CHAP 6: REVENUE SYSTEM Flashcards
4 main stage in revenue system
- Ordering
- Despatch and invoicing
- Recording
- Cash collection
Document of ordering
- sales orders/
customer orders
Document of despatching and invoicing
Goods despatched:
- Goods despatched records/notes
- Sales invoices
Return of goods:
- Goods returned notes
- Credit notes
Document of recording
Recording invoices:
- Nominal ledger accounts
- Receivable ledger
Document of cash collection
- Cheque
- Cash book
- Receivable Ledger
- Monthly statement to the customers
- Bank reconciliation
Key risk của ordering
accepting customers who are a poor credit risk and not fulfilling orders.
Key control của ordering
authorising credit terms to customers and ensuring orders are matched with production orders and despatch records.
Liệt kê 4 risk của ordering
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Key risk of despatch and invoicing
Despatching goods to a customer but not invoicing for them
Key control of despatch and invoicing
Matching despatch records to invoices
7 risk of despatch and invoicing
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Key risk của recording
failure to record sales so that payment is not prompted( khách trả mà quên ghi)
Key control of recording
Sent out statement to customer( đối chiếu công nợ với khách)
5 risk of recording
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Key risk của cash collection
cash is misappropriated ( biển thủ) before recording and/or banking
