, mail, or fax) Staple the PURCHASE ORDER/ORDER FORM and INVOICE together and file in a binder in numerical order by Invoice Send the Invoice to the customer Order INVENTORY when needed Order information is entered into the SALES JOURNAL, ACCOUNTS RECEIVABLE RECORD and the INVENTORY RECORDS The Accounting Department creates an INVOICE Note: Review the Invoice binder periodically and send out overdue reminders Order Form Sales Journal DATE CUSTOMER Sale to Lizzie Grubman INVOICE # SALE AMOUNT SALES TAX TOTAL 23-Oct Lizzie Grubman 490 42.26 532.26 27-Oct Johnny Damon 1055 90.99 1145.99 Accounts Receivable Record Customer: DATE Lizzie Grubman INVOICE # 23-Oct Balance for Lizzie Grubman INVOICE AMOUNT 532.26 AMOUNT PAID INVOICE BALANCE 532.26 532.26 532.26 Accounts Receivable Controlling Record DATE CUSTOMER Balance for Lizzie Grubman BALANCE Lizzie Grubman 532.26 Johnny Damon 1145.99 Invoice MAKING A PURCHASE Your company completes a PURCHASE ORDER from another company and sends it out Keep a file copy in the PURCHASES binder You receive an invoice from the company The Accounting Department records the information in the PURCHASES JOURNAL, ACCOUNTS PAYABLE RECORD, AND ACCOUNTS PAYABLE CONTROLLING RECORD The invoice and the original purchase order is forwarded to the Bank Manager If the purchase was for inventory, update the INVENTORY RECORDS The Bank Manager pays the bill, marks it paid, and files it Purchasing Journal One purchase DATE VENDOR INVOICE # DESCRIPTION AMOUNT 21-Oct VEC Trading lamps 725 25-Oct VEC Trading lamps 825 29-Oct VEC Trading lamps 450 Accounts Payable Record Vendor Name: One purchase VEC Trading DATE INVOICE # INVOICE AMOUNT AMOUNT PAID Total Amt INVOICE BALANCE 21-Oct 725 725.00 25-Oct 825 1550.00 29-Oct 450 2000.00 2000.00 2000.00 Accounts Payable Controlling Record DATE VENDOR VEC Trading Total Amt BALANCE 2000.00 Inventory Record Item Name: Budget lamps Item #: Minimum: Description: Maximum: Purchased Date 21-Oct Unit Cost Units 10 23-Oct 25-Oct 10 27-Oct 29-Oct 10 10 200 200 17 Balance Cost of Goods Sold 100 20 Unit Cost Units 20 Total Units on Hand Sold Total 10 Value of Inventory on Hand Inventory Level 10 Unit Cost Units Total 10 100 60 40 24 240 170 70 27 270 Inventory Record Item Name: Standard Lamps Item #: Minimum: Description: Maximum: Purchased Date 21-Oct Unit Cost Units 10 23-Oct 25-Oct 25 27-Oct 29-Oct 25 25 250 250 Balance Cost of Goods Sold 250 10 Unit Cost Units 10 Total Units on Hand Sold Total 25 Value of Inventory on Hand Inventory Level 25 Unit Cost Units Total 10 250 100 150 16 400 200 200 18 450 Inventory Control DATE ITEM NAME ITEM # Quantity of Inventory on Hand linked from Individual Records QUANTITY ON HAND COST Value of Inventory on Hand linked from Individual Records TOTAL Budget lamps 27 270 Standard Lamps 18 450 Deluxe lamps 525 RECORDING CASH RECEIPTS AND PAYMENTS Each week the Bank Manager prints out a copy of the current bank transactions The Accounting Department records ALL transactions in the CASH RECEIPTS AND PAYMENTS JOURNAL in the appropriate places (as payments or receipts of cash and an explanation) If one of the invoices that you sent out has been paid, retrieve the invoice from the binder, mark it paid, and file it Update the ACCOUNTS RECEIVABLE RECORD to reflect the payment Any invoices that your company paid another company (because you purchased something from them) is updated in the ACCOUNTS PAYABLE RECORD REF # DATE DESCRIPTION CASH CASH RECEIPT PAYMENT BALANCE 0 AR CE -C O U N T S C E I V A B LE AP AC YC AO BU LEN T S S A LA R I E S PW AI TY HR -O LL HP AO YLDR OI N LLG S TE AX XP E N S E RENT U T IL IT IE S 401(E X P KE )N S E IEN X T PE ER N E SS ET OTHER Cash Receipts and Payments Journal Enter in the Receipt or Payment Enter in the Explanation EXPLANATION Accounts Receivable Record Enter in payment received Customer: DATE Lizzie Grubman INVOICE # 23-Oct INVOICE AMOUNT 532.26 AMOUNT PAID INVOICE BALANCE 532.26 532.26 532.26 Accounts Payable Record Vendor Name: Enter in amount paid VEC Trading DATE INVOICE # INVOICE AMOUNT AMOUNT PAID INVOICE BALANCE 21-Oct 725 725.00 25-Oct 825 1550.00 29-Oct 450 2000.00 2000.00 2000.00 PAYROLL The Payroll Associate completes the PAYROLL REGISTER for the pay period The original is filed in a binder and a copy is given to the Bank Manager The Bank Manager pays each employee Note: Payroll is completed twice a month The Payroll Associate creates and distributes pay stubs On the 15th of the month, the Bank Manager submits and pays the 941 tax form for the previous month All tax forms are filed in a binder Payroll Register Firm Name Semimonthly Payroll Register Pay Period: From _ To _ NAME # of W-4 HOURLY SOCIAL MEDIexemptions HOURS RATE GROSS SECURITY CARE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Taxable Fed Income 0.00 0.00 0.00 0.00 FWT FALSE FALSE FALSE FALSE SWT FALSE FALSE FALSE FALSE TOTAL DE401 (K) DUCTIONS NET PAY 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 SUMMARY      Accounts Receivable, Accounts Payable, and Inventory Records are updated as needed Payroll is completed twice a month Bank Statements should be printed out at least once a week Cash Receipts and Payments Journal should be updated each time a bank statement is printed Tax Forms should be completed according to the calendar      941 – monthly Sales tax – quarterly W2 and W3 – yearly 1040 individual tax return – yearly 1120 Corporate tax return – yearly [...]... TOTAL 1 Budget lamps 27 270 2 Standard Lamps 18 450 3 Deluxe lamps 7 525 4 5 6 RECORDING CASH RECEIPTS AND PAYMENTS Each week the Bank Manager prints out a copy of the current bank transactions The Accounting Department records ALL transactions in the CASH RECEIPTS AND PAYMENTS JOURNAL in the appropriate places (as payments or receipts of cash and an explanation) If one of the invoices that you sent out
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