ACC 3202 Lecture Notes - Lecture 8: Purchase Order, Sales Order
27 Mar 2017
School
Department
Course
Professor
Document Summary
If processes are inefficient or poorly managed, rslt may be unhappy customers and reduced sales. Systems and processes must be in place to capture, record, summarize, and report: collect order data, deliver goods, record receivable and bill customer, handle product returns, collect the cash, update records, cash, inventory, revenue, cogs, a/r. Price list: change frequency depending on type of company. Pick list: goes to warehouse so they know where item located and what quantity to pick from it. Shipping log: list of everything that is shipped out. Receiving log: logs in a chronological order all items you received in warehouse. Receiving report: tell you quality (damaged, good condition) If it"s a cash based transaction that you paid thru visa/ mastercard. If it"s walmart returning merch back to vendors. Who has authority to open/close bank accounts. Circumstances that may indicate risks to cash collections. Accounting chapter 8- revenue and cash collection process. Lack of consistency in volume or source of collections.
