1. Accounts Receivable The business uses accrual accounting, and therefore subsidiary ledgers are to be kept...

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1. Accounts Receivable The business uses accrual accounting, and therefore subsidiary ledgers are to be kept for Accounts Receivable transactions. Debtor statements are to be reconciled to Subsidiary Ledger accounts monthly and discrepancies referred to S Golden. Issuing Invoices: The business is registered for GST and issue Tax Invoices for sales transactions Debtor management procedures: A review of outstanding debtors is to be completed at the end of each month. The collection policy for any outstanding balances is as follows: Account overdue 0 - 30 days Account overdue 31 - 60 days Account overdue 61 - 90 days Account overdue 90+ days Invoice sent to customer with month end statement Send a letter or write an email to ask if there is a problem with the account and if they would like a payment plan set up A phone call will be made to negotiate payment, and if no payment is received within negotiated timeframe a letter of demand will be sent to the customer asking for payment within 14 days or make arrangements for a Payment Plan. Forward to debt collection agency All long term debt repayment plans need to be negotiated with and approved by the Accountant. Bad and Doubtful Debts Bad Debts are those that are unable to be collected due to bankruptcy or debtor being untraceable. The write-off of the outstanding debt is to be approved by S Golden. Upon approval the bad debit is to be written off to the Bad Debts expense account. A Doubtful Debt Provision of 2% of Accounts Receivable as at 30 Jun is to be raised in the accounts. 123 TMP C - Assessment Task - Portfolio of Evidence Accounts Receivable Summary Five copies of the Accounts Receivable Summary need to be prepared. They need to be distributed to the Sales Manager, Sales Supervisor, CEO, Accounts Receivable Officer and Accountant 2. Accounts Payable The business uses accrual accounting, and therefore subsidiary ledgers are to be kept for Accounts Payable transactions. All cheques and electronic payments are to be signed off by S Golden. Cheque requisitions are required for cheques over $50. Creditor statements are to be reconciled to Subsidiary Ledger accounts monthly and discrepancies referred to S Golden. Creditor management procedures: A review of outstanding creditors is to be completed at the end of each month. The policy for any outstanding balances is as follows: Account overdue up to 30 days Account overdue 60+ days Statement to be requested, and account paid immediately after approval by S Golden Report detailing the reason account remains unpaid to be submitted to S Golden Where there is an issue regarding a supplier invoice having errors the supplier must be contacted via email with a request for the invoice to be reissued, advising of the missing information. If the supplier will not reissue the invoice then the issue needs to be escalated to the Accountant. Account Receivable Reconciliation 30 June 2023 - Aged Schedule Account Number Account Name Total Due Current 31-60 Days 61 - 90 Days 90+ days 0 - 30 days 1-2000 Tablelands Maize 14,978.40 1-2000 Lamb Lamont 9,000.00 14,978.40 9,000.00 1-2110 Delightful Diner 1,680.00 1,680.00 1-2120 Jim's Buffet 5,400.00 5,400.00 Grand Total Balance per GL $ 31,058.40 $ 31,058.40 23,978.40 1,680.00 5,400.00 0.00 $ 31,058.40 0.00 Account Number Account Payable Reconciliation 30 June 2023 - Aged Schedule Account Name Total Due 2-2000 Bevan's Wholesalers 8,634.00 2-2000 Bright and Shiny Ltd 13,200.00 Current 0 - 30 days 8,634.00 13,200.00 31-60 Days 61 - 90 Days 90+ days 2-2011 Bevan's Wholesalers 8,310.00 8,310.00 2-2012 Optus (Account in dispute) 210.00 210.00 Grand Total Balance as per GL $ 30,354.00 $ 30,354.00 21,834.00 8,310.00 210.00 0.00 0.00 Refer to Policies and Procedures Action Required for Debtors Outstanding Greater Than 30 days Account Number Account Name 1-2110 Delightful Diner 1-2120 Jim's Buffet 1-2000 First Clas Total Due Action Required 1,680.00 On 5 June 2023 - Send a letter or writte an email to ask if there is a problem with the account and if they would like a payment plan to set up Previous Actions Invoice sent to custumer with month end statement 5,400.00 On 7 June 2023 - A phone call will be made to negotiate payment, and Send a letter or write an email to ak if there is a problem with the payment is received whithin negotiable timeframe, a letter of deman account and if they would like a payment plan set up. will be sent to the customer asking for payment whithin 14 days or make arrangements for payment plan 600 On 13 June - Forward to debit collection agency A phone call will be made to negotiate payment, and if no payment is received whithin negotiable timeframe, a letter of demand will be sent to the customer asking for payment whithin 14 days or make arrangements for payment plan Reasons for Creditors Outstanding Greater Than 30 days Account Number 2-2011 2-2012 Account Name Bevan's Wholesalers Optus (account in dispute) Total Due 8,310.00 Reason Invoice No. 365 blance of 