Test Prep Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. This preview shows page 25 - 27 out of 50 pages. PREPARE CASH DISBURSEMENT. The cash disbursements clerk receives the AP packetand reviews the documents for completeness and clerical accuracy. For eachdisbursement,the clerk prepares a checkand recordsthe check number, dollar amount,and other pertinent data in the check register, which is also called thecashdisbursements journal. Figure 5-11 shows an example of a check register. Depending onthe organization’s materiality threshold, the check may require additional approval bythe cash disbursements department manager or treasurer. The negotiable portion of thecheck is mailed to the supplier; a copy of it is attached to the AP packet as proof ofpayment; and a check copy is filed in the department. The clerk marks the documents inthe packet paid and returns them to the AP clerk. Finally,the cash disbursements clerksummarizes the entries made to the check register and sends a journal voucherwith thefollowing journal entry in to the general ledgerfunction: Dr. AP/Cr. CashUPDATE AP RECORD.Upon receipt of the paid AP packet, the AP clerk removes theliabilityby debiting the vendor’s AP subsidiary ledger account. The AP packet is then We have textbook solutions for you! The document you are viewing contains questions related to this textbook. Refrigeration and Air Conditioning Technology Silberstein/Tomczyk Expert Verified filed in theclosed AP file, and an account summary is prepared and sent to the generalledger function.POST TO GENERAL LEDGER.The general ledger function receives thejournal voucherfrom cash disbursementsand theAP account summaryfrom accounts payable. Thevoucher shows the total reductions in the firm’s obligations and cash accountas a resultof payments to suppliers.These numbers are reconciled with the AP summary, and theAP control and cash accounts in the general ledger are updated accordingly. Theapproved journal voucher is then filed. This concludes the cash disbursementsprocedures.Physical SystemsPhysical accounting information systemsare a combination of computer technology andhuman activity. Systems at different points on the continuum operate differently andpresent different internal control issues. The objectives of this section are to: (1)illustrate AIS functionality and work flow patterns under different levels of technology,and (2) demonstrate how the internal control profile changes as the technology/humanmix changes.BASIC TECHNOLOGY EXPENDITURE CYCLEBasic Technology Purchases Processing SystemINVENTORY CONTROL.The process begins when theinventory control clerkprintspurchase requisitions from his PC by accessing the purchase requisition file. One copy ofthe requisition is sent to the purchasing department, and one copy is placed in thehardcopy open purchase requisition file. Note that toprovide proper authorizationcontrol, the inventory control department is segregated from the purchasingdepartment, which executes the purchase transaction. Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 50 pages? Upload your study docs or become a Course Hero member to access this document Professor Dr.DavidReppenhagen Tags batch processing, master file We have textbook solutions for you!The document you are viewing contains questions related to this textbook. The document you are viewing contains questions related to this textbook. Refrigeration and Air Conditioning Technology Silberstein/Tomczyk Expert Verified Newly Uploaded DocumentsNewly Uploaded DocumentsWhich department performs the reconciliation of the cash disbursement journal voucher and the account summary from accounts payable department?Response: The general ledger department receives journal vouchers from inventory control, accounts payable, and cash disbursements. With these summary figures, the general ledger clerk verifies that a. total obligations recorded equal total inventories received.
Is accounts payable cash disbursement?Accounts payable, or A/P, is closely tied to cash disbursements, and most transactions are processed through A/P when a cash payment is made. Proper documentation is part of an effective cash disbursement function, and all cash disbursements must be recorded on the company's financial records.
Which department checks disbursement vouchers and maintains both the voucher register and general ledger *? Vouchers Payable System Under this system, the AP department uses cash disbursement vouchers and maintains a voucher register. After the AP clerk performs the three-way match, he or she prepares a cash disbursement voucher to approve payment.
What are the steps taken in the cash disbursement system?These steps include vendor account reconciliation, cash management techniques, and payment authorization. Cash management is the careful oversight of cash balances, forecasted cash payments, and forecasted cash receipts to insure that adequate cash balances exist to meet obligations.
|
The general ledger function receives the ap account summary from cash disbursements.
zusammenhängende Posts
Urheberrechte © © 2024 toptenid.com Inc.
