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41問 • 2年前

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This include the tasks involved in receiving and processing a customer order, filling the order and shipping products to the customer, billing the customer at the proper time and correctly accounting for the transaction.

sales order procedures

REVENUE CYCLE 1. receipt of a customer order 2. a copy of sales order is placed in the customer order file for future reference after creating it 3.checking customer’s creditworthiness 4.the receive order tasks sends the sales order (credit copy) to the check credit task for approval 5.The returned approved sales order then triggers the continuation of the sales process by releasing sales order information 6.The receive order activity forwards the stock release document to the pick goods function in the warehouse. 7.After picking the stock, the order is verified for accuracy and the goods, along with the verified stock release document, are sent to the ship goods task. 8.the warehouse employee adjusts the stock records to reflect the reduction in inventory. 9.Before the arrival of the goods and the verified stock release document, the shipping department receives the packing slip and shipping notice from the receive order function 10.Upon receiving the goods from the warehouse, the shipping clerk reconciles the physical items with the stock release, the packing slip, and the shipping notice to verify that the order is correct 11.Once the goods are transferred to the carrier, the shipping clerk records the shipment in the shipping log, forwards the shipping notice and the stock release to the bill-customer function as proof of shipment, and updates the customer order file to reflect the “shipped” status of the transaction 12.The shipment of goods marks the completion of the economic event and the point at which the customer should be billed. 13.the billing function awaits notification from shipping before it bills. 14.Upon credit approval, the bill-customer function receives the sales order (invoice copy) from the receive order task. 15.This document is placed in an S.O. pending file until the receipt of the shipping notice, which describes the products that were actually shipped to the customer.

receive order, check credit, pick goods, ship goods, bill customers

- The sales process begins with the ______ indicating the type and quantity of merchandise desired.

receive order, receipt of a customer order

The _____ captures vital information such as the customer’s name, address and account number; the name, number and description of the items sold; and the quantities and unit prices of each item sold.

sales order

After creating the sales order, a copy of it is placed in the _______ for future reference

customer order file

- is updated each time the status of the order changes, such as credit approval, on back-order, and shipment.

customer order file

Once a ______ is set, however, credit checking on subsequent sales may be limited to ensuring that the customer has a history of paying his or her bills and that the current sale does not exceed the pre- established limit.

credit limit

Before processing the order further, the customer’s creditworthiness needs to be established. The circumstances of the sale will determine the nature and degree of the credit check.

check credit

The _______ is an authorization control and should be performed as a function separate from the sales activity.

credit approval process

the ____________ tasks sends the _____ (credit copy) to the________task for approval.

receive order, sales order, check credit

The returned _____________ then triggers the continuation of the sales process by releasing sales order information simultaneously to various tasks.

approved sales order

The____________ forwards the stock release document to the _______$ function in the warehouse.

receive order activity, pick goods

This document identifies the items of inventory that must be located and picked from the warehouse shelves.

stock release document

It also provide formal authorization for ________ to release the specified items.

warehouse personnel

After picking the stock, the order is verified for accuracy and the goods, along with the verified stock release document, are sent to the ______

ship goods task

warehouse employee adjusts the _______ to reflect the reduction in inventory.

stock records

____________function maintains the formal accounting inventory records.

inventory control

Before the arrival of the goods and the verified stock release document, the___________ receives the packing slip and shipping notice from the receive order function

shipping department

The ___________ will ultimately travel with the goods to the customer to describe the contents of the order.

packing slip

The shipping notice will later be forwarded to the _______ function as evidence that the customer’s order was filled and shipped

billing

Upon receiving the goods from the warehouse, the ___________ reconciles the physical items with the stock release, the packing slip, and the shipping notice to verify that the order is correct.

shipping clerk

The________ function thus serves as an important independent verification control point and is the last opportunity to detect errors before shipment.

ship goods

- is a formal contract between the seller and the shipping company (carrier) to transport the goods to the customer. -This document establishes legal ownership and responsibility for assets in transit.

bill of lading

Once the goods are transferred to the carrier, the shipping clerk records the shipment in the shipping log, forwards the shipping notice and the stock release to the _________ function as proof of shipment, and updates the customer order file to reflect the “shipped” status of the transaction.

bill-customer

The ____________marks the completion of the economic event and the point at which the customer should be ______

shipment of goods, billed

the billing function awaits notification from _______ before it bills.

shipping

Upon credit approval, the ________ function receives the sales order (invoice copy) from the receive order task.

bill-customer

The ___________ is the customer’s bill which formally depicts the charges to the customer.

completed sales invoice

the billing function performs the sending of the __________ to the update inventory records task; forwarding the _____________to the update accounts receivable task; records the sale in the ____________.

stock release document, ledger copy of the sales order, sales journal

is a special journal used for recording completed sales transactions.

sales journal

The ___________ function updates inventory subsidiary ledger accounts from information contained in the stock release document.

inventory control

Customer records in the (AR) subsidiary ledger are updated from information provided by the sales order.

update accounts receivable records

The inventory control function updates inventory subsidiary ledger accounts from information contained in the stock release document.

update inventory records

By the close of the transaction processing period, the ___________ function has received journal vouchers from the billing and inventory control tasks and an account summary from the AR function.

general ledger

An organization can expect that a certain percentage of its sales will be returned

sales return procedure

SALES RETURN PROCEDURE

prepare a return slip, prepare a credit memo, approve credit memo, update sales journal, update inventory and AR records, update general ledger

CASH RECEIPTS PROCEDURE

open mail and prepare remittance list, record and deposit check, update AR records, update general ledger, reconcile cash receipts

________ contain information needed to service individual customer accounts.

remittance advices

route the checks and remittance advices to an administrative clerk who endorses the check “for deposits only” and reconciles the amount on each remittance advice with the corresponding check.

mail room personnel

A ________ verifies the accuracy and completeness of the checks against the prelist. Any checks possibly lost or misdirected between the mail room and this function are thus identified.

cash receipt employee

Periodically, a clerk from the controller’s office reconciles cash receipts by comparing the following documents: (1) copy of the prelist; (2) deposit slips received from the bank , and (3) related journal vouchers.

reconcile cash receipts

CFAS

Ceejay · 8問 · 2年前

CFAS