...manufacturing organizations. Purchase processing procedures Purchases procedures include the tasks involved in identifying inventory needs, placing the order, receiving the inventory and recognizing the liability. In general, these procedures apply to both manufacturing and retailing firms. It differs only in the way purchases are authorized. | Manufacturing firms | Merchandising firms | Purchase authorization | Production planning and control function | Inventory control function | Monitor inventory records The inventory control monitors and records finished goods inventory levels, when inventories drop to a predetermined reorder point, a purchase requisition is prepared and sent to the prepare purchase order function to initiate the purchase process. Prepare purchase order The prepare purchase order function receives the purchase requisitions, which are sorted by vendor if necessary. Next, a purchase order (PO) is prepared for each vendor. A copy of the PO is sent to the vendor. In addition, a copy sent to the set up of accounts payable (AP) function for filing temporarily in the AP pending file and a blind copy is sent to the receive goods function, where it is held until the inventories arrive. The last copy is filed in the open/closed purchase order file. Receive Goods The next event in the expenditure cycle is the receipt of the inventory. Goods arriving from the vendor are reconciled with the blind copy of the PO. Blind copy contains no quantity or price information...
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...Chapter 1 1.1 Introduction Sales inventory systems are often standardised i.e. A business will adopt a general model for their own use. This means that they are able to track sales of a product and match it against their existing inventory to regulate how much stock they keep to hand and how much it costs them to do so. Obviously this is necessary for any business in order to run efficiently. Sales and Inventory Control is an inventory tracking system that gives you up-to-the-minute detailed information on each item in your inventory. You'll know exactly how much inventory comes in, how much is on-hand now, and where it goes. While manual methods may have their place, most entrepreneurs these days find that computerizing gives them a far wider range of information with far less effort. Sales and inventory programs now on the market let you track usage, monitor changes in unit costs, calculate when you need to reorder, and analyze inventory levels on an item-by-item basis. Indeed, automation process or electronic-based operations have invaded every work place. It is being employed into operational activities to be able to simplify all related activities and operations. Every business owner wants to know which product sells the most, which customer’s or client’s buys frequently, how much inventory is on hand, and what method is preferred by customer when paying and how much did they actually sell on a particular day. The sales and Inventory system is software that manages incoming...
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...according to the style of service they offer. The service style determines the layout, menu, inventory, food prices and décor of the restaurant. They could be classified as fast food, fast casual, fine dining and casual dining (Johnson, 2014). This study focuses on the fast casual type of restaurants which are locally established in General Santos City. By definition a fast casual restaurant offers the ease and convenience of fast food, but with a more inviting sit-down atmosphere. The menu consists of better quality ingredients than can be found at most fast food establishments (Mealey, 2013). Inventory signifies all food, beverages, serving supplies and cleaning supplies. Every piece of inventory should be counted at least once every week so that menu items could be prepared for the customers and to stay in control of the goods on hand (Parpal, 2007). Inventory control, also known as inventory management, refers to the systems and strategies businesses use to ensure that they have adequate inventory. According to Parpal (2007), the main purpose of conducting inventory count is to measure the amount of food, supplies and other products used over time. This usage can be converted to cost, which is then compared to total sales for a given period. This way, the management can get a feel for how much profit the business makes from the product sold. Another reason is that taking inventory affects ordering processes. It shows how much an establishment have as well as how fast it...
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...controls that are executed by an independent, supervisory-level employee who does not have custody, record-keeping, authorization or reconciliation responsibilities for the process. In the checklist below, we have provided examples of several such compensating controls. Ideally, no individual employee should handle more than one of the above-noted functions in a process. When an organization separates these functions among its employees, it has implemented a strong internal control, which may deter and prevent employee fraud. Segregation of duties is one of the key concepts of internal controls. It is also one of the most effective internal controls in combating employee fraud. Segregation of duties contributes to an organization’s system of checks and balances. The concept of segregation of duties is to separate the following responsibilities in each business process: • Custody of assets • Record keeping • Authorization • Reconciliation Glenn Pomerantz Partner BDO Consulting gpomerantz@bdo.com 212-885-8379 Nidhi Rao Director BDO Consulting nrao@bdo.com 212-885-8008 The checklist is intended solely for illustrative purposes and is not intended to constitute professional advice for any particular...
