FUNCTIONS OF THE NIGHT AUDIT MAIN PURPOSE: To verify the accuracy and completeness of guest and non-guest accounts.
|
|
- Adam Merritt
- 8 years ago
- Views:
Transcription
1 The NIGHT AUDIT - Hotels operate 24X7 so Front Office regularly review and verify the accounts. - Audit is a daily review of guest account transactions at Front Office against revenue center transactions. - Audit is performed to ensure accuracy, reliability & thoroughness of accounting system. - Audit of active non-guest accounts also. - Audit results in balanced guest & non-guest accounts, accurate account statements, credit monitoring and reports generation. Why is it called Night Audit? It is called Night Audit because it is performed at Night. In olden days, manual system was followed and nighttime was the most appropriate period for auditing due to very little business and movement. FUNCTIONS OF THE NIGHT AUDIT MAIN PURPOSE: To verify the accuracy and completeness of guest and non-guest accounts. SPECIFIC FUNCTIONS: κ Verifying posted entries to guest and non-guest accounts. κ Balancing all Front Office accounts. κ Resolving room status and rate discrepancies. κ Maintaining guest credit limits. κ Producing operational and managerial reports. The ROLE OF THE NIGHT AUDITOR ATTENTION needs to be paid to: 1. Accounting details, Procedural controls, Guest credit restrictions. 2. Nature of cash transactions. 3. Tracking room reservation and related statistics. 4. Daily summary of cash and credit activities at front desk. 5. Reporting results of operation to the management. ESTABLISHING AN END OF THE DAY Generally night shifts are from 11pm to 7am. End of the day is the closing time of the majority revenue outlets.
2 CROSS-REFERENCING -For internal control purposes, an accounting system should provide independent supporting documentation (e.g. a coffee shop guest check and a front office guest folio) to verify each transaction for cross-referencing. - Guest and non-guest accounts are compared with source documents from revenue centers to prove individual transaction entries and account totals. GUEST CREDIT MONITORING - establishing lines of credit or Credit limit depends upon many factors such as house limit, floor limit, guest s status & reputation etc.. -It determines the potential credit risk of guest. It is reflected through High Balance Report. AUDIT POSTING FORMULA Previous Balance + Debits - Credits = Net Outstanding Balance PB + DR - CR = NOB DAILY AND SUPPLEMENTAL TRANSCRIPTS - A Daily Transcript is a detailed report of all guest accounts that indicates each charge transaction affecting a guest account for the day - A Supplemental Transcript is a detailed report of all non-guest accounts that indicates each charge transaction that affected a non-guest account that day. - Used as the worksheets to detect posting errors. - Used in non and semi automated systems. - Consists of revenue center, transaction type and transaction total. OPERATING MODES FOR NIGHT AUDIT 1) Non Automated (manually) 2) Semi Automated (mechanically) 3) Automated (electronically) Non - Automated - Four common night audit forms are used: a. Daily & Supplemental Transcript (either VTL is directly used or it is copied on to format from Folios --columns are summarized or totaled) b. Guest and Non-Guest Folios c. Front Office Cash Sheets/ Cash Books d. Audit Recapitulation Sheet (A complete summary of Front Office accounting for the day).
3 Drawbacks: Not feasible for large hotels. Prone to errors due to volume of data. Tedious May prove costly. Semi - Automated - Accounting Posting Machines are the basis for mechanical auditing. It is most important development in the history of Front Office Accounting. - Posting machines are of two types: Electromechanical and Electronic. Functions of both the machines are same except that - Electromechanical machine can store limited no. of department totals. Electromechanical machine cannot retain total balances. Electromechanical machine cannot be combined with other equipment (at POS). On the other hand, electronic machines are as good as a PC, in terms of cost. In fact, they are the foundation for modern day PMS. Steps in machine posting 1. Locating the folio. 2. Take folio out of the bucket. 3. Place folio along with the check in the posting machine. 4. Enter previous closing balance. 5. Post the check amount with department code. 6. Machine balances the folio. 7. Folio is refiled in bucket. Simultaneously, the following occurs: 1. The voucher is imprinted with the same information as posted to the accounts folios (this acts as a verification that the voucher has been posted). 2. Identical information printed on an Internal Machine Paper Tape (known as Audit Trail). 3. Amount of each charge is added to or subtracted from the running departmental total. Forms/ Formats used in Auditing 1. FO Cash Report 2. D-Report (Night Auditor's Report/ D-Card): It mentions the total opening balance, debits, credits & net outstanding balances. Used for reconciliation with departmental summaries.
