The Simple Receipt Template supports to be downloaded in 3 formats: Word, PDF, PowerPoint. Download high-quality Simple Receipt Template for free. Performance Appraisal Planning 2016-2017 SMART Goals: A How to Guide 6 Some typical data types and data collection methods may include: DATA TYPES DATA COLLECTION METHODS Quality/accuracy ra tes Automated reports Amounts produced Audits, tests Revenue generated Surveys Productivity rates Work products, samples. Apart from the collection letters, one example that is somehow used in the same setting and is necessary for debtors and lenders is a letter of demand. It demands the subject of debt to settle the unpaid bill, which is by default, within the certain time specified and informs the debtor about the total debt value. 5.8.1.15(4) Added: DATL and DATC offers received simultaneously: 5.8.1.15 (7) Added: Offers accepted under DATL, Effective Tax Administration public policy or Doubt as to Collectibility with special circumstances based on public policy/equity are not subject to the waiver of refund condition.
Since cash is the most liquid of all assets, a business cannot survive and prosper if it does not have adequate control over its cash. Cash is the asset that has the greatest chance of 'going missing' and this is why we must ensure that we have strong internal controls build around the cash process. Since many business transactions involve cash, it is a vital factor in the operation of a business. Of all the company's assets, cash is the most easily mishandled either through theft or carelessness. To control and manage its cash, a company should:
- Account for all cash transactions accurately so that correct information is available regarding cash flows and balances.
- Make certain that enough cash is available to pay bills as they come due.
- Avoid holding too much idle cash because excess cash could be invested to generate income, such as interest.
- Prevent loss of cash due to theft or fraud.
The need to control cash is clearly evident and has many aspects. Without the proper timing of cash flows and the protection of idle cash, a business cannot survive.
Companies protect their assets by (1) segregating employee duties, (2) assigning specific duties to each employee, (3) rotating employee job assignments, and (4) using mechanical devices. This video highlights the problems and controls needed when dealing with cash:
When a merchandising company sells its merchandise inventory, it may receive cash immediately or several days or weeks later. A clerk receives the cash immediately over the counter, records it, and places it in a cash register. The presence of the customer as the sale is rung up usually ensures that the cashier enters the correct amount of the sale in the cash register. At the end of each day, stores reconcile the cash in each cash register with the cash register tape or computer printout for that register.
Did you know? The cheapest and easiest internal control test is by involving the public. If a company requires all transactions be entered in the cash register, the company can do a 'promotion' that will verify employees are following this. The promotions would be like 'If you receipt has a red star on the back, get a free cookie' or 'If you do not get a receipt, receive a free drink'. Sound familiar? The public is now looking for a receipt for each transaction and will ask if they don't receive it. The benefit of finding theft will outweigh the cost of giving away a little free food.
Template For Receipt Of Documents
Payments received later are almost always in the form of checks. Stores prepare a record of the checks received as soon as they are received. Some merchandising companies have customers send the payments directly to the bank instead of the company itself. Although businesses vary their specific procedures for controlling cash receipts, they usually observe the following principles:
- Prepare a record of all cash receipts as soon as cash is received. Most thefts of cash occur before a record is made of the receipt. Once a record is made, it is easier to trace a theft.
- Deposit all cash receipts intact as soon as feasible, preferably on the day they are received or on the next business day. Undeposited cash is more susceptible to misappropriation.
- Arrange duties so that the employee who handles cash receipts does not record the receipts in the accounting records. This control feature follows the general principle of segregation of duties given earlier in the chapter, as does the next principle.
- Arrange duties so that the employee who receives the cash does not disburse the cash. This control measure is possible in all but the smallest companies.
