A business needs a set of well-designed procedures to ensure that its transactions are completed in a uniform manner. These procedures can eliminate inefficiencies, reduce the possibility of fraud, and decrease the number of transaction errors. This course will help you establish effective systems and improve accounting controls. You'll learn about the procedures and forms needed for all of the major accounting and other functional areas of a business, including order entry, shipping, billing, cash receipts, accounts payable, payroll, and more.
Upon successful completion of this course, participants will be able to:
- Cite the situations in which procedures should or should not be employed, and the best procedure format to use. Also note the constituencies most interested in the development of procedures.
- Specify the uses of order forms and return merchandise authorizations, and the application of verification techniques in the order entry process flow.
- Identify the clauses and documents used in a credit review, as well as the triggering events for credit changes.
- Specify the documents required in the shipping process flow.
- Cite the flow of documents required to produce a customer invoice.
- Specify the uses to which a credit memo can be put, and the positions involved in the collection process.
- Identify the steps in the cash receipts process flow.
- State the authorizing documents used to order goods and services, as well as the steps in the purchasing process.
- Specify the control points in the analysis and processing of procurement card statements.
- Identify allowable items to include in an expense report and situations in which per diem payments are made.
- Recognize the situations in which the petty cash amount should be altered, and actions to take if a variance is found.
- Recognize the documents used to control the inflow of goods to a business, and the contents of inventory tags.
- Specify the reasons for using three-way matching and the variations on this concept to improve the processing of payables, as well as the use of adjustment letters.
- Identify the reasons for verifying count tags and the uses to which a cycle counting report can be put.
- State the differences between a timesheet and timecard and note the contents of an employee record. Also recognize the types of employee pay deductions.
- Cite the reasons for using a capital request form, the steps required to dispose of a fixed asset, and whether to engage in a post installation review.
- Identify how investable cash is calculated, the use of a cash concentration account, and when to distribute inter-company cash.
- Identify the situations in which subsidiary ledgers are closed, when approvals are needed before financial statements can be issued, and the approval process for EDGARizing financial statements.
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