4 Fully Automated - There is complete computer interfacing. The computer in a fraction of time performs all Audit Functions (Guest Ledger & Non Guest Ledger compared with daily departmental reports to locate errors). - Computer guides the auditor/ user through the stages in auditing. It asks for certain data inputs before beginning with the audit process. - Computer performs all the vertical checks. It Organizes, Compiles & Prints the records. System Updates are run at the end of the day. NIGHT AUDIT PROCESS - Focus is on Two Areas: 1. Discovery and Correction of accounting errors. 2. Creation of accounting and management reports. - The degree of audit scrutiny depends on: 1. Frequency of errors relates the quality of Front Office work. 2. No. of Transactions to be reviewed- correlates with the size and complexity of the hotel. Steps - 1. Complete outstanding postings. 2. Reconcile room status discrepancies. 3. Verify Room Rates. 4. Balance all departmental accounts. 5. Verify No-Show reservations. 6. Post Room Rates & Taxes. 7. Prepare required Reports. 8. Prepare Cash receipts for deposit. 9. Clear or Back up the system. 10. Distribute Reports. Complete outstanding postings - Ensuring proper posting of all transactions affecting non-guest and guest accounts. - Transactions are supposed to be posted to accounts as they are received. Night Auditor has to ensure that all vouchers are posted. - Further he has to verify (even in computerized system) the postings. This he does by matching reports from interfaces with reports from Front Office system in a computerized environment. Reconcile Room Status Discrepancies - Discrepancies cause loss of revenue, omissions and confusion. - First housekeeper's report is reconciled with room rack. - Then, room rack is tallied with folios. - The evening shift does this work to save time and resolve guest problems.
5 Verify Room Rates - Verify discounts/ complimentary etc. - If rate charged are less than Rack Rates, then: a) Are the rates discounted? Is the Discount correct? b) Are there two guests on sharing basis? Is there a second folio? c) Is the complimentary room correctly authorized? Balance all Departments - First balance all departments and then look for individual errors (within an out of balance department). - Revenue center provides source documents and Front Office Accounts provides department transaction information. - If error is found, a detailed audit needs to be done. Verify No-Show reasons - Checking Reservation Racks for pending arrivals. - Filing and posting No-show charges. One has to be careful in this case. There may be a regular guest / corporate etc. A cancellation might not have been recorded. Post Room Rates and Taxes - After verifying post Room Rates and Taxes. Prepare Reports - The following are some of the reports prepared by the auditor - a) Operations Reports b) Sales summary c) High Balance Reports d) Detailed department reports and summary (for accounts department) Deposit Cash - Sales summary and cash deposits of points of sale are tallied. - Checkouts tallied with cash receipts. - Cash is counted and tallied with cash sheet/ cash book and sealed in an envelope for deposit in accounts department. Clear I Back Up System - Clear up the total figures for the day and open fresh accounts for next day. a) Manual: Closing Balance of VTL is entered as Opening Balance for the next day's VTL sheet. b) Semi-Automated: Totals in machine are zeroed. A "Z- Card" is used to verify zero balances in the machine. It is submitted with Night Audit work. c) Automated: System backs up the reports on various media e.g. paper, DAT etc. Backup is Daily/ Weekly. Distribute Reports - Reports are selectively distributed because of their sensitive nature.
6 VERIFYING THE NIGHT AUDIT - Many types of posting, mathematical, and clerical errors can be identified in night audit. - Some of the errors are Pickup Errors - In manual/ semi-automated systems, previous balance is entered (picked up) incorrectly. - Can happen whenever a posting is made to a folio. - Difficulty to identify. Transposition Errors - The numbers related to transaction are reversed. (eg. Rs. 645 to Rs. 654 ) - Easiest to identify. Missing Folios - In non or semi-automated systems, - Folio has been filed incorrectly or removed from the folio bucket. - May be because closing A folio and not closing B folio. - When a folio is missing, the night audit will not balance. - In automated, folios are stored electronically, no issue of missing folios. ***************
FRONT OFFICE ACCOUNTING
FRONT OFFICE ACCOUNTING Need for accounting system at Front Office - To monitor and chart all the transactions that take place between the hotel and others i.e. resident guests, companies, agencies, non-resident
More information1/2. FRONT OFFICE ACCOUNTING- AN INTRODUCTION. After completion of this lesson, the learner will be able to:
1/2. FRONT OFFICE ACCOUNTING- AN INTRODUCTION Objectives of this lesson: After completion of this lesson, the learner will be able to: Explain the front office guest cycle and related accounting activities-
More informationCheckout and Settlement
Checkout and Settlement Check out and settlement are part of the final stages of the guest cycle. It is the final phase of the guest cycle and examines the various activities involved in checkout and settlement.
