Acct Workflow

8/10/2019 Acct Workflow

1/22

ACCOUNTING

DEPARTMENTWORKFLOW


2/22

Binders Needed:

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)


3/22

RECORDING A SALEYou receive a PURCHASE ORDERor an

ORDERFORM(through your website,

mail, or fax).

The Accounting Department creates an

INVOICE.

Order information is entered into the SALES

JOURNAL, ACCOUNTSRECEIVABLE

RECORDand the INVENTORY

RECORDS.

Staple the PURCHASEORDER/ORDER

FORMand INVOICEtogether and file in a

binder in numerical order by Invoice.

Send the Invoice to the customer.

Order INVENTORYwhen needed.

Note: Review the Invoice binder periodically

and send out overdue reminders.


4/22

Order

Form


5/22

Sales Journal

DATE CUSTOMER 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

Sale to

Lizzie

Grubman


6/22

Accounts Receivable Record

Customer: Lizzie Grubman

DATE INVOICE #

INVOICE

AMOUNT AMOUNT PAID INVOICE BALANCE

1 23-Oct 532.26 532.26

2 532.26

3 532.26

Balance forLizzie

Grubman


7/22

Accounts Receivable

Controlling Record

DATE CUSTOMER BALANCE

1 Lizzie Grubman 532.26

2 Johnny Damon 1145.99

3

Balance for

Lizzie

Grubman


8/22

Invoice


9/22

MAKING A PURCHASE

Your company completes a PURCHASE

ORDERfrom 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, ACCOUNTSPAYABLE

RECORD, AND ACCOUNTSPAYABLE

CONTROLLINGRECORD.

The Bank Manager pays the bill, marks it

paid, and files it.

The invoice and the original purchase

order is forwarded to the Bank Manager.

If the purchase was forinventory, update the

INVENTORYRECORDS.


10/22

Purchasing Journal

DATE VENDOR INVOICE # DESCRIPTION AMOUNT

1 21-Oct VEC Trading lamps 725



4

One

purchase


11/22

Accounts Payable Record

Vendor Name: 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

One

purchase

Total Amt.


12/22

Accounts Payable

Controlling Record

DATE VENDOR BALANCE

1 VEC Trading 2000.00

2

3

4

Total Amt.


13/22

Inventory RecordItem Name: Budget lamps

InventoryLevel

Item #: Minimum:

Description: Maximum:

Purchased Sold Balance

Date Units

Unit

Cost Total Units

Unit

Cost

Cost of

Goods Sold Units

Unit

Cost Total

21-Oct 10 10 100 0 10 100

23-Oct 0 6 10 60 4 40

25-Oct 20 10 200 0 24 240

27-Oct 0 17 10 170 7 70

29-Oct 20 10 200 0 27 270

Total Units

on Hand

Value ofInventory on

Hand


14/22

Inventory RecordItem Name: Standard Lamps

InventoryLevel

Item #: Minimum:

Description: Maximum:

Purchased Sold Balance

Date Units

Unit

Cost Total Units

Unit

Cost

Cost of

Goods Sold Units

Unit

Cost Total

21-Oct 10 25 250 0 10 250

23-Oct 0 4 25 100 6 150

25-Oct 10 25 250 0 16 400

27-Oct 0 8 25 200 8 200

29-Oct 10 25 250 0 18 450

Total Units

on Hand

Value of

Inventory on

Hand


15/22

Inventory Control

DATE ITEM NAME ITEM #

QUANTITY ON

HAND COST TOTAL

1 Budget lamps 27 270

2 Standard Lamps 18 450

3 Deluxe lamps 7 525

4

5

6

Value of

Inventory on

Hand linked

from

IndividualRecords

Quantity of

Inventory on

Hand linkedfrom

Individual

Records


16/22

RECORDING CASH RECEIPTS

AND PAYMENTSEach week the BankManagerprints out a copy of the current

bank transactions.

The Accounting Department

records ALL transactions in the

CASHRECEIPTSAND

PAYMENTSJOURNALin 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

RECEIVABLERECORD to

reflect the payment.

Any invoices that yourcompany paid another company

(because you purchased

something from them) is

updated in the ACCOUNTS

PAYABLERECORD.


17/22

Cash Receipts and

Payments Journal

REF.

# DATE DESCRIPTION

CASH

RECEIPT

CASH

PAYMENT BALANCE ACCOUNTS

RE-

CEIVABLE

ACCOUNTS

PAYABLE

SALARIES

PAYROLL

WITH-

HOLDINGS

PAYROLL

TAX

EXPENSE

RENT

UTILITIES

401(K)

EXPENSE

INTEREST

EXPENSE

OTHER

0

0

0

EXPLANATION

Enter in the

Receipt or

Payment

Enter in the

Explanation


18/22

Accounts Receivable Record

Customer: Lizzie Grubman

DATE INVOICE #

INVOICE

AMOUNT AMOUNT PAID INVOICE BALANCE

1 23-Oct 532.26 532.26

2 532.26

3 532.26

Enter in

payment

received


19/22

Accounts Payable Record

Vendor Name: 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

Enter in

amount

paid


20/22

PAYROLL

The Payroll Associate

completes the PAYROLL

REGISTERfor the pay period.

The original is filed in a binder

and a copy is given to the Bank

Manager.

The Payroll Associate creates

and distributes pay stubs.

The Bank Manager pays each

employee.

On the 15thof the month, the

Bank Manager submits and

pays the 941 tax form for theprevious month. All tax forms

are filed in a binder.

Note: Payroll is completed twice a month.


21/22

Payroll Register

Firm Name

Semimonthly Payroll Register

Pay Period: From_________________ To _____________________

NAME

# of W-4

exemptions HOURS

HOURLY

RATE GROSS

SOCIAL

SECURITY

MEDI-

CARE

Taxable

Fed.

Income FWT SWT 401 (K)

TOTAL DE-

DUCTIONS NET PAY

1 0.00 0.00 0.00 0.00 FALSE FALSE 0.00 0.00

2 0.00 0.00 0.00 0.00 FALSE FALSE 0.00 0.003 0.00 0.00 0.00 0.00 FALSE FALSE 0.00 0.00

4 0.00 0.00 0.00 0.00 FALSE FALSE 0.00 0.00


22/22

SUMMARY

Accounts Receivable, Accounts Payable, and Inventory Records areupdated 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 timea bank statement is printed.

Tax Forms should be completed according to the calendar. 941 monthly

Sales tax quarterly

W2 and W3 yearly

1040 individual tax return

yearly

1120 Corporate tax return yearly

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