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. It is important that as the team leader for the home I support our accounting team to keep accurate petty cash records for the team as this is how they can monitor expenditure, set budgets and reclaim expenses against any profit made from the business as a whole. It is also a legal requirement as a business that we keep accurate records for any governmental department that may wish to audit the
Accounts payable are recorded in the general ledger and reflected onto the balance sheet. Because Accounts payable involve paying suppliers with checks, it is vital for a company to have good internal controls. There are several fraudulent activities that can occur within this department such as: Forgery - check tampering schemes in which an employee intercepts a company check intended for a third party and converts the check by signing the third party’s name on the endorsement line of the check. Check tampering - a form of fraudulent disbursement in which the perpetrator converts an organization’s funds by forging or altering a check drawn on one of the organization’s bank accounts, or steals a check the organization has legitimately issued to another
Each process needs an adequate trail to avoid arithmetical errors or typos. This is a long, drawn out process, but it is needed to ensure the accuracy of our financial statements. Finally, I believe there should be a control in place for our credit department. If a customer wishes to be billed on credit, the request must go from sales to the credit department electronically. This way it is easily traceable to avoid bogus
Without this we wouldn’t be able to show what is going on in the business at the end of the year at tax time. The management information system will keep records of all our customers that come in on a daily basic to purchase or if they happened to go online we will have it all store there in their name. (Rainer, 2011)If they happened to come in and don’t have a receipt we would be able to go in our filing system and look their name and she if they have purchase that particular item from the store. Finally but last we will be using this system to keep everything on our business for our records. This is executive dashboard which will be used to file all our information of what is going on in the record
All information that is stored electronically should be password incripted and only accessable to staff with the password. All other sensitive information should be kept secure by it up in a secure room such as a staff office or even in a seperate building. 2.3 Describe features of manual and electronic information storage systems that help ensure security. As described above, manual storage systems for information are generally lockable areas such as filling cabinates and lock boxes. Electronic storage systems such as computers and laptops all have the option of having passwords which should be updated and changed monthly to ensure that the information is always secure and not avaialble to anyone accept for current members of staff.
By implementing the new recommendations this will save time and money to Riordan’s employees when time to consolidate end of the month processes. Human Resources The Human Resources Information System is very important to companies and all of their employees. The Human Resources Information System has sensitive information such as social security numbers, addresses, and phone numbers of each employee. Not only do they have that sensitive information, they handle payroll for the whole business. Paid employees are happy employees.
My chart of accounts would include Cash, Accounts Receivable, Accounts Payable, Equipment, Supplies and Salaries and Wage expense. If I operated a merchandising firm, the chart of accounts would also include Inventory, Sales Revenue, Sales Returns and Allowances, Sales Discounts and Cost of Goods Sold. A CPA would have to perform more functions in the reconciliation of financial records. In my company I would utilize the Accounting Information System to ensure the accuracy of accounts and to make sure all transactions are collected and processed so that I can review the Income Statement in a timely fashion. I would also utilize the segregation of duties to ensure no one person can defraud the company by being allowed to record and control assets.
Accounting Angel Martinez Acc 11/28/2011 Accounting Accounting requires collecting information and displaying it on statements so that business decisions can be made for the future of a company. The purpose of accounting is to document what the company is spending and what revenue is being collected. Accounting provides a business with correct and documented information on what is profitable and what is negative. Without accounting, businesses can not prosper or make decisions on growth or downsizing. Accounting requires that all transactions be recorded to ensure accuracy when giving financial details to board members, stock holders, and the IRS for tax purposes The income statement posts revenues and expenses.
They send a notice to customers who have returned checks. The notice is generated by your program and includes the bank account number, account holder’s name, number of returned checks, and the total returned check fee. The management team at your bank knows you are a professional and understands the program you deliver to them will include comments to document what is happening and proper labels for all the
Employees must respect the clients’ information and the bank’s reputation. Bank employees must keep accurate records, use bank computers appropriately, and be honest when questioned and when no one is watching. Respect Others The handbook asks customers to “deal with others—including your fellow employees and our customers, vendors, shareholders and competitors—as you would like