More informationJOB READY ASSESSMENT BLUEPRINT ACCOUNTING-BASIC - PILOT. Test Code: 4100 Version: 01
JOB READY ASSESSMENT BLUEPRINT ACCOUNTING-BASIC - PILOT Test Code: 4100 Version: 01 Specific Competencies and Skills Tested in this Assessment: Journalizing Apply the accounting equation to journalize
More informationchoiceadvantage Manual Operations And Emergency Procedures Guide
choiceadvantage Manual Operations And Emergency Procedures Guide March 2011 TABLE OF CONTENTS WELCOME... 3 INTRODUCTION... 4 PREPARE FOR THE UNEXPECTED... 5 PREVENTATIVE MAINTENANCE... 5 EMERGENCY PHONE
More informationFS-06-SF3 School Funds Receipt Log; FS-04-SF2 Schools Funds Payment Request; FS-04-SF1 School Funds: Advance of Funds
Administrative SCHOOL FUNDS Responsibility: Legal References: Related References: Executive Superintendent of Business Services Nil FS-04-SF4 School Funds: Receipts; FS-06-SF3 School Funds Receipt Log;
More informationADVANCE FRONT OFFICE MANAGEMENT V Sem [SHM8C53] ADVANCE FRONT OFFICE MANAGEMENT SHM8C53
Unit: 1 ADVANCE FRONT OFFICE MANAGEMENT SHM8C53 Lobby: stages of guest contacts with the hotel (pre-arrival, arrival, during their stay, departure) procedures for left luggage, scanty baggage and safe
More informationSTATE OF NEVADA Department of Administration Division of Human Resource Management CLASS SPECIFICATION TITLE GRADE EEO-4 CODE
STATE OF NEVADA Department of Administration Division of Human Resource Management CLASS SPECIFICATION TITLE GRADE EEO-4 CODE ACCOUNTANT TECHNICIAN III 34 C 7.140 SERIES DISCUSSION Positions allocated
More informationCREDIT CARD PROCEDURES OBJECTIVE..2 OVERVIEW..2 DEPARTMENT S CREDIT CARD PROCEDURES...3 FINANCIAL SERVICES PROCEDURES... 5 BANK RECONCILIATION 6
CREDIT CARD PROCEDURES TABLE OF CONTENTS OBJECTIVE..2 OVERVIEW..2 DEPARTMENT S CREDIT CARD PROCEDURES...3 FINANCIAL SERVICES PROCEDURES... 5 BANK RECONCILIATION 6 APPENDIX A..16 APPENDIX B...18 OBJECTIVE
More informationOracle ERP Cloud Period Close Procedures O R A C L E W H I T E P A P E R J U N E 2 0 1 5
Oracle ERP Cloud Period Close Procedures O R A C L E W H I T E P A P E R J U N E 2 0 1 5 Table of Contents Introduction 7 Chapter 1 Period Close Dependencies 8 Chapter 2 Subledger Accounting Overview 9
More informationILLINOIS DEPARTMENT OF CENTRAL MANAGEMENT SERVICES CLASS SPECIFICATION CLASS TITLE POSITION CODE EFFECTIVE
ILLINOIS DEPARTMENT OF CENTRAL MANAGEMENT SERVICES CLASS SPECIFICATION CLASS TITLE POSITION CODE EFFECTIVE ACCOUNT CLERK I 00111 7-1-85 ACCOUNT CLERK II 00112 4-1-90 ACCOUNT TECHNICIAN I 00115 12-1-02
More informationLoyal Order of Moose Fraternal Education
Loyal Order of Moose Fraternal Education This booklet presents accounting and tax information that may or may not be right for your specific Fraternal Unit. In view of the complex, individual, and specific
More informationAPPENDIX A DRAFT Policy DIE-1 School Funds: Audit & Financial Monitoring Procedures
APPENDIX A DRAFT Policy DIE-1 School Funds: Audit & Financial Monitoring Procedures Administrative Guidelines Financial Monitoring Procedures The following Administrative Guidelines support the Principal
More informationDraft Version 12 of working document
A. Guarantee that all donations collected by the ushers are delivered intact (as collected) to the count team by supplying pre-numbered tamper resistant bags. The donations are consolidated into one sealed
More informationAccounting Policies and Procedures Manual (Sample)
Accounting Policies and Procedures Manual (Sample) Table of Contents Introduction General Business Office Staff Revenues and Cash Receipts Sources of Revenues Collecting Offerings Posting Revenues Cash
More informationJob Ready Assessment Blueprint. Accounting-Advanced. Test Code: 3900 / Version: 01
Job Ready Assessment Blueprint Accounting-Advanced Test Code: 3900 / Version: 01 Measuring What Matters Specific Competencies and Skills Tested in this Assessment: Journalizing Journalize an opening entry
More informationa hotel s guide to THE REFERENCE BOOK
