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AIS Outline

The document outlines the revenue cycle, detailing key activities such as sales procedures, sales return procedures, and cash receipts procedures. It emphasizes the importance of revenue cycle controls, including transaction authorization, segregation of duties, and accounting records management. Additionally, it discusses the implementation of physical, manual, and computer-based accounting systems to enhance efficiency and control in revenue processing.

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4 views2 pages

AIS Outline

The document outlines the revenue cycle, detailing key activities such as sales procedures, sales return procedures, and cash receipts procedures. It emphasizes the importance of revenue cycle controls, including transaction authorization, segregation of duties, and accounting records management. Additionally, it discusses the implementation of physical, manual, and computer-based accounting systems to enhance efficiency and control in revenue processing.

Uploaded by

noelfrancis.rodaje
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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The Revenue Cycle

I. LEARNING OBJECTIVES
II. The Conceptual System
A. Overview of Revenue Cycle Activities
a.) Sales Procedures
Receive Order
Check Credit
Pick Goods
Ship Goods
Bill Customer
Update Inventory Records
Update Accounts Receivable
Post to General Ledger
b.) Sales Return Procedure
Prepare Return Slip
Prepare Credit Memo
Approve Credit Memo
Update Sales Journal
Update Inventory and AR Records
Update General Ledger
c.) Cash Receipts Procedures
Open Mail and Prepare Remittance Advice
Record and Deposit Cash and Checks
Update Accounts Receivable
Update General Ledger
Reconcile Cash Receipts and Deposits

B. Revenue Cycle Controls


a.) Transaction Authorization
Credit Check
Return Policy
Remittance List (Cash Prelist)
b.) Segregation of Duties
c.) Supervision
d.) Accounting Records
Prenumbered Documents
Special Journals
Subsidiary Ledgers
General Ledgers
Files
Open sales order file
Shipping log
Credit records file
Sales order pending file
Back-order file
Journal voucher file

III. Physical Systems


IV. Manual Systems
V. Computer-Based Accounting Systems
A. Automating Sales Order Processing with Batch Technology.
Sales Department
Credit Department Approval
Warehouse Procedures
The Shipping Department
B. Transaction Processing Procedures
C. Automated Cash Receipts Procedures
D. Control Considerations for Computer-Based Systems
Authorization
Segregation of Duties
Supervision
Access Control
Accounting Records

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