La Salle Medical Devices accounts receivable accountant has provided you with the below narrative of the accounts
Question:
La Salle Medical Devices accounts receivable accountant has provided you with the below narrative of the accounts receivable process. Please turn this into a flowchart, in the flowchart please identify the key controls and the what could go wrongs in the process. Additionally, you will be able to ask the accounts receivable accountant two clarifying questions, those questions can be asked by September 24, 2020 and the answers will help you to complete this assignment.
I receive a sales order from the sales department upon receipt of the invoice I enter into the accounting system (TBAS) the information from the sales order such as Order date, Product ID, Customer ID, Quantity, Unit Price which is all information agreed upon by the salesman and customer. The sales order ID, ship ID and invoice ID are all automatically generated and generated in numerical order. Once all the information is inputted into the TBAS the information is sent to my supervision for review. After they have reviewed the information it is sent to the shipping department to be shipped and an invoice is created and sent to the customer for payment. On a weekly basis I review the aging of the accounts receivable ledger and if there is anything outstanding for greater than one week past the due date, I will send a follow up invoice to the customer.
Fundamentals of Cost Accounting
ISBN: 978-0078025525
4th edition
Authors: William Lanen, Shannon Anderson, Michael Maher