a hotel s guide to THE REFERENCE BOOK section 1 For questions about: Participation or hotel performance within the priceline program Priceline reports Or to speak with your priceline Regional Revenue Manager
More informationOFFICE OF THE STATE COMPTROLLER DIVISION OF LOCAL GOVERNMENT SERVICES
OFFICE OF THE STATE COMPTROLLER DIVISION OF LOCAL GOVERNMENT SERVICES AND ECONOMIC DEVELOPMENT TECHNICAL ASSISTANCE Comptroller OFFICE OF THE STATE COMPTROLLER DIVISION OF LOCAL GOVERNMENT SERVICES & ECONOMIC
More informationHow To Check Out Of A Hotel At Night
Night Audit - End of Day Tasks and Procedures Please note that RoomKey does not require that you run a cut off procedure in the system to close out the day and move onto the next. You will however have
More informationFinancial Reporting for Schools. Financial Services Division
Financial Reporting for Schools Financial Services Division Published by the Communications Division for Financial Services Division Department of Education and Early Childhood Development Melbourne November
More informationConvention Center Follow-Up Audit November 2013. Craig Terrell, Interim City Auditor Lee Hagelstein, Internal Auditor
Convention Center Follow-Up Audit November 2013 Craig Terrell, Interim City Auditor Lee Hagelstein, Internal Auditor Convention Center Follow-Up Audit Table of Contents Page Executive Summary...1 Implementation
More informationHOW TO RECONCILE YOUR CASH ACCOUNTS
HOW TO RECONCILE YOUR CASH ACCOUNTS Monthly all accounts under 1000.00 must be reconciled (excluding the Petty Cash account or accounts where the statements may not be sent on a monthly basis in that case
More informationTable of Contents The Revenue Division s Cash Controls Report Number 2007-01
i Table of Contents The Revenue Division s Cash Controls Report Number 2007-01 EXECUTIVE SUMMARY iii PRELIMINARY Introduction 1 Objective 1 Audit Scope 1 Citywide Ramification 2 CONCLUSIONS 1. REVENUE
More informationActivity Balance Transfer Process
Activity Balance Transfer Process Process Implementation 1 May 2014 As a reminder, Navy CYP Fee Policy states that child care payments are required prior to services--certain exceptions may apply. All
More informationTahoe Donner Association Job Description
Job Title: Accounting Technician II Job Code: 706 Department: Accounting Reports to: Accounting Manager FLSA Status: Nonexempt Class Code: 8810 Salary Level: Hourly 17 Pay Range: $16.37 21.34 File Name:
More informationAccounting Machinery of Today
Accounting Machinery of Today THE ECONOMIC development of business organization during the last fifty years can be attributed primarily to three basic influences: (1) improvements in transportation facilities,
More informationezee Absolute Release Notes
ezee Absolute Release Notes Release History Version Date Type Notes 1.0.45.50 25 June 2015 Enhancement Search Transaction by Credit Card Number Enhancement Customization Enhancement Customization Customization
More informationASSOCIATED STUDENTS, INCORPORATED CALIFORNIA STATE UNIVERSITY, LONG BEACH DATE REVISED: 04/10/2013
Cash Handling BACKGROUND AND PURPOSE...1 POLICY STATEMENT...2 WHO SHOULD KNOW THIS POLICY...2 DEFINITIONS...2 STANDARDS AND PROCEDURES...3 1.0 CONDITIONS FOR EMPLOYMENT IN CASH HANDLING ENVIRONMENT...3
More informationCASH: CHECK CONTROLS C-173-15 ACCOUNTING MANUAL Page 1 CASH: CHECK CONTROLS. Contents. I. Introduction 2
ACCOUNTING MANUAL Page 1 CASH: CHECK CONTROLS Contents Page I. Introduction 2 II. Procedures for Blank Checks 2 A. Procurement 2 B. Storage 3 C. Blank Check Control Record 4 D. Control of Issuance and
More informationCHTP REVIEW: Hotel Technology. Cihan Cobanoglu, Ph.D., CHTP University of South Florida Sarasota- Manatee May 5, 2011
CHTP REVIEW: Hotel Technology Cihan Cobanoglu, Ph.D., CHTP University of South Florida Sarasota- Manatee May 5, 2011 What To Expect Multiple Choice and True/False 4 Sections 250 Choose most correct answer
More informationWhat are the elements of an accounting system?