6,120.00 Invoice No. 378 blance of 2,190.00 210.00 Invoice No. April A/c - In Dispute 1. Accounts Receivable The business uses accrual accounting, and therefore subsidiary ledgers are to be kept for Accounts Receivable transactions. Debtor statements are to be reconciled to Subsidiary Ledger accounts monthly and discrepancies referred to S Golden. Issuing Invoices: The business is registered for GST and issue Tax Invoices for sales transactions Debtor management procedures: A review of outstanding debtors is to be completed at the end of each month. The collection policy for any outstanding balances is as follows: Account overdue 0 - 30 days Account overdue 31 - 60 days Account overdue 61 - 90 days Account overdue 90+ days Invoice sent to customer with month end statement Send a letter or write an email to ask if there is a problem with the account and if they would like a payment plan set up A phone call will be made to negotiate payment, and if no payment is received within negotiated timeframe a letter of demand will be sent to the customer asking for payment within 14 days or make arrangements for a Payment Plan. Forward to debt collection agency All long term debt repayment plans need to be negotiated with and approved by the Accountant. Bad and Doubtful Debts Bad Debts are those that are unable to be collected due to bankruptcy or debtor being untraceable. The write-off of the outstanding debt is to be approved by S Golden. Upon approval the bad debit is to be written off to the Bad Debts expense account. A Doubtful Debt Provision of 2% of Accounts Receivable as at 30 Jun is to be raised in the accounts. 123 TMP C - Assessment Task - Portfolio of Evidence Accounts Receivable Summary Five copies of the Accounts Receivable Summary need to be prepared. They need to be distributed to the Sales Manager, Sales Supervisor, CEO, Accounts Receivable Officer and Accountant 2. Accounts Payable The business uses accrual accounting, and therefore subsidiary ledgers are to be kept for Accounts Payable transactions. All cheques and electronic payments are to be signed off by S Golden. Cheque requisitions are required for cheques over $50. Creditor statements are to be reconciled to Subsidiary Ledger accounts monthly and discrepancies referred to S Golden. Creditor management procedures: A review of outstanding creditors is to be completed at the end of each month. The policy for any outstanding balances is as follows: Account overdue up to 30 days Account overdue 60+ days Statement to be requested, and account paid immediately after approval by S Golden Report detailing the reason account remains unpaid to be submitted to S Golden Where there is an issue regarding a supplier invoice having errors the supplier must be contacted via email with a request for the invoice to be reissued, advising of the missing information. If the supplier will not reissue the invoice then the issue needs to be escalated to the Accountant. Account Receivable Reconciliation 30 June 2023 - Aged Schedule Account Number Account Name Total Due Current 31-60 Days 61 - 90 Days 90+ days 0 - 30 days 1-2000 Tablelands Maize 14,978.40 1-2000 Lamb Lamont 9,000.00 14,978.40 9,000.00 1-2110 Delightful Diner 1,680.00 1,680.00 1-2120 Jim's Buffet 5,400.00 5,400.00 Grand Total Balance per GL $ 31,058.40 $ 31,058.40 23,978.40 1,680.00 5,400.00 0.00 $ 31,058.40 0.00 Account Number Account Payable Reconciliation 30 June 2023 - Aged Schedule Account Name Total Due 2-2000 Bevan's Wholesalers 8,634.00 2-2000 Bright and Shiny Ltd 13,200.00 Current 0 - 30 days 8,634.00 13,200.00 31-60 Days 61 - 90 Days 90+ days 2-2011 Bevan's Wholesalers 8,310.00 8,310.00 2-2012 Optus (Account in dispute) 210.00 210.00 Grand Total Balance as per GL $ 30,354.00 $ 30,354.00 21,834.00 8,310.00 210.00 0.00 0.00 Refer to Policies and Procedures Action Required for Debtors Outstanding Greater Than 30 days Account Number Account Name 1-2110 Delightful Diner 1-2120 Jim's Buffet 1-2000 First Clas Total Due Action Required 1,680.00 On 5 June 2023 - Send a letter or writte an email to ask if there is a problem with the account and if they would like a payment plan to set up Previous Actions Invoice sent to custumer with month end statement 5,400.00 On 7 June 2023 - A phone call will be made to negotiate payment, and Send a letter or write an email to ak if there is a problem with the payment is received whithin negotiable timeframe, a letter of deman account and if they would like a payment plan set up. will be sent to the customer asking for payment whithin 14 days or make arrangements for payment plan 600 On 13 June - Forward to debit collection agency A phone call will be made to negotiate payment, and if no payment is received whithin negotiable timeframe, a letter of demand will be sent to the customer asking for payment whithin 14 days or make arrangements for payment plan Reasons for Creditors Outstanding Greater Than 30 days Account Number 2-2011 2-2012 Account Name Bevan's Wholesalers Optus (account in dispute) Total Due 8,310.00 Reason Invoice No. 365 blance of 6,120.00 Invoice No. 378 blance of 2,190.00 210.00 Invoice No. April A/c - In Dispute