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...INFS7004 Accounting Information Systems Lecture 4 Transaction Cycles: The Revenue Cycle 1 The Conceptual System The Revenue Cycle The revenue cycle is the set of activities in a business which brings about the exchange of goods or services with customers for cash. Most business transactions are conducted on a credit basis. Cash is received after goods are shipped to the customer. 2 Sales Order 1 Credit / Customer Service 2 REVENUE CYCLE (SUBSYSTEM) Cash Receipts/ Collections 6 Shipping 3 Billing/ Accounts Receivable 4/5 Journal Vouchers/Entries: How do we get them? Billing Dept. prepares a journal voucher: Accounts Receivable Sales DR CR Inventory Control Dept. prepares a journal voucher: Cost of Goods Sold Inventory DR CR Cash Receipts Dept. prepares a journal voucher: Cash Accounts Receivable DR CR 4 Sales Order Procedures Sales order procedures include the task involved in receiving and processing a customer order, filling the order and shipping products to the customer at the proper time, and correctly accounting for transaction. 5 Receive Order At this point, sale process begins indicating the type and quantity of merchandise desired by customer. It may or may not be a physical document Orders may arrive by mail, by telephone, or from a field representative who visited the customer After creating the sales order, a copy of it is placed in the customer open order file. 6 Check Credit For...
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...work: We will break this Asset Management System(AMS) development project into several phases and stages by using the system development life cycle (SDLC) theory with assumption of object oriented implementation. Phases in SDLC include planning, analysis, design, implementation and maintenance, but for now, we will only discuss about the planning phase. Planning phase Activities: 1. Identify, analyze, prioritize, and arrange our organization’s total information system needs, besides we also need to the details information for our fixed asset. 2. Inform the information system department about the needs of our system and the changes required for us to implement the new asset management system. 3. Determine which project should be undertaken by organization in the outcome of project identification and selection process. 4. Develop baseline project report to customize the standardized SDLC and the specifics the scope, time, expertise and resource needed for execution of project. 5. Do a feasibility assessment to assess the likelihood that organization’s information system capable to solve the problem or grip the opportunity and whether the cost of developing system is outweigh the benefit it could be given. 6. Planning work paper approved by Managing Director, Mr Lim Xian Zhen. Start a project team meeting. Sales system A sales process is a systematic approach to selling a product or service. Sales system improves the speed and accuracy of operation...
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...QUALITY CONTROL IPCC Good Practice Guidance and Uncertainty Management in National Greenhouse Gas Inventories 8.1 Quality Assurance and Quality Control Chapter 8 CO-CHAIRS, EDITORS AND EXPERTS Co-Chairs of the Expert Meeting on Cross-sectoral Methodologies f or Uncertainty Estimation and Inventory Quality Taka Hiraishi (Japan) and Buruhani Nyenzi (Tanzania) REVIEW EDITORS Carlos M Lòpez Cabrera (Cuba) and Leo A Meyer (Netherlands) Expert Group: Quality Assurance and Quality Control (QA/QC) CO-CHAIRS Kay Abel (Australia) and Michael Gillenwater (USA) AUTHOR OF BACKGROUND PAPER Joe Mangino (USA) CONTRIBUTORS Sal Emmanuel (IPCC-NGGIP/TSU), Jean-Pierre Fontelle (France), Michael Gytarsky (Russia), Art Jaques (Canada), Magezi-Akiiki (Uganda), and Joe Mangino (USA) 8.2 IPCC Good Practice Guidance and Uncertainty Management in National Greenhouse Gas Inventories Chapter 8 Quality Assurance and Quality Control Contents 8 QUALITY ASSURANCE AND QUALITY CONTROL 8.1 INTRODUCTION.................................................................................................................................8.4 8.2 PRACTICAL CONSIDERATIONS IN DEVELOPING QA/QC SYSTEMS ......................................8.5 8.3 ELEMENTS OF A QA/QC SYSTEM .................................................................................................. 8.6 8.4 INVENTORY AGENCY ..........................................................................................
