Details of this Paper

Hanson, Inc. is a medium-sized business which sell...




Hanson, Inc. is a medium-sized business which sells auto parts to auto repair shops in Northeast Ohio. Based upon a discussion with the cash receipts clerk, Anna, you have prepared the following summary of Hanson?s cash receipts system. Use this narrative to prepare a document flowchart to depict Hanson?s cash receipts process. Hanson, Inc. receives customer payments in the form of cash and checks received at the time of sale for in-stock parts sold to walk-in customers and customer receipts sent in the mail for parts that are ordered or for customers who purchase from Hanson on account. All receipts and remittance slips are initially forwarded to the treasurer. At the end of each day the treasurer endorses all checks by stamping them ?for deposit only? and prepares a deposit slip for the cash and checks. The treasurer also prepares a cash receipts summary report which is forwarded to the controller department. The cash receipts clerk then deposits the cash, checks, and the deposit slip at a local bank at the end of each day. When checks are received for a customer?s payment on account, a remittance slip is sent in with the payment. These remittance slips are forwarded to the accounts receivable department and are used to update the customer?s balance in the accounts receivable subsidiary ledger which then is used to update the general ledger at the end of each day. The remittance slips are stored in a filing cabinet and are filed alphabetically by customer. On a weekly basis the accounts receivable department generates an accounts receivable aging analysis using the data provided in the accounts receivable subsidiary ledger. The accounts receivable aging analysis is sent to the credit and collections department. --> Prepare the flowchart in Word (preferably), or Excel. Subject: Information Accounting Systems


Paper#5025 | Written in 18-Jul-2015

Price : $25