What are the elements of an accounting system? An accounting system is comprised of accounting records (checkbooks, journals, ledgers, etc.) and a series of processes and procedures assigned to staff,
More informationSKILLS COMPETENCY ASSESSMENT Answering Incoming Calls
Answering Incoming Calls To answer telephone calls professionally, acquiring all necessary information from the caller, documenting it correctly, and properly acting on it. The student demonstrates the
More informationGalaxy LightSpeed Product Details
Galaxy LightSpeed Product Details Key Features Galaxy LightSpeed, our newest Property Management System, builds upon the trusted feature set, dependability and performance of our Galaxy/UX system with
More informationPitt County Schools Individual School Accounting. Internal Controls and Responsibilities Fiscal Year 2009-10
Individual School Accounting Internal Controls and Responsibilities Fiscal Year 2009-10 Individual School Accounting Internal Controls and Responsibilities Fiscal Year 2009-10 Contents Page Principal Statement
More informationA8.800 Disbursing/Accounts Payable and Payroll. A8.847 Reconciliation of the Departmental Checking Account
New Procedure Prepared by the Disbursing Office A8.800 Disbursing/Accounts Payable and Payroll A8.847 Reconciliation of the Departmental Checking Account 1. Purpose A8.847 January 2000 p 1 of 17 To provide
More informationBANK RECONCILIATION 08 MAY 2014
BANK RECONCILIATION 08 MAY 2014 In this lesson we: Lesson Description Focus on Bank Reconciliation Summary In the business world, control of cash is facilitated by depositing cash sales and other receipts
More informationAccounting for Cash. College Accounting. Heintz & Parry CASH INTERNAL CONTROL OPENING A CHECKING ACCOUNT
Heintz & Parry 0 th Edition Chapter 0 th Edition College Accounting Accounting for Cash CASH INTERNAL CONTROL Includes: Currency, coins, and checking accounts Checks received from customers Money orders
More informationFraud, Internal Control, and Cash
Chapter 7 Fraud, Internal Control, and Cash 7-1 Learning Objectives After studying this chapter, you should be able to: 1. Define fraud ( 欺 騙 ) and internal control ( 內 部 控 制 ). 2. Identify the principles
More informationFlorida A & M University
Florida A & M University AP PROCEDURES 3-8-2013 TABLE OF CONTENTS 1.0 OVERVIEW... 1 2.0 DEFINITIONS... 1 3.0 RESPONSIBILITIES... 2 4.0 GENERAL PROCEDURES... 3 4.1 DEPARTMENTAL FISCAL REPRESENTATIVES...
More informationFront Office System ICS2000
Front Office System ICS2000 ICS2000 is a comprehensive property management system that provides a wide variety of intelligent features and interfacing capabilities designed to meet your needs. Please review
More informationClosing Entries and the Postclosing Trial Balance
6-1 McGraw-Hill 2009 The McGraw-Hill Companies, Inc. All rights reserved. Chapter Closing Entries and the Postclosing Trial Balance 6 Section 1: Closing Entries Section Objectives 1. Journalize and post
More informationOpera PMS Top Reports Guide 4.0 A VISUAL REFERENCE GUIDE. Copyright 2005 MICROS Systems, Inc. All Rights Reserved. Page 1 of 131
Opera PMS Top Reports Guide 4.0 A VISUAL REFERENCE GUIDE Copyright 2005 MICROS Systems, Inc. All Rights Reserved. Page 1 of 131 2005 MICROS Systems, Inc. All rights reserved. No part of this publication
More informationCASH RECONCILIATION & INTERNAL CONTROLS
CASH RECONCILIATION & INTERNAL CONTROLS Montana Clerks, Treasurers & Finance Officers Institute ~ May 2011 Presented by: Brenda Schneider, Superior; Doris Pinkerton, Forsyth & Darla Erickson, Local Government
More informationMonth End Protocols Preparation for Monthly Financial Statements
Month End Protocols Preparation for Monthly Financial Statements General Notes for Month / Year End Protocols For Small or Midsized Nonprofit Organizations MONTHLY A good rule of thumb is to print a trial
More informationAccounts Payable. Best Practices: Existing Control: Control Gap: Controls Evaluation and Gap Analysis. Purchasing
Accounts Payable Gap Analysis: POS identifies the following Best Practices as efficient and effective control processes for the above risk. Listed for comparison are the controls currently in place, if
More informationACCOUNTING ASSISTANT
MICHIGAN DEPARTMENT OF CIVIL SERVICE JOB SPECIFICATION ACCOUNTING ASSISTANT JOB DESCRIPTION Employees in this job correct, process and reconcile a wide variety of accounting documents such as invoices,
More informationFI to FI Transfer Frequently Asked Questions
FI to FI Transfer Frequently Asked Questions FI to FI allows you to transfer money between your accounts at Minnesota National Bank and accounts you have at other financial institutions. This new service
More information(AA11) FINANCIAL ACCOUNTING BASICS
All Rights Reserved ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA AA1 EXAMINATION - JULY 2015 (AA11) FINANCIAL ACCOUNTING BASICS Instructions to candidates (Please Read Carefully): (1) Time: 02 hours.