Companies also need controls over cash disbursements. Since a company spends most of its cash by check, many of the internal controls for cash disbursements deal with checks and authorizations for cash payments. The basic principle of segregation of duties also applies in controlling cash disbursements. Following are some basic control procedures for cash disbursements:
- Make all disbursements by check or from petty cash. Obtain proper approval for all disbursements and create a permanent record of each disbursement. Many retail stores make refunds for returned merchandise from the cash register. When this practice is followed, clerks should have refund tickets approved by a supervisor before refunding cash.
- Require all checks to be serially numbered and limit access to checks to employees authorized to write checks.
- Require two signatures on each check over a material amount so that one person cannot withdraw funds from the bank account.
- Arrange duties so that the employee who authorizes payment of a bill does not sign checks. Otherwise, the checks could be written to friends in payment of fictitious invoices.
- •equire approved documents to support all checks issued.
- Instruct the employee authorizing cash disbursements to make certain that payment is for a legitimate purpose is made out for the exact amount and to the proper party.
- Stamp the supporting documents paid when liabilities are paid and indicate the date and number of the check issued. These procedures lessen the chance of paying the same debt more than once.
- Arrange duties so that those employees who sign checks neither have access to canceled checks nor prepare the bank reconciliation. This policy makes it more difficult for an employee to conceal a theft.
- Have an employee who has no other cash duties prepare the bank reconciliation each month, so that errors and shortages can be discovered quickly.
- Void all checks incorrectly prepared. Mark these checks void and retain them to prevent unauthorized use.
In the next section, we discuss the bank checking account. If you have a personal checking account, some of this information will be familiar to you.
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Source documents are the physical basis upon which business transactions are recorded. Source documents are typically retained for use as evidence when auditors later review a company's financial statements, and need to verify that transactions have, in fact, occurred. They usually contain the following information:
A description of a business transaction
The date of the transaction Smooze 1 5 8 download free.
A specific amount of money
An authorizing signature
Many source documents are also stamped to indicate an approval, or on which to write down the current date or the accounts to be used to record the underlying transaction.
A source document does not have to be a paper document. It can also be electronic, such as an electronic record of the hours worked by an employee, as entered into a company's timekeeping system through a smartphone.
Examples of source documents, and their related business transactions that appear in the financial records, are:
Bank statement. Wolfram mathematica subscription. This contains a number of adjustments to a company's book balance of cash on hand that the company should reference to bring its records into alignment with those of the bank.
Cash register tape. This can be used as evidence of cash sales, which supports the recordation of a sale transaction.
Credit card receipt. This can be used as evidence for a disbursement of funds from petty cash.
Lockbox check images. These images support the recordation of cash receipts from customers.
Packing slip. This describes the items shipped to a customer, and so supports the recordation of a sale transaction.
Sales order. This document, when coupled with a bill of lading and/or packing list, can be used to invoice a customer, which in turn generates a sale transaction.
Supplier invoice. This is a source document that supports the issuance of a cash, check, or electronic payment to a supplier. A supplier invoice also supports the recordation of an expense, inventory item, or fixed asset.
Time card. This supports the issuance of a paycheck or electronic payment to an employee. If employee hours are being billed to customers, then it also supports the creation of customer invoices.
For example, a company is in the consulting business. it accumulates hours-worked information from employee timesheets, which is then included in customer invoices that in turn result in the creation of a sale and accounts receivable transaction. Thus, in this situation, the timesheet is the source document for a sale transaction.
There are a number of possible controls that can be used to reduce the risk that source documents are not properly recorded in an accounting system. One of the more common controls is to pre-number documents, so that missing documents are easier to track down. Another control is to reconcile the balances in accounts to the supporting source documents to see if either some documents have not been recorded, or if some transactions recorded in the accounts do not appear to have any supporting source documents.
Various regulations mandate that some source documents be retained for a number of years. It may also be prudent to retain these documents irrespective of regulations, if only to provide evidence in the event of a lawsuit, or to provide better customer service. For these reasons, a company should adopt a document destruction policy that strictly controls the shredding or other form of elimination of source documents until a certain number of years have passed.
3 1 4 Receipt Paper
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