You are the Accounts Clerk for B2B Enterprises.You have been asked to complete the banking questions and bank reconciliation tasks below.To Do all tasks, the B2B EnterprisesOrganisationalPolicies and Procedures (extract) and Chart of Accounts can be referred to in Appendix 1 at the end of this document.

Question 1

According to B2B Enterprises Policies & Procedures - Banking security procedures andAuthorisations, who is required to carry out the following tasks? Do the table below.

Task	Position/Name
Identify and obtain proof of EFTPOS deposits
Cash receipts over $2,000
Signing of cheques over $2,000
Sign petty cash vouchers and related cheques

Question 2

1. B2B Enterprises received the following sales on 14^th January 20xx. Check all receipts contain the correctauthorisation according toOrganisational Policies & Procedures.

Receipt	11		Receipt	12
Date:	14/01/20xx		Date:	14/01/20xx
From:	J Turner		From:	V Schulz
Sum of:	$44.95		Sum of:	$15.46
For:	Cash sale		For:	Cash sale
Paid by:	Cash		Paid by:	EFTPOS
Per	Accounts clerk		Per	Accounts clerk
Receipt	13		Receipt	14
Date:	14/01/20xx		Date:	14/01/20xx
From:	P McGuinness		From:	J Kings
Sum of:	$31.15		Sum of:	$28.75
For:	Cash sale		For:	Cash sale
Paid by:	EFTPOS		Paid by:	Cash
Per	Accounts clerk		Per	Accounts clerk
Receipt	15		Receipt	16
Date:	14/01/20xx		Date:	14/01/20xx
From:	L Andrews		From:	J McCarthy
Sum of:	$63.50		Sum of:	$87.55
For:	Cash sale		For:	Cash sale
Paid by:	Cheque no 134-977-013, 632210 ABC Bank		Paid by:	Cheque no 101-344-977, 632212 ABC Bank
Per	Accounts clerk		Per	Accounts clerk

1. Do the Bank Deposit slip below for the above receipts. Electronic payments (EFTPOS) will be processed automatically by the bank overnight.

Home-Grown Bank	Andrews St, Adelaide	BANK DEPOSIT SLIP
B2B Enterprises	011-647-995	Date:
Drawer	Bank	Branch	$Amount
Paid in by:		Subtotal
		Cash (notes & coins)
		Cheques
		Total Deposit

Question 3

In the space provided below,according to B2B Enterprises Policies & Procedures, use correct spelling and grammar to list two banking security and safety procedures staff must follow when going to the bank to make deposits and/or withdrawals.

1
2

Question 4

Perform the Bank Reconciliation Statement process using correct terminology for the month of September. Documents provided below - August Bank Reconciliation Statement, September Bank Statement, September Cash Journals.

• August - Bank Reconciliation Statement

B2B Enterprises - Bank Reconciliation Statement at 31 August 20xx
		$
Balance as per Bank Statement		2,450	Credit
Deposits not yet credited		1,020
		3,470
Unpresented cheques No 114 200
No 117 75
No 119 35
No 120 54
No 121 198
No 122 230		792
Balance as per Cash at Bank account		$2,678	Debit

• September - Bank Statement

BANK STATEMENT - TRUST ME BANK

Date	Particulars	Debit	Credit	Balance
		$	$	$
Sept 1	Balance			2,450 Cr
1	Deposit		1,020	3,470 Cr
2	Deposit		465	3,935 Cr
3	124	210		3,725 Cr
3	114	200		3,525 Cr
5	Deposit		380	3,905 Cr
7	120	54		3,851 Cr
8	122	230		3,621 Cr
9	Deposit		1,000	4,621 Cr
10	T Kearney (Dishonoured cheque)	220		4,401 Cr
12	125	400		4,001 Cr
12	123	220		3,781 Cr
14	Deposit		360	4,141 Cr
15	Interest on debentures (MUTUAL)		150	4,291 Cr
15	Deposit		200	4,491 Cr
17	129	150		4,341 Cr
19	Deposit		126	4,467 Cr
20	121	198		4,269 Cr
22	Bank charges	15		4,254 Cr
23	Deposit		400	4,654 Cr
23	131	30		4,624 Cr
26	117	75		4,549 Cr
27	Deposit		300	4,849 Cr
29	132	200		4,649 Cr
30	128	602		4,047 Cr

• September - Cash receipts and Cash payments journals

Cash Receipts Journal		Cash Payments Journal
DATE-Sep	Particulars	BANK $	DATE-Sep	Cheque No:	BANK $
2	Deposit	465	1	123	220
5	Deposit	380	3	124	210
9	Deposit	1,000	7	125	400
14	Deposit	360	11	126	150
15	Deposit	200	13	127	40
19	Deposit	126	14	128	602
23	Deposit	400	17	129	150
27	Deposit	300	20	130	110
30	Deposit	200	23	131	30
			25	132	200
			28	133	125
			30	134	500
Total			Total

• September - Cash at Bank Ledge

Bank General Ledger using template below.