More informationAccounts Payable Back Office Reference Guide
Accounts Payable Back Office Reference Guide Version 4 Copyright Orion Law Management Systems, Inc. All rights reserved Printed in the United States of America www.orionlaw.com All Rights Reserved. No
More informationAccounts Receivable Reconciliation Instructions. Using Reconciliation Template in Excel
Accounts Receivable Reconciliation Instructions Using Reconciliation Template in Excel 1 Log in to E-Print and print out the report called "FBM092_DelTo" for the month which you are reconciling 2 In the
More informationXXXXHOTEL HOTEL AUDIT. 7th - 9 th MAY 2014. Report Number: HAS/01/2014
HOTEL AUDIT 7th - 9 th MAY 2014 XXXXHOTEL Distribution: XXXX, General Manager XXXX, Financial Controller XXXX, Finance Director XXXX, Managing Director Hospitality Audit Services Chris Pearson, Owner 07795613821
More informationIntroductions. Student Introductions. Purpose. Objectives (Continued) Objectives
Introductions Instructor and student introductions Module overview 1 2 Your name Student Introductions Your expectations, questions, and concerns about checking accounts Purpose will teach you how to use
More informationGeorge Brown School of Hospitality & Tourism Management Hotel Management Employer Externship Manual
George Brown School of Hospitality & Tourism Management Hotel Management Employer Externship Manual Page 1 of 8 INTRODUCTION (GBC) is dedicated to educating students, and ensuring that they are ready to
More informationMonitoring of controls Information System Control procedures
Chapter 7 Define internal control Organizational plan and all the related measures to: Congress passed SOX after the Enron and WorldCom scandals 3 4 6 Monitoring of controls Information System Control
More informationUnit 2 The Basic Accounting Cycle
Unit 2 The Basic Accounting Cycle Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Business Transactions and the Accounting Equation Transactions That Affect Assets, Liabilities, and
More informationGreat Aycliffe Town Council. Purchase Ordering and Payment for Goods and Services Policy
Great Aycliffe Town Council Purchase Ordering and Payment for Goods and Services Policy Finance Section April 2013 1.0 Introduction 1.1 This policy sets out the Council s arrangements for ordering, receiving,
More informationSUMMARY OF CORRECTIVE ACTION FOR SEGREGATION OF DUTIES AUDIT ISSUES
SUMMARY OF CORRECTIVE ACTION FOR SEGREGATION OF DUTIES AUDIT ISSUES CASH MANAGEMENT I. Checks a. All checks are restrictively endorsed, using the endorsement stamp maintained by the building secretary.
More informationSettle multiple bills through Bill Settlement in Tally.ERP 9
Settle multiple bills through Bill Settlement in Tally.ERP 9 Did you know that the Tally.ERP 9 system lets you settle several outstanding bills for a party at one go? Bills for which the actual transfer
More informationIthaca College Accepting Cash and Checks Procedures
Ithaca College Accepting Cash and Checks Procedures I. Procedure Statement To minimize institutional risk, Ithaca College discourages individual departments from accepting cash and checks on its behalf.
More informationBusiness Office 201 IASSBO Seminar November 7, 2013 BANK RECONCILIATION
Business Office 201 IASSBO Seminar November 7, 2013 BANK RECONCILIATION 1 WHY RECONCILE? Planning and controlling of cash. Safeguard cash: Internal audits should be in place Same person reconciling the
More informationTHEME: DETECTING ACCOUNTING ERRORS
THEME: DETECTING ACCOUNTING ERRORS By John W. Day, MBA ACCOUNTING TERM: Transposition Error A transposition error occurs when two or more numbers are reversed or transposed for each other. For example,
More informationLEHMAN COLLEGE: DEPARTMENTAL RETENTION SCHEDULE 11/8/2013 ACCOUNTS PAYABLE. List of cost center codes for all College expenditures
AP-1 Appropriations of Expenditure Codes List of cost center codes for all College expenditures 6 years after superseded or obsolete General 9[9] b AP-2 Metrics Reports Reports prepared for the VP of Administration
More informationPayData Payroll Services, Inc.
PayData Payroll Services, Inc. Report on PayData s Description of Its Payroll Processing System and on the Suitability of the Design and Operating Effectiveness of Its Controls (SOC 1) For the period of
More informationChapter 8. Internal Control. Chapter 8-1
8 Internal Control and Cash 8-1 Internal Control and Cash Internal Control Cash Controls Use of a Bank Reporting Cash The Sarbanes- Oxley Act Principles Limitations Control over cash receipts Control over
More informationInternal Controls, Fraud Detection and ERP
Internal Controls, Fraud Detection and ERP Recently the SEC adopted Section 404 of the Sarbanes Oxley Act. This law requires each annual report of a company to contain 1. A statement of management's responsibility
More informationThe Accounting Cycle. Cycle. The Accounting Cycle SUA Reference p.10. Overview. The Accounting Cycle. 6 Major Subcycles. Subcycle (transaction cycle):
Everything you ever wanted to know about... The Accounting Overview Review of the manual Accounting 6 Major Subcycles Begin the SUA Transactions Occur Prepare Closing Entries The Accounting SUA Reference
More informationc. the incidents and costs of NSF cheques are significantly reduced; and d. the amount of actual cash being handled is reduced.
