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ACCOUNTING DEPARTMENT WORKFLOW

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ACCOUNTING
DEPARTMENT
WORKFLOW
Binders Needed:
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Invoices/Purchase Orders/Order Forms (copies of forms)
Sales Journal, Accounts Receivable (Excel spreadsheets)
Purchases (copies of forms)
Purchasing Journal, Accounts Payable (Excel spreadsheets)
Cash Receipts and Payments Journal (Excel spreadsheets)
Inventory Log (Excel spreadsheets)
Tax Forms (copies of forms prepared in Excel)
Payroll (Excel spreadsheets)
Bank Statements (copies of bank statements)
RECORDING A SALE
You receive a PURCHASE ORDER or an
ORDER FORM (through your website,
mail, or fax).
Staple the PURCHASE ORDER/ORDER
FORM and INVOICE together and file in a
binder in numerical order by Invoice.
Send the Invoice to the customer.
Order INVENTORY when needed.
Order information is entered into the SALES
JOURNAL, ACCOUNTS RECEIVABLE
RECORD and the INVENTORY
RECORDS.
The Accounting Department creates an
INVOICE.
Note: Review the Invoice binder periodically
and send out overdue reminders.
Order
Form
Sales Journal
DATE
CUSTOMER
Sale to
Lizzie
Grubman
INVOICE #
SALE AMOUNT
SALES TAX
TOTAL
1
23-Oct
Lizzie Grubman
490
42.26
532.26
2
27-Oct
Johnny Damon
1055
90.99
1145.99
3
4
5
Accounts Receivable Record
Customer:
DATE
1
Lizzie Grubman
INVOICE #
23-Oct
Balance for
Lizzie
Grubman
INVOICE
AMOUNT
532.26
AMOUNT PAID
INVOICE BALANCE
532.26
2
532.26
3
532.26
Accounts Receivable
Controlling Record
DATE
CUSTOMER
Balance for
Lizzie
Grubman
BALANCE
1
Lizzie Grubman
532.26
2
Johnny Damon
1145.99
3
Invoice
MAKING A PURCHASE
Your company completes a PURCHASE
ORDER from another company and sends it
out. Keep a file copy in the PURCHASES
binder.
You receive an invoice from the company.
The Accounting Department records the
information in the PURCHASES
JOURNAL, ACCOUNTS PAYABLE
RECORD, AND ACCOUNTS PAYABLE
CONTROLLING RECORD.
The invoice and the original purchase
order is forwarded to the Bank Manager.
If the purchase was for
inventory, update the
INVENTORY RECORDS.
The Bank Manager pays the bill, marks it
paid, and files it.
Purchasing Journal
One
purchase
DATE
VENDOR
INVOICE #
DESCRIPTION
AMOUNT
1
21-Oct
VEC Trading
lamps
725
2
25-Oct
VEC Trading
lamps
825
3
29-Oct
VEC Trading
lamps
450
4
Accounts Payable Record
Vendor Name:
One
purchase
VEC Trading
DATE
INVOICE #
INVOICE AMOUNT
AMOUNT PAID
Total Amt.
INVOICE BALANCE
1
21-Oct
725
725.00
2
25-Oct
825
1550.00
3
29-Oct
450
2000.00
4
2000.00
5
2000.00
Accounts Payable
Controlling Record
DATE
1
2
3
4
VENDOR
VEC Trading
Total Amt.