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...price ------------------------------------------------- BASIC REVENUE CYCLE ACTIVITIES & GENERAL THREATS BASIC REVENUE CYCLE ACTIVITIES 1. Sales order entry 2. Shipping 3. Billing 4. Cash collections GENERAL REVENUE CYCLE THREATS 1. Inaccurate or invalid master data 2. Unauthorized disclosure of sensitive information 3. Loss or destruction of master data 4. Poor performance GENERAL REVENUE CYCLE CONTROLS 1. Data processing integrity controls 2. Restriction of access to master data 3. Review of all changes to master data 4. Access controls 5. Encryption 6. Backup and disaster recovery procedures 7. Managerial reports 1. ------------------------------------------------- SALES ORDER ENTRY ACTIVITIES AND THREATS | CONTROL | 1. Take order 1. Incomplete/inaccurate orders 2. Invalid orders | 3. Data entry edit controls 4. Restriction of access to master data 5. Digital signatures or written signatures | 2. Check and approve credit * Uncollectible accounts | * Credit limits * Specific authorization to approve sales to new customers or sales that exceed a customer’s credit limit * Aging of accounts receivable | 3. Check inventory availability * Stock outs or excess inventory * Loss of customers | * Perpetual inventory control system * Use of bar-codes or RFID * Training * Periodic...
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...Question 1: Describe Dollar General’s business strategy. Why has the company been so successful? Answer: Dollar General is an aggressive competitor in the deep discount retail industry, the main reason for the company’s success is the business strategy, the company believes in locating Dollar General Stores within communities, targeting municipalities that are home to fewer than 20,000 residents. The company believes that filling the role of neighborhood store is a big part of its success. Dollar General accomplishes success by rapidly opening stores and running each store at the lowest operating cost possible. It takes full advantage of this strategy by developing a system for opening new stores that shapes the procedure down to a scant eight days. Dollar General views this system very important for its business success. Question 2: Describe the role of management, organization and technology in Dollar General’s business strategy? Answer: Management plays a vital role in the business strategy of Dollar General, with the opening of a new store the management starts working for hiring the construction team to perform all the work required to bring the Dollar General store on the floor. The organization outlines the proper positioning and placement of for all fixtures and products in guidebook known as planogram, whish are detailed right down to instructing employees organization maintains close control over every aspect of ...
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...ASSIGNMENT NO 1 CASE STUDY Dollar General: Heavy on organization, Light on systems Cemex: A Digital Firm In The Making Submitted to: Asif Iqbal Submitted by: Md.Abdullah al-Reza Question 1: Describe Dollar General’s business strategy. Why has the company been so successful? Answer: Dollar General is an aggressive competitor in the deep discount retail industry, the main reason for the company’s success is the business strategy, the company believes in locating Dollar General Stores within communities, targeting municipalities that are home to fewer than 20,000 residents. The company believes that filling the role of neighborhood store is a big part of its success. Dollar General accomplishes success by rapidly opening stores and running each store at the lowest operating cost possible. It takes full advantage of this strategy by developing a system for opening new stores that shapes the procedure down to a scant eight days. Dollar General views this system very important for its business success. Question 2: Describe the role of management, organization and technology in Dollar General’s business strategy? Answer: Management plays a vital role in the business strategy of Dollar General, with the opening of a new store the management starts working for hiring the construction team to perform all the work required to bring the Dollar General store on the floor. The organization outlines the proper positioning and placement of for all fixtures and...
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...04LevelUndergraduateGraduateBeginnerFocusAccounting Entries in Manual and Automated SystemsIntegration of Accounting JournalsAuthorsJim MenschingNancy JonesContributorsPatti BrownVersion1.0 | MOTIVATIONThis assignment is a review of general financial accounting principles and procedures. In the first part of the assignment, you will create general journal entries for a series of transactions in Excel. For the last part of the assignment you will enter your “manual” journal entries into the SAP ERP system. The SAP system will then be used to produce a set of financial statements (balance sheet and income statement). Primary learning objectives are: * Review the concepts of the beginning financial accounting course * Review the accounting cycle * Work with a manual accounting information systemSecondary learning objective: * Review basic Excel skills | | PREREQUISITESBefore you use this case study, you should be familiar with navigation in the SAP system.You should also be familiar with Excel or other spreadsheet programs.Prior completion of the sample problem provided with this assignment is also recommended..NOTESThis case study uses the Global Bike Inc. (GBI) data set, which has exclusively been created for SAP UA global curricula. | Assignment Overview This assignment is a review of general financial accounting principles and...
