Sequence of activities in cash collections
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REQUIRED:
1.Discuss the basic sequence of activities in cash collections.
2.Explain why a list of cash remittances should be made and sent to accounting departments, rather than to the accountants directly, so they can enter the credits to customers' accounts accurately.
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Solution Summary
This solution provides a description of the activities involved in cash collection and explains why remittances should be directed to accounting departments vs. the accountants directly.
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Systems and procedures should be adopted to safeguard an organization's funds. Access to cash should be limited to a few authorized personnel, incompatible duties should be separated, and accountability features (like prenumbered checks, etc.) should be developed. The control of receipts from cash sales should begin at the point of sale and continue through to deposit at the ...
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