B2B Enterprises General Ledger (extract)

Bank

Date	Details	Folio	Debit	Credit	Balance
Sept.1	Balance

• September - Bank Reconciliation Statement

Bank Reconciliation Statementusing template below.

B2B Enterprises - Bank Reconciliation Statement at 30 September 20xx
		$

Question 4.1a

In accordance with organisational policies and procedures, check the General Ledger posting entries below for accuracy and errors. Correct any identified errors in the General ledger accounts provided.

GENERAL LEDGER - B2B Enterprises
Interest Received-Revenue	4040
Date-Sep	Details	Jrnl Ref	Debit	Credit	Balance	DR/CR
15	Bank	CRJ	150		150	DR

Bank Charges-Expense	8040
Date-Sep	Details	Jrnl Ref	Debit	Credit	Balance	DR/CR
22	Bank	CPJ	15		15	DR

Question 4.1b

Consult the policies and procedures for appropriate person to approve Bank reconciliation statement/correction of errors.

• Required, indicate person's name and position in below table

Name	Position

To begin the plan for end of period reporting, write a request to the accountant to approve Septemberbank reconciliation statement and September General Ledger corrections. Follow the below dot points as a guide, no more than one paragraph.Ensure the use of correct spelling and grammar.

• Address the recipient professionally...
• Start with what you need...
• Explain why you need it...
• Show your enthusiasm for their response...
• Conclude your message.

Write request here...

Question 5

File all completed documents in accordance with B2B Organisational Policies & Procedures (upload in LEARN).

Appendix 1 - B2B Organisational Policies & Procedures (extract)

CHART OF ACCOUNTS

Account #	Account Name		Account #	Account Name
	Current Assets			Owners' Equity
1010	Bank		3010	Capital
1020	Petty Cash		3020	Drawings
1030	Deposits from Customers		3030	Retained Earnings
1040	Accounts Receivable			Income
1050	Inventory/Stock		4010	Sales
1060	Prepaid Expenses		4015	Sales Returns
1070	Accrued Revenue		4020	Service Fees
1080	GST Paid		4030	Discount Received
	Non-Current Assets		4040	Interest Received
1100	Land		4050	Commission Received
1150	Buildings		4060	Rent Received
1200	Investments			Cost of Goods Sold
1300	Motor Vehicle		5000	Purchases
1310	M.V. Accumulated Depreciation		5010	Purchase Returns
1400	Plant and Equipment			Selling Expenses
1410	P.E. Accumulated Depreciation		6020	Advertising
1500	Office Equipment		6030	Delivery expenses
1510	O.E. Accumulated Depreciation		6040	Sales wages
1600	Furniture and Fittings		6050	Motor Vehicle expenses
1610	F.F. Accumulated Depreciation			Administration Expenses
			7010	Electricity
	Current Liabilities		7020	Insurance
2020	Accounts Payable		7030	Internet/Phone
2030	Credit Card		7040	Salaries/Wages
2040	GST Collected		7050	Depreciation
2050	Accrued Expenses		7060	Rent expenses
2060	Prepaid Revenue		7070	Stationery and Printing
2070	Short term loan		7080	Postage
			7090	Staff expenses
	Non-Current Liabilities		7100	Rates and Taxes
			7110	Commission expenses
2210	Mortgage			Financial Expenses
2220	Car loan		8010	Bad Debts
2230	Long term loan		8020	Discount Allowed
			8030	Interest expenses
			8040	Bank Charges

Student storage and submissions

Storage Method - Saved and uploaded to LEARN

• Backed up to an external storage system

Documentation and format - Store all required documents

• Word, and/or Spreadsheet

Organisational Structure - B2B

• Jared Peterson - Owner
• Allison Peters - Manager
• Lois Bach - Accountant
• Stephanie Coulson - Accounts Clerk/Administration

Storage and Filing Procedures - Company

Storage Methods and Format

• Offsite storage
  • Original hard copies
• External cloud storage system
  • Digital copies
    • At the end of the month all correctly filed documentation to be scanned, compressed, and backed up.