BALANCE
2000.00
Inventory Record
Item Name:
Budget lamps
Item #:
Minimum:
Description:
Maximum:
Purchased
Date
21-Oct
Unit
Cost
Units
10
23-Oct
25-Oct
10
27-Oct
29-Oct
10
6
10
200
200
17
Balance
Cost of
Goods Sold
100
0
20
Unit
Cost
Units
0
20
Total Units
on Hand
Sold
Total
10
Value of
Inventory on
Hand
Inventory
Level
10
Unit
Cost
Units
Total
0
10
100
60
4
40
0
24
240
170
7
70
0
27
270
Inventory Record
Item Name:
Standard Lamps
Item #:
Minimum:
Description:
Maximum:
Purchased
Date
21-Oct
Unit
Cost
Units
10
23-Oct
25-Oct
25
27-Oct
29-Oct
25
4
25
250
250
8
Balance
Cost of
Goods Sold
250
0
10
Unit
Cost
Units
0
10
Total Units
on Hand
Sold
Total
25
Value of
Inventory on
Hand
Inventory
Level
25
Unit
Cost
Units
Total
0
10
250
100
6
150
0
16
400
200
8
200
0
18
450
Inventory Control
DATE
ITEM NAME
ITEM #
Quantity of
Inventory on
Hand linked
from
Individual
Records
QUANTITY ON
HAND
COST
Value of
Inventory on
Hand linked
from
Individual
Records
TOTAL
1
Budget lamps
27
270
2
Standard Lamps
18
450
3
Deluxe lamps
7
525
4
5
6
RECORDING CASH RECEIPTS
AND PAYMENTS
Each week the Bank Manager
prints out a copy of the current
bank transactions.
The Accounting Department
records ALL transactions in the
CASH RECEIPTS AND
PAYMENTS JOURNAL in the
appropriate places (as payments
or receipts of cash and an
explanation).
If one of the invoices that you
sent out has been paid, retrieve
the invoice from the binder,
mark it paid, and file it. Update
the ACCOUNTS
RECEIVABLE RECORD to
reflect the payment.
Any invoices that your
company paid another company
(because you purchased
something from them) is
updated in the ACCOUNTS
PAYABLE RECORD.
Cash Receipts and
Payments Journal
Enter in the
Receipt or
Payment
Enter in the
Explanation
0
0
0
OTHER
IN T E R E S T
EXPENSE
4 0 1 (K )
EXPENSE
U T IL IT IE S
RENT
PAYR O LL
TAX
EXPENSE
PAYR O LL
W IT H H O L D IN G S
D E S C R IP T IO N
S A L A R IE S
DATE
CASH
CASH
R E C E IP T P A Y M E N T B A LA N C E
ACCOUNTS
P A Y A B LE
REF.
#
ACCOUNTS
REC E IV A B L E
E XP LA N A T IO N
Accounts Receivable Record
Enter in
payment
received
Customer:
DATE
1
Lizzie Grubman
INVOICE #
23-Oct
INVOICE
AMOUNT
532.26
AMOUNT PAID
INVOICE BALANCE
532.26
2
532.26
3
532.26
Accounts Payable Record
Vendor Name:
Enter in
amount
paid
VEC Trading
DATE
INVOICE #
INVOICE AMOUNT
AMOUNT PAID
INVOICE BALANCE
1
21-Oct
725
725.00
2
25-Oct
825
1550.00
3
29-Oct
450
2000.00
4
2000.00
5
2000.00
PAYROLL
The Payroll Associate
completes the PAYROLL
REGISTER for the pay period.
The original is filed in a binder
and a copy is given to the Bank
Manager.
The Bank Manager pays each
employee.
Note: Payroll is completed twice a month.
The Payroll Associate creates
and distributes pay stubs.
On the 15th of the month, the
Bank Manager submits and
pays the 941 tax form for the
previous month. All tax forms
are filed in a binder.
Payroll Register
Firm Nam e
Sem im onthly Payroll Register
Pay Period: From _________________ T o _____________________
NAM E
1
2
3
4
# of W -4
HO URLY
exem ptions HO URS RATE
G RO SS
0.00
0.00
0.00
0.00
SO CIAL
SECURITY
0.00
0.00
0.00
0.00
M EDICARE
0.00
0.00
0.00
0.00
Taxable
Fed.
Incom e
0.00
0.00
0.00
0.00
FW T
SW T
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
TO TAL DE401 (K) DUCTIO NS NET PAY
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
SUMMARY
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Accounts Receivable, Accounts Payable, and Inventory Records are
updated as needed.
Payroll is completed twice a month.
Bank Statements should be printed out at least once a week.
Cash Receipts and Payments Journal should be updated each time
a bank statement is printed.
Tax Forms should be completed according to the calendar.
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941 – monthly
Sales tax – quarterly
W2 and W3 – yearly
1040 individual tax return – yearly
1120 Corporate tax return – yearly
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