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ObjectivesforChapter5
y Fundamentaltasksperformedduringpurchasesandcash disbursementprocesses y Functionalareasinvolvedinpurchasesandcash disbursementsandtheflowofthesetransactionsthrough theorganization y Documents,journals,andaccountsthatprovideaudit trails,promotethemaintenanceofrecords,andsupport decisionmakingandfinancialreporting y Risksassociatedwithpurchaseandcashdisbursements activitiesandthecontrolsthatreducetheserisks y Operationalfeaturesandthecontrolimplicationsof technologyusedinpurchasesandcashdisbursement systems
Purchase Requisition 1
Cash Disbursements 5
Receiving/ Inspection 3
Accounts Payable 4
GoalsoftheExpenditureCycle
y Thegoalofprovidingneededresourcestoorganization canbebrokendownintoseveralobjectives:
y purchasefromreliablevendors y purchasehighqualityitems y obtainbestpossibleprice y purchaseonlyitemsthatareproperlyauthorized y haveresourcesavailablewhentheyareneeded y receiveonlythoseitemsordered y ensureitemsarenotlost,stolen,
or
broken y payfortheitemsinatimelymanner
DFDofPurchasesSystem
AManualPurchasesSystem
y BeginsinInventoryControlwheninventorylevels droptoreorderlevels y Apurchaserequisition(PR)ispreparedandcopiesto senttoPurchasingandAccountsPayable(A/P) y Purchasingpreparesapurchaseorder(PO)foreach vendorandsendscopiestoInventoryControl,A/P, andReceiving
AManualPurchasesSystem
y Uponreceipt,Receiving countsandinspectsthe goods. y AblindcopyofthePOisusedtoforceworkersto countthegoods. y Areceivingreportispreparedandcopiessenttothe rawmaterialsstoreroom,Purchasing,Inventory Control,andA/P.
AManualPurchasesSystem
y A/PeventuallyreceivescopiesofthePR,PO, receivingreport,andthesuppliersinvoice. y A/Preconcilesthesedocuments,poststothe purchasesjournal,andrecordstheliabilityinthe accountspayablesubsidiaryledger.
AManualPurchasesSystem
y A/Pperiodicallysummarizestheentriesinthe purchasesjournalasajournalvoucherwhichissentto theGeneralLedger(G/L)department.
InvControlorPurchases
AcctsPayableControl
DR
CR
y A/Palsopreparesacashdisbursementsvoucherand postsitinthevoucherregister.
AManualPurchasesSystem
yG/Ldepartment:
y postsfromtheaccountspayablejournal
ManualPurchasesFlowchart
DFDofCashDisbursementsSystem
ManualCashDisbursementsSystem
y Periodically,A/Psearchestheopenvoucherspayable fileforitemswithpaymentsdue:
y A/Psendsthevoucherandsupporting
ManualCashDisbursementsSystem
y CashDisbursements: y preparesthecheck y recordstheinformationinacheckregister(cash disbursementsjournal) y returnspaidvoucherstoaccountspayable,mailsthe checktothesupplier y sendsajournalvouchertoG/L: AccountsPayable DR Cash CR
ManualCashDisbursementsSystem
y G/Ldepartmentreceives:
thejournalvoucher fromcashdisbursements y asummaryoftheaccountspayablesubsidiaryledger fromA/P
y
CashDisbursementsSystem
ComputerBasedAccountingSystems
y CBAStechnologycanbeviewedasacontinuumwith twoextremes:
y automation usetechnologytoimprove
LevelsofAutomatingandReengineering Ordering
y ComputergeneratesPR y PurchasesmanuallygeneratesPO y ComputergeneratesPO(noPRneeded) y POnotsentuntilmanuallyreviewed y ComputergeneratedPOisautomaticallysentwithout manualreview y ElectronicDataInterchange(EDI) y ComputertocomputercommunicationwithoutPO
ExpenditureCycleDatabase
y MasterFiles
y supplier(vendor)masterfile y accountspayablemasterfile y merchandiseinventorymaster
Other Files
supplier reference and history file buyer file accounts payable detail file
file
y TransactionandOpen DocumentFiles
y purchaseorderfile
ComputerBasedPurchases
y ADataProcessingdept.performsroutine accountingtasks. y Purchasing acomputerprogramidentifies inventoryrequirements y Thefollowingmethodsareusedforauthorizing andorderinginventories:
thesystempreparesPOsandsendsthemto Purchasesforreview,signing,anddistributing y thesystemdistributesPOsdirectlytothevendors andinternalusers,bypassingPurchases y thesystemuseselectronicdatainterchange(EDI) andelectronicallyplacestheorderwithoutPOs
y
ComputerBasedPurchases
