Mountainview Software Sales makes all sales on credit, so virtually all cash receipts arrive in the mail. Linda Holcomb, the company president, has just returned from a trade association meeting with new ideas for the business. Among other things, Holcomb plans to institute stronger internal controls over cash receipts from customers.
Required
Take the role of Linda Holcomb, the company president. Write a memo to employees outlining procedures to ensure that all cash receipts are deposited in the bank and that the total amounts of each day's cash receipts are posted to customer accounts receivable.