General 1. Debit/Credit card processing solutions within the CFPFSS organization are authorized through the Finance division. The debit/credit card processing solution is an electronic system used to process
More informationMonth End Processes in LAMPS
Month End Process Month End Processing in LAMPS During this session we will review recommended month end practices in LAMPS. Last day of the Month Process Cash Receipts /Journal Entry Batch Credit Card
More informationAccounting and Administrative Manual Section 100: Accounting and Finance
No.: G-03 Page: 1 of 6 General: The application of good financial management requires the prompt reconciliation of accounts. Since departmental revenue and expenditure accounts are scrutinized monthly
More informationTIPS AND TRICKS for the CORE ACCOUNTING MODULES REMINDER:
REMINDER: Please remember that this document is meant to be a guideline with some ideas of ways you can use MAS 90 / 200 core accounting modules more fully. However, your settings or process may not work
More informationIn the event of a tie, the score on the last ten questions will be used as a tie-breaker.
NEW YORK STATE ASSOCIATION FUTURE BUSINESS LEADERS OF AMERICA SPRING DISTRICT MEETING ACCOUNTING I 2010 TEST DIRECTIONS 1. Complete the information requested on the answer sheet. PRINT your name on the
More informationRules and Regulations for Hotel/Lodging Programs Guaranteed Reservation Program
Rules and Regulations for Hotel/Lodging Programs Guaranteed Reservation Program The guaranteed reservation service helps merchants assure room availability when your guests arrive. It also offers a no-show
More informationSERVICE STANDARDS. 2006, Educational Institute
BEVERAGE SERVICE STANDARDS Army Catering & Club Operations BEVERAGE CONTROLS Controlling is the management process of comparing actual performance with established standards and, when necessary, taking
More informationPORTFOLIO ACCOUNTING SYSTEM
PORTFOLIO ACCOUNTING SYSTEM by Investment Systems Company 37840 Jackson Road Moreland Hills, OH 44022-1912 (440) 247-2865 www.investmentsystems.com Table of Contents Text Overview...1 Base System...2 Optional
More informationAgenda. Lecture Chapter 9 Quiz Chapter 8 Exercises & Problem Chapter 8. Objective. Cash Receipts. Cash Receipts, Payments, & Banking Procedures
Cash Receipts, Payments, & Banking Procedures Agenda Lecture Chapter 9 Quiz Chapter 8 Exercises & Problem Chapter 8 Cash Receipts, Payments, & Banking Procedures Objective Cash Receipts 1.cash receipts
More informationHow To Reconcile Account Balance In Gpa
No.: G02 Page: 1 of 9 General: Depository bank account reconciliations must be submitted monthly to Statewide Fund Accounting prior to the end of the month following the period of the reconciliation. Earlier
More informationCASH: CASH CONTROLS C-173 ACCOUNTING MANUAL Page 1. Contents. I. Introduction 2. II. General Description of Cash Operations 2
ACCOUNTING MANUAL Page 1 CASH: CASH CONTROLS Contents I. Introduction 2 II. General Description of Cash Operations 2 III. Bank Account Controls 3 A. Regulations Governing Bank Accounts 3 B. Establishment
More informationACCT 652 Accounting. Review of last week. Should you always take discounts? 5/17/15. ACCT652 Week 4 1
ACCT 652 Accounting Week 4 Special Journals, Cash, and Internal Controls Some slides Times Mirror Higher Education Division, Inc. Used by permission Michael D. Kinsman, Ph.D. Review of last week Some highlights
More informationChapter 15: Accounts Payable and Purchases
Accounting Research Manager - Audit Private Accounting Research Manager Miller Interpretations and Other Resources Knowledge-Based Audit Procedures Chapter 15: Accounts Payable and Purchases Chapter 15:
More informationJob Ready Assessment Blueprint. Accounting-Basic. Test Code: 4000 / Version: 01. Copyright 2012. All Rights Reserved.
Job Ready Assessment Blueprint Accounting-Basic Test Code: 4000 / Version: 01 Copyright 2012. All Rights Reserved. General Assessment Information Blueprint Contents General Assessment Information Written
More informationFINACS INVENTORY Page 1 of 9 INVENTORY TABLE OF CONTENTS. 1. Stock Movement...2 2. Physical Stock Adjustment...7. (Compiled for FINACS v 2.12.
FINACS INVENTORY Page 1 of 9 INVENTORY TABLE OF CONTENTS 1. Stock Movement...2 2. Physical Stock Adjustment...7 (Compiled for FINACS v 2.12.002) FINACS INVENTORY Page 2 of 9 1. Stock Movement Inventory
More informationCOMPLETION OF THE ACCOUNTING CYCLE - Closing Entries -
COMPLETION OF THE ACCOUNTING CYCLE - Closing Entries - Worksheet Overview Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Titles Debit Credit Debit Credit Debit
More informationThe following facts are discussed in this chapter.
