Companies rely on the controller to be able to bill, collect, and reconcile accounts in a timely, accurate manner. Any breakdown in these systems can lead to cash shortages, delayed payments, angry vendors, and unpaid accounts. To ensure that your accounting department runs efficiently, you need controls and processes that streamline each of these functions. In Controller's Role in Cash, Credit, and Collections, Steven Bragg walks you through the challenges that you face in executing these tasks, helping you to lay out a plan to effectively control the flow of cash and credit within your business. You'll learn about basic cash management issues, cash forecasting, petty cash, reconciliation, credits and collections, accounting for bad debt, invoicing, billing, and much more. In the end, this course will assist you in grasping one of the most important aspects of the controller's job - maintaining systems that keep a healthy flow of cash and prompt collections.
This course covers material also contained in The New Controller Guidebook.
Upon successful completion of this course, participants will be able to:
- Recognize the function of a bank statement, the process of reconciling cash, and the related issues that continually arise as a part of the bank reconciliation.
- Recognize the characteristics of and accounting for petty cash.
- Recognize the accounting for negative cash on the balance sheet.
- Identify common controls to manage cash assets.
- Recognize ways to measure receivables and adjust credit rules to reduce risk.
- Identify various credit terms and cash acceleration techniques.
- Recognize the purpose and methods for estimating the allowance for doubtful accounts.
- Recognize the process for creating and issuing customer invoices and how to account for them.
- Identify the key types of billing controls.
Table of Contents
Chapter 1 – Cash Management
Overview of the Bank Reconciliation
The Bank Reconciliation Procedure
Bank Reconciliation Problems
The Bank Reconciliation Statement
Accounting for Petty Cash
The Cash Forecast
Negative Cash on the Balance Sheet
Cash Record Keeping
Chapter 1 Review Questions
Chapter 2 – Credit and Collections Management
Credit Terms and the Cost of Credit
Other Cash Acceleration Techniques
The Allowance for Doubtful Accounts
The Direct Write-Off Method
Credit and Collection Controls
Chapter 2 Review Questions
Chapter 3 – Billing Management
Structure of the Invoice
Accounting for Billings
Accounting for Sales Taxes
Chapter 3 Review Questions
Review Question Answers and Rationales
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