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...Accounting Information System Prepared for Arif Rana School of Business Prepared by Abdul Baten ID- 11315069 Poritos Chandra Day ID- 10315117 Farzana Arju ID- 11315115 Shohel Rana ID- 11315028 Nazrul Islam ID- 11315113 Asif Iqbal ID- 10315025 Farjana Ferdousi ID- 09515009 University of Information Technology and Sciences (UITS) 23rd December 2011 Table of Contents |Part |SL No. | |Page | | | |Introduction Of Company | | |A | | | | | | |Overview of the company | | | | |Products of the company | | | | | | | | | |What is AIS | | | | | ...
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... To our classmates, especially to our Instructor Mrs. Realuz S. aliguay for the wisdom knowledge she had given on us that was imbued to equip us the best things that we will be needed in facing the challenges of our life to welcome us to the world of knowledge. And to our almighty god, for without him for all these with nothing. Background of the study Medical supply inventory system is a prime task for a management to achieve its goals of maintaining appropriate level of inventory and minimizing waste, a web-based system of managing inventory in a simple hospital setting is expected to help various facilities keep an update on the status of their tools and equipments in this study, a model presented for putting an medical supply inventory system (MSIS) in place different of Saint Theresa College in designing such a system, PHP has been employed as a development language and MySQL as a backend database CSS implemented for the interface, two screen shots have been illustrated to offer a glimpse of the proposed web-based system and its application. This Medical Supply Inventory System would help the personnel in charge of the supply office out the capacity of the supplies as well the relevant information asset of availability, and replace the current practice of extensive manual recording of asset documentation thus holding a key for a management like hospital gaining competitive advantage through efficient operation performance....
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...STI College – Muñoz EDSA Inventory Management System of an Appliance Store A Project Presented to The Faculty of STI College – Muñoz EDSA In Partial Fulfilment of the Requirements for the Degree of Bachelor of Science in Computer Science by Majadas, Ellayn S. Cabato, Jonathan Lal, Depak Franco, Chester John BT402A CARLEX ROL JALMASCO Project Adviser December, 2015 Chapter 1 1. Introduction: Company Background The company gets their stocks from different companies (who sells appliances) and paid it by terms. Their recording of products, sales, purchases, expenses and inventory are in manual form. The accountant manually computes and totals the amount of monthly sales, purchases, expenses, tax and inventory. In this kind of system, missing receipts, sales, purchases, expenses and inventory records are hard to track back. The manual inventory system will be replaced and organized by developing an “Inventory Management System”. Inventory Executive System is a complete inexpensive system for management of sales, purchases and payments. This system will help you in creation invoices, sale orders, purchase orders, receiving lists, payment receipts, product labels and any kinds of the reports for monitoring your business. 2.1. Statement of the problem 2.2.1. General Problem The company are currently using manual system in getting inventory. These kinds of system have lots of problems like: * Less efficient...
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...Background of the problem The general problem of the study is how to develop a computerized Sales and Inventory system for our client that can help them to level up their operations in terms of transaction’s speed and inventory management. 1.2 Overview of the Current State of the Technology The client uses carbon paper to their written receipt to have their own copy then every end of the day the client always reviews and re-computes all the transactions to summarize their total sale, to know their variances the client will deduct the total inventory (before they start operation) by total number of sold items and to track their nearly out of stock product, they are making a list of it then continuously deduct it every time the same product is sold. 1.3 Project Rationale Solving the client’s problems will give them a fast and efficient everyday operation. 2. PROJECT DESCRIPTION 2.1 Statement of the Problem How to develop a system that will make the client’s operation much better? 2.2.1 General Objectives The general objective of the study is to fasten their transactions and to help them manage their inventory much well by developing a computerized Sales and Inventory System. 2.2.2 Specific Objectives * To keep every transactions for future use The proposed system will automatically save all transactions for future use. * To make notification module The proposed system will notify the user about...
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