9 The following facts are discussed in this chapter. 9.1 Bank Account Recording of cash deposits in the bank account Recording of cheque deposits in the bank account Issuing of cheques for payments Dishonouring
More informationGRAP Implementation Guide for Municipalities
GRAP Implementation Guide for Municipalities TOPIC 2.3: BANK ACCOUNTS AND CASH This section of the manual sets out the FSOP s that need to be executed by the municipality regarding Bank Balances and Cash.
More informationINFORMATION TECHNOLOGY CONTROLS
CHAPTER 14 INFORMATION TECHNOLOGY CONTROLS SCOPE This chapter addresses requirements common to all financial accounting systems and is not limited to the statewide financial accounting system, ENCOMPASS,
More informationJob title: Staff Accountant Receivables
Job title: Staff Accountant Receivables Our Firm Capsim Management Simulations Inc designs, builds and delivers the renowned Capstone Business Simulation and a suite of related business simulations to
More informationCONVERSION GUIDE GoSystem Audit to Engagement CS and Trial Balance CS
CONVERSION GUIDE GoSystem Audit to Engagement CS and Trial Balance CS Introduction... 1 Conversion program overview... 1 Processing steps required for each client prior to running the conversion program...
More informationInternal Control Guide & Resources
Internal Control Guide & Resources Section 5- Internal Control Activities & Best Practices Managers must establish internal control activities that support the five internal control components discussed
More informationMANAGING THE PROJECT RECORD
MANAGING THE PROJECT RECORD Project Record Filing System 2 Agency Submittals 2 Site Acquisition 3 Planning 3 Pre-Qualification of Bidders 3 Bidding 4 Construction 4 Inspection 4 Legal 5 Contracts 5 Accounting
More informationWALLA WALLA PUBLIC SCHOOLS ACCOUNTING GUIDELINES
Walla Walla Walla Public Schools Business Office 364 South Park Street Walla Walla WA 99362-3249 FAX (509) 529-7713 (509) 527-3000 WALLA WALLA PUBLIC SCHOOLS ACCOUNTING GUIDELINES Table of Contents I.
More informationINTERNAL CONTROL OVER PURCHASE INTERNAL CONTROL OVER INVENTORY INTERNAL CONTROL OVER CASH PAYMENTS INTERNAL CONTROL OVER CASH RECEIPTS
Internal Control over the followings is included in the syllabus: INTERNAL CONTROL OVER SALES INTERNAL CONTROL OVER PURCHASE INTERNAL CONTROL OVER INVENTORY INTERNAL CONTROL OVER CASH PAYMENTS INTERNAL
More informationTRIAL BALANCE. MODULE - 2 Trial Balance and Computers. Trial Balance. Notes
10 TRIAL BALANCE Whenever you attempt a question in arithmetic you try to verify whether your answer is correct or not. If you attempt to solve any other type of problem you want to ensure that it has
More informationBank Reconciliation Statement
Chapter 10 Bank Reconciliation Statement 1. Bank Reconciliation Statement (B. R. S.) is prepared to find the differences between Bank Balance as per Cash Book and Pass Book. 2. Cash Book is maintained
More informationIntroduction to Disbursement Services
Introduction to Disbursement Services Purpose Disbursement Services is a service unit within the University business organization, reporting to the Controller. The department's responsibility is to monitor,
More informationWashington University Cash & Credit Deposits updated 06/05/14
Washington University Cash & Credit Deposits updated 06/05/14 Purpose For Washington University cash and credit deposits Policies The following major cashiering policies should be followed: All checks
More informationProcessing an Actual Journal Entry UCD Campuses
UCD Campuses Table of Contents Topic Page Number Introduction 1 Creating a Journal Entry 3 Creating a Sponsored Project Journal Entry 8 Validating a Journal Entry 10 Approving a Journal Entry (Finance
More information2. Is the mail log prepared by someone who does not participate in any other aspects of the revenue receipts process?
CASH AND CHECK HANDLING SELF ASSESSMENT Because of the relatively high risk associated with transactions involving cash, universities need to have a cash management program to safeguard cash and ensure
More informationfor Sage 100 ERP General Ledger Overview Document
for Sage 100 ERP General Ledger Document 2012 Sage Software, Inc. All rights reserved. Sage Software, Sage Software logos, and the Sage Software product and service names mentioned herein are registered
More informationREAL ESTATE AGENCY DIVISION 25 PROPERTY MANAGEMENT
REAL ESTATE AGENCY DIVISION 25 PROPERTY MANAGEMENT 863-025-0005 Application and Purpose (1) OAR 863-025-0010 to 863-025-0080 apply to the activities of a real estate property manager in the management
More information(AA11) FINANCIAL ACCOUNTING BASICS
All Rights Reserved ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA AA1 EXAMINATION - JANUARY 2016 (AA11) FINANCIAL ACCOUNTING BASICS Instructions to candidates (Please Read Carefully): (1) Time allowed:
More information