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    (C2) Flowchart Instructions

    Uploaded by

    mdhardyman
    Charting, Inc. processes sales and cash receipts in the following way: 1) The mail clerk opens mail and prepares remittance advices which are forwarded to the sales supervisor and then accounting supervisor. 2) The accounts receivable clerk posts payments, endorses checks, and prepares daily deposits. 3) Sales clerks prepare invoices for cash and credit sales. The cashier receives payments, validates invoices, and forwards cash and invoices to accounts receivable. 4) The accounts receivable clerk balances cash received, posts transactions, and files reports. Cash is then deposited at the bank daily.

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    Download as DOCX, PDF, TXT or read online from Scribd

    (C2) Flowchart Instructions

    Uploaded by

    mdhardyman
    222 views1 page
    Charting, Inc. processes sales and cash receipts in the following way: 1) The mail clerk opens mail and prepares remittance advices which are forwarded to the sales supervisor and then accounting supervisor. 2) The accounts receivable clerk posts payments, endorses checks, and prepares daily deposits. 3) Sales clerks prepare invoices for cash and credit sales. The cashier receives payments, validates invoices, and forwards cash and invoices to accounts receivable. 4) The accounts receivable clerk balances cash received, posts transactions, and files reports. Cash is then deposited at the bank daily.

    Original Description:

    (C2) Flowchart Instructions (1)

    Original Title

    (C2) Flowchart Instructions (1)

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    Charting, Inc. processes sales and cash receipts in the following way: 1) The mail clerk opens mail and prepares remittance advices which are forwarded to the sales supervisor and then accounting supervisor. 2) The accounts receivable clerk posts payments, endorses checks, and prepares daily deposits. 3) Sales clerks prepare invoices for cash and credit sales. The cashier receives payments, validates invoices, and forwards cash and invoices to accounts receivable. 4) The accounts receivable clerk balances cash received, posts transactions, and files reports. Cash is then deposited at the bank daily.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    222 views1 page

    (C2) Flowchart Instructions

    Uploaded by

    mdhardyman
    Charting, Inc. processes sales and cash receipts in the following way: 1) The mail clerk opens mail and prepares remittance advices which are forwarded to the sales supervisor and then accounting supervisor. 2) The accounts receivable clerk posts payments, endorses checks, and prepares daily deposits. 3) Sales clerks prepare invoices for cash and credit sales. The cashier receives payments, validates invoices, and forwards cash and invoices to accounts receivable. 4) The accounts receivable clerk balances cash received, posts transactions, and files reports. Cash is then deposited at the bank daily.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    Course: Accounting and Payroll Systems / Systems-Accounting Cycle

    Assignment: (C2) Flowcharting




    The following is a narrative of the procedures involved in the processing of a company's sales and
    cash receipts.

    Charting, Inc., processes its sales and cash receipts documents in the following manner:

    Receipts on account. The mail is opened each morning by a mail clerk in the sales department. The
    mail clerk prepares a remittance advice (showing customer and amount paid) if one is not received.
    The checks and remittance advices are then forwarded to the sales department supervisor, who
    reviews each check and forwards the checks and remittance advices to the accounting department
    supervisor.

    The accounting department supervisor, who also functions as credit manager in approving
    new credit and all credit limits, reviews all checks for receipts on past due accounts and then forwards
    the checks and remittance advices to the accounts receivable clerk, who arranges the advices in al-
    phabetical order. The remittance advices are posted directly to the accounts receivable subsidiary
    ledger cards. The checks are endorsed by stamp and totaled. The total is posted to the cash receipts
    journal. The remittance advices are filed chronologically.

    After receiving the cash from the previous day's cash sales, the accounts receivable clerk
    prepares the daily deposit slip in triplicate. The third copy of the deposit slip is filed by date, and the
    second copy and the original accompany the bank deposit.

    Sales. Salesclerks prepare sales invoices in triplicate. The original and second copy are presented to
    the cashier. The third copy is retained by the salesclerk in the sales book. When the sale is for cash,
    the customer pays the salesclerk, who presents the money to the cashier with the invoice copies.

    A credit sale is approved by the cashier from a credit list after the salesclerk prepares the
    three-part invoice. After receiving the cash or approving the invoice, the cashier validates the original
    copy of the sales invoice and gives it to the customer. At the end of each day the cashier recaps the
    sales and cash received and forwards the cash and the second copy of all sales invoices to the
    accounts receivable clerk.

    The accounts receivable clerk balances the cash received with cash sales invoices and
    prepares a daily sales summary. The credit sales invoices are posted to the accounts receivable
    subsidiary ledger, and then all invoices are sent to the inventory control clerk in the sales department
    for posting to the inventory control cards. After posting, the inventory control clerk files all invoices
    numerically. The accounts receivable clerk posts the daily sales summary to the cash receipts journal
    and sales journal and files the sales summaries by date.

    The cash from cash sales is combined with the cash received on account to comprise the daily
    bank deposit.

    Bank deposits. The bank validates the deposit slip and returns the second copy to the accounting
    department, where it is filed by date by the accounts receivable clerk. Monthly bank statements are
    reconciled promptly by the accounting department supervisor and are filed by date.

    REQUI RED
    In an effort to better understand the sales and cash receipts system, a flowchart has been
    started using excel.

    Complete the excel flowchart of Charting, Inc. by labeling the appropriate symbols (the
    unlabeled symbols are coded in yellow) and by adding any missing information flow lines. The chart
    is complete as to symbols; do not add any additional symbols. Be sure to complete both pages of the
    flowchart.

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