y Othertasksperformedautomaticallybythe computer: y updatestheinventorysubsidiaryfilefrom thereceivingreport y calculatesbatchtotalsforgeneralledger update y closesthecorrespondingrecordsintheopen POfiletotheclosedPOfile y validatesthevoucherrecordsagainstvalid vendorfiles
ComputerBasedCashDisbursements
yTasksperformedautomaticallyby
thecomputer:
y thesystemscansforvoucherscurrently
AutomatedBatchPurchases
AutomatedBatchPurchases
AdvantagesofRealTimeDataInput& ProcessingOverBatchProcessing
y Shortensthetimelaginrecordkeeping; hence,recordsaremorecurrent y Eliminatesmuchoftheroutinemanual procedures,suchastranscribinginformation ontopaperdocuments y Eliminatesmuchofthestorageandshuffling ofpaperdocuments y Reducesdataentrycorrectionprocedures
ReengineeredPurchases/Cash Disbursements
SummaryofInternalControls
GeneralInternalControls
y Organizationcontrols y segregationofduties y Documentation y AssetAccountabilityControls y ManagementPractices y DataCenterOperationsControls y AuthorizationControls y AccessControls
Manual AuthorizationControls
y Purchasesofinventoryshouldbeauthorizedbythe InventoryControldepartment,not bypurchasing agents y AccountsPayableauthorizesthepaymentsofbills, not thecashdisbursementsclerk,whowritesthe checks
ComputerBasedAuthorization Controls
y Authorizationsareautomated. y programmeddecisionrulesmustbedebugged y AutomatinginventoryinEDIandJIT y faultyinventorymodelcanleadtooverpurchasingor underpurchasing y Cashdisbursementsmayautomatecheckprintingand signing. y programminglogicmustbeflawless y automatedsigningonlybelowadollarthreshold
TraditionalSegregationofDuties
y Warehouse(stores) y Inventorycontrol y Accountspayable y Generalledger y Requisitioning y Purchases y Purchasesreturnsandallowances y Cashdisbursements
Manual SegregationofFunctions
y Custodyoftheasset,inventory,bytheWarehouse mustbeseparatefromrecordkeepingfortheassetsby theInventoryControl. y Custodyoftheasset,cash,byCashDisbursements mustbekeptseparatefromrecordkeepingforthe assetbyA/P.
ComputerBasedSegregation ofFunctions
y Extensiveconsolidationbythe
computeroftaskstraditionally segregated
y computerprogramsauthorizeand
Manual Supervision
y Withintheexpenditurecycle,supervision isof highestimportanceintheReceivingdepartment, wheretheinventoryarrivesandisloggedinbya receivingclerk.Needtominimize: y failurestoproperlyinspecttheassets y theftoftheassets
ComputerBasedSupervision
y Automationoftenleadstoacollapsingofthe traditionalsegregationofduties. y requiresgreatersupervision y Supervisiontakesonnewaspectsastechnology advances. y electronicmonitoring y Supervisionbecausemoredifficultastheworkplace becomesmoresophisticated. y employeesmayhaveadvancedITtraining
Manual AccountingRecords
y Mustmaintainadequaterecordsfor: y accountspayable y voucherspayable y checks y generalledger y subsidiaryledgers
ComputerBased AccountingRecords
y Accountingrecordsrestonthereliabilityand securityofstoreddigitalizeddata.
Accountantsshouldbeskepticalabouttheaccuracyof hardcopyprintouts. y Backups thesystemneedstoensurethatbackupsof allfilesarecontinuouslykept
y
y Mostautomatedsystemsstillhavealotofpaper documents.
Thisisgoodforaudittrailpurposesbutisoften inefficient. y Asthesystembecomesincreasingpaperless, maintaininganaudittrailbecomesmoredifficult.
y
Manual AccessControls
yAccessto:
y inventories(direct) y cash(direct) y accountingrecords(indirect)
ComputerBased AccessControls
y Magneticrecordsarevulnerabletobothauthorized andunauthorizedexposureandshouldbeprotected y musthavelimitedfileaccessibility y programsmustbesafeguardedandmonitored
Manual IndependentVerification
y A/Payabledept.verifiesmuchoftheworkdone withintheexpenditurecycle.
y
y G/Ledgerdept.verifies:
thetotalobligationsrecordedequalthetotalinventories received y thetotalreductionsinaccountspayableequalthetotal disbursementsofcash
y
ComputerBased IndependentVerification
y Automatingtheaccountingfunctionreducestheneed forverificationbyreducingthechancesoffraudand errorintheexpenditurecycle. y However,theneedforverificationshiftstothe computerprogramandtheprogrammerswherefraud anderrormaystillbepresent.