Key Segregation of Duties in the Revenue Process Flashcards Preview

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Flashcards in Key Segregation of Duties in the Revenue Process Deck (10)
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1

Receiving and preparing customer order

Order Entry Department

2

Approving credit

Credit Department

3

Shipping goods to customer and completing shipping document

Shipping Department

4

Preparing customer invoice

Accounts Receivable Department

5

Updating accounts receivable records for sales

Accounts Receivable Department

6

Receiving customer's remittance

Cash Receipts Department

7

Updating accounts receivable for remittances

Accounts Receivable Department

8

Preparing accounts receivable aged trial balance

Accounts Receivable Department

9

Authorization of accounts receivable write-off

Treasurer

10

Name four key segregation of duties in the revenue department.

1. The credit function should be segregated from the billing function.
2. The shipping function should be segregated from the billing function.
3. The accounts receivable function should be segregated from the general ledger function.
4. The cash receipts function should be segregated from the accounts receivable function.