Documentation to be stored - including but not limited to:

• Source documents
  • Invoices, receipts, bank statements, cheque books
• Company generated reports
  • Trial Balances, Bank reconciliations, Financial Reports
• Correspondence from external sources
  • Emails and records of adjustments
• Other required documents

Data Entry Policy(Input Standards)

B2B policy requires staff to process all data entry within the authorised timeframe of two working days.This includes processing journal entries, preparing and sending invoices, processing purchase orders, processing adjustments, and preparing bank deposits. Any transactions that cannot be processed within the policy timeframe must be referred to the Manager or Accountant.

Cash Management Procedures

The Accounts Clerk is responsible for receiving money - cash, cheque, credit card. They are required to maintain and reconcile the float and ensure that there is enough money for each day. Two staff members are required to count cash, cheques, and receipts in a secure location such as a locked office. This is required to done at different times or when necessary to change cash drawers, to ensure that a pattern is not followed.

Banking Security and Safety

The following procedures must be followed:

• Accounts clerk to prepare, check bank deposits and file proof of lodgement of cash, credit.
• (Storage according to B2B Filing Procedures).
• All bank deposits authorised by the Accountant.
• Identify and obtain proof of EFTPOS deposits verified by the Accountant.
• Staff going to the bank must take a different route daily when making deposits and withdrawals.
• Staff going to the bank must leave at a different time daily when making deposits and withdrawals.

Authorisations:

• Transactions (other than cheques) over $2,000 must beauthorised by the Manager.
• Cheques over $2,000 must be signed by the Owner.
• The Accounts Clerk isauthorised to:
  • Process transactions up to $2,000
  • Sign petty cash vouchers and related cheques.
• Bank reconciliations approved by the accountant.

Customer Payments

Customer payments received should be checked against the original invoice to ensure that amount paid is the correct total.

If the amount received does not match the original invoice the customer must be contacted by phone or email to verify the difference. If the difference is equal or less than $10 the amount can be written off as a discount and approved by the Owner.

Accounts Payable Payments

All purchases and expenses invoices need to be checked against the original order for accuracy and the correct amount received.

Statements received from suppliers must also be checked before payment is authorised. The supplier must be contacted if any errors or discrepancies are discovered. A new statement must be requested before payment is made.

Accounting Errors

They include data entry errors, such as typos; errors of commission, such as using the wrong general ledger account number; errors of omission, such as neglecting to record a transaction; and errors in principle, such as recording a purchase as an expense rather than an asset.

To correct accounting errors -errors in principle.Add correcting entries. In the General Journalreverse the incorrect entry and use a second entry to record the original transaction.

To correct authorisation errors - advise the correct person. Correct the error in the original source document before recording the transaction into a journal entry.

Correction of identified accounting errors approved by the accountant. Accounting corrections must follow double-entry accounting key principles.

Bank Reconciliation Process(Input Standards)

1. Check for sequence and continuity of bank statements, especially from the previous period.
2. Update the books of the business
   • Work through the Bank Statement, item by item, start to end, checking and ticking the items that appear in both sets of records. If an item appears on the bank statement but is missing from the cash journals, record transaction in the business accounts and tick in both places.
   • Deposits listed in the Credit column of the Bank Statement
     1. = should reflect deposits listed in the Bankcolumn of the Cash Receipts Book
     2. = Outstanding Deposits in the previous period's Bank Reconciliation Statement.
   • Payments listed in the Debit column of the Bank Statement
     1. = should reflect cheques listed in the Bank column of the Cash Payments Book
     2. = Unpresented cheques in the previous period's Bank Reconciliation Statement.

When you reach the end of the Bank Statement, all items on the Bank Statement should be ticked.

However, there will be unticked items in the cash books.

1. Circle any unticked items remaining in the cash journals and last month's Bank Reconciliation. These will be:
   • Amounts receipted and entered in the Cash Receipts Journal that have been deposited but have not yet appeared on the bank statement (called Outstanding Deposits), and
   • Cheques that have been drawn, and have appeared in the Cash Payments Journal, but have not yet appeared on the bank statement, called Unpresented Cheques.
2. Total the Cash Journalsand cross-balance (including circled amounts).
3. Prepare the Bank Ledger
   • Post the total cash receipts and cash payments to the Bank account and determine the balance of the ledger account.
4. Prepare Bank Reconciliation Statement
   • The Bank Reconciliation Statement will explain the difference between the closing Cash Balanceand the closing balanceon the Bank Statement.
     1. Commence with the CLOSING BALANCEas per the Bank Statement.
     2. Adjust for the amounts of "Outstanding Deposits" and "Unpresented Cheques"
     3. CHECK that the Bank Reconciliation and Cash Balance Summary agree.

Answer rating: 100% (QA)

ANSWER Here are the responses to the tasks Question 1 TaskPositionName Identify and obtain proof of EFTPOS depositsAccountant Cash receipts over 2000M... View the full answer