Description
In an accounting system, there are five main components. Each part has a different job and accomplishes different step in the financial reporting process. The five components are source documents, input devices, information processors, information storage, and output devices. During this Module, we focused on sales and cash receipts. Sales represent the exchange of products or services for money. If paid now, this becomes a cash receipt. If paid later, this becomes an accounts receivable.
For this assignment, you will create a simple accounting system for an organization who needs to track the sales and cash receipts for the company. For the deliverable, you will create a flowchart that includes the five components of the accounting system and how they are all connected. In addition, you will create a second flowchart to show the steps that are necessary to post and record accounts receivables transactions and cash receipts transactions in an accounting software system.
You can create the two flowcharts in a Word document or an Excel spreadsheet.
Explanation & Answer
Attached. Please let me know if you have any questions or need revisions.
1
SALES LEAD
PURCHASE REQUISION
GOODS RECEIVED
NOTE
REJECT
INSPECTION
CHAT OF
ACCOUNTS
SALES QUOTE
NO
APPROVED
APPROVED
OK
OK
GENERAL
LEDGER
SALES ORDER
TENDERING
NO
RETURN TO
VENDOR
QUATATION
PROCESSING
APPROVED
REJECT
PURCHASE
LEDGER
OK
QUAOTION
COMPARISON
INVENTORY
ACCOUNTS
PAYABLES
APPROVED
PROFOMA INVOICE
INVENTORY
WEARHOUSE
OK
DISTPATCH NOTE
OK
REJECT
APPROVED
PACKING LIST
PRE DISPATCH INSPCTION
REJECT
AMEND P.O
BANK/CASH
GOODS ISSUE NOTE
INVOICE
APPROVED
OK
ACCOUNTS
RECEIVABLE S
2
Sou...
