Each individual transaction is transferred onto the spreadsheet and numbered in order of date spent starting with the earliest date from the prior week. Once this is all transferred the balance on the spreadsheet should be the same as the balance in the petty cash book. I then send this off via email to my accounting department. I print out a hard copy for our records and then post the actual receipts to the accounting head office to be checked individually. If they wish to enquire about a transaction or clarify why a expenditure occurred they contact me directly so I can then give them the information required on the expenditure and take further advice from my accounting team for future reference.
The year-end bank reconciliations are usually extensive audit and using analytical procedures are test for reasonableness of cash balances. Auditor will compare ending balances on bank reconciliation, deposits, any outstanding checks, and other reconciliation items. In order to audit any cash in the bank, the
Extra observance by the internal auditor is given to payroll to maintain integrity in the transfer of funds to the general account to cover payroll expense. Payroll is authorized and collected through a time clock and authorized by supervisors. Personnel approve all new hires and payroll changes. After funds have been transferred from the general account to the employees’ account by electronic fund transfer, Mary Costain, the treasurer, compares the payroll register with the transfer
The assets on the sheet are company holdings. The liabilities are the salaries, accounts payable, and notes payable. The balance sheet is a quick look at the company as a whole at any time which is usually over a specific period of time. The balance sheet should be available on demand for accounting managers to make decisions on where the company stands on dispensable cash and what can be used to purchase materials for inventory. The statement of cash flow tracks all the cash moving in a company during a specific accounting period.
D. Available evidences regarding clearing of payments or transactions that took place between when the mailed payments were received and the specific dates when the payments were posted in the company’s bank account. In view of the above, as the CFO, accounts receivable can be brought back in line by executing the under mentioned activities in the correct departments. 1. Preparation of aging accounts receivable schedule and to review of existing credit collection policies, standards and terms.-the finance department is responsible for this activity. The objective of this activity is to characterize existing accounts receivable and to classify them in the correct manner of current and outstanding.
Berry’s Bug Blasters Ratio Analysis Memo ACC/291 Principals of Accounting II MEMO To: Berry’s Bug Blasters CEO From: Accounting Dept (Team B) Date: September 16, 2013 Re: Ratio Analysis Accounting Team B conducted a ratio analysis of Berry’s Bug Blasters to express the relationships among selected items of financial statement data. Ratios express mathematical relationships between one and another is expressed in terms of percentage, rate, or simple proportion. We used ratios to evaluate liquidity, profitability, and solvency. Listed below are the findings from the ratio calculations. The analyses reveal many things about the company’s financial position and performance, and also which users are interested in each type of ratios.
Utilization of Budgets and Pro-Forma Statements, Ensuring Adequacy of Funds As stated in Rollins a pro forma financial statement is defined as "a financial statement prepared on the basis of some assumed events and transactions that have not yet occurred” (2012). In essence businesses will complete a financial statement utilizing forecasts and historical data to determine how their financial position would look at the end of a fixed period of time. Pro-forma statements can be useful for a number of different aspects of financial planning, but primarily for balance sheets and income statements. When preparing a pro-forma statement, the basis or beginning balances are derived current financials, while projections may be derived from; historical performance or expenditures, market analysis, known capital investments, or other inbound/outbound revenue or costs that can be reasonably provided. While historical statements or actual statements are hard data sets based upon actual numbers, pro forma statements, while the same in appearance allow management the opportunity to make
Find the difference 3. Cutoff Each cash receipt should be entered in the cash Trace recorded cash receipts at the end of receipts journal the day it arrived. Cash receipts Financial statements period and at the cutoff should be internally verified. beginning of the next period to bank deposits on the bank statement 4. Realizable value Cash receipts records should be internally verified Evaluate whether the allowance is adequate With Prelisting of cash receipts including consideration of the
WEEK 2 DAY 7 ASSIGNMENT MANDRESS LACY XACC/280 JULY 22, 2012 JARRAME BOWERS WEEK 2 DAY 7 ASSIGNMENT In looking into the general goals of financial reporting you come to understand that they are to keep accurate financial records of a company, maintain and adhering to all of the principles of accounting. In performing the assignment, the steps taken were first to make entries for the fictitious company that were accurate and fully explained in numbers the financial transactions. Once I completed this step, I then rechecked the information that I concluded and then entered them into the general ledger. Some people would think that this step was not important but it is and it is very helpful. That last step taken was the trial balance
The description for this position is, Accountants within Fairway Management apply the principles of accounting in analyzing financial information for a portfolio of Fairway managed entities in order to prepare monthly financial statements. They prepare financial reports that are required by management and legal mandates for current reporting and future projections. Accountants also maintain and update records used in the financial management of the business. The responsibilities for this job are Preparing monthly financial statements for a portfolio of FWM properties according to established policy and procedures. Review financial summary reports and other reports as needed to accompany monthly financial statements.