Difference between revisions of "Recommended accounting routines"
Tim Laundon (talk | contribs) (New page: {{Review}} Within any business, there a number of routine daily, weekly and monthly tasks that need to be carried out in order for the business to operate smoothly and efficiently, and to ...) |
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Within any business, there a number of routine daily, weekly and monthly tasks that need to be carried out in order for the business to operate smoothly and efficiently, and to enable any errors to be picked up at an early stage. The following article sets out the preferred routines for accounts purposes. | Within any business, there a number of routine daily, weekly and monthly tasks that need to be carried out in order for the business to operate smoothly and efficiently, and to enable any errors to be picked up at an early stage. The following article sets out the preferred routines for accounts purposes. | ||
Virtually everything that happens in the dealership impacts back on accounts in some way. | Virtually everything that happens in the dealership impacts back on accounts in some way. | ||
| − | == Daily Takings == | + | |
| + | == Daily Routines == | ||
| + | |||
| + | === Daily Takings === | ||
*Print the Sales Daily Takings report and balance this against the actual takings. | *Print the Sales Daily Takings report and balance this against the actual takings. | ||
*Take a Z-read of the credit card machine. This should provide a summary printout of the credit card takings. | *Take a Z-read of the credit card machine. This should provide a summary printout of the credit card takings. | ||
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*If there are any errors on the daily takings report, for example an item is shown as paid by cash when it should be credit card, the responsible person should [[How to deal with end of day till corrections|adjust]] the transaction appropriately and re-print the takings report such that it reflects the correct takings for the day. | *If there are any errors on the daily takings report, for example an item is shown as paid by cash when it should be credit card, the responsible person should [[How to deal with end of day till corrections|adjust]] the transaction appropriately and re-print the takings report such that it reflects the correct takings for the day. | ||
| − | == Banking == | + | === Banking === |
The takings are posted to suspense accounts in the nominal ledger for cash, cheque and credit/debit card transactions so that the daily takings can be produced and keep non-accounts staff away from the bank account. This simplifies the reconciliation of the bank account considerably from a receipts point of view. | The takings are posted to suspense accounts in the nominal ledger for cash, cheque and credit/debit card transactions so that the daily takings can be produced and keep non-accounts staff away from the bank account. This simplifies the reconciliation of the bank account considerably from a receipts point of view. | ||
It does mean though that the suspense accounts must be “cleared out” into the bank account by [[The Banking Journal|journal]] at the appropriate intervals. | It does mean though that the suspense accounts must be “cleared out” into the bank account by [[The Banking Journal|journal]] at the appropriate intervals. | ||
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*For credit/debit cards, this should be done either from the Z-read of the credit card machine or from seeing the card amounts appearing on the bank statement. Choose one of the two methods and stick to it. | *For credit/debit cards, this should be done either from the Z-read of the credit card machine or from seeing the card amounts appearing on the bank statement. Choose one of the two methods and stick to it. | ||
| − | == Other Receipts == | + | === Other Receipts === |
Any other receipts should be [[Posting Payments Received|posted]] by the accounts department, or a responsible person in the dealership. These will include receipts from finance companies, insurance companies and trade accounts if you have any. | Any other receipts should be [[Posting Payments Received|posted]] by the accounts department, or a responsible person in the dealership. These will include receipts from finance companies, insurance companies and trade accounts if you have any. | ||
| − | == Purchase Invoices == | + | === Purchase Invoices === |
Purchase invoices should be [[Posting Purchase Invoices|posted]] as they are received, matched either to purchase orders or to vehicles, if relevant, and then filed immediately. | Purchase invoices should be [[Posting Purchase Invoices|posted]] as they are received, matched either to purchase orders or to vehicles, if relevant, and then filed immediately. | ||
| + | |||
| + | == Weekly Routines == | ||
| + | |||
| + | === Debtors === | ||
| + | Review the aged debtors list. Deal with any queries and ask questions about any of the balances that seem odd. Check the deposits that are shown are still relevant, i.e. that they have not been retained or refunded. | ||
| + | |||
| + | === Creditors === | ||
| + | Review the aged creditors list and decide if there are any suppliers to pay. If so, make the [[Paying Suppliers|payments]] and print remittances as you go if you want them. | ||
| + | |||
| + | === Bank, Cash and Receipts Accounts === | ||
| + | Reconcile any nominal accounts that you see fit. These should include at least the bank account, petty cash account and the receipt suspense accounts (Z900 - Cash, Z901 - Cheque, Z902 – Credit/Debit Cards). Other accounts to review might include Stock Accruals, Work in Progress and Stock Value. | ||
{{ZN_Accounts}} | {{ZN_Accounts}} | ||
Revision as of 12:41, 11 September 2009
 |
This article or section is under development. Be aware: Content will change as the document progresses. |
Within any business, there a number of routine daily, weekly and monthly tasks that need to be carried out in order for the business to operate smoothly and efficiently, and to enable any errors to be picked up at an early stage. The following article sets out the preferred routines for accounts purposes.
Virtually everything that happens in the dealership impacts back on accounts in some way.
Contents
Daily Routines
Daily Takings
- Print the Sales Daily Takings report and balance this against the actual takings.
- Take a Z-read of the credit card machine. This should provide a summary printout of the credit card takings.
- Attach the credit card slips and the Z-read to the takings report, remove the cash taken in excess of the fixed float in the till and any cheques taken that day, and pass this to accounts or the person deemed responsible for the banking.
- If there are any errors on the daily takings report, for example an item is shown as paid by cash when it should be credit card, the responsible person should adjust the transaction appropriately and re-print the takings report such that it reflects the correct takings for the day.
Banking
The takings are posted to suspense accounts in the nominal ledger for cash, cheque and credit/debit card transactions so that the daily takings can be produced and keep non-accounts staff away from the bank account. This simplifies the reconciliation of the bank account considerably from a receipts point of view. It does mean though that the suspense accounts must be “cleared out” into the bank account by journal at the appropriate intervals.
- For cash and cheques, this should be done whenever a paying-in slip is filled out.
- For credit/debit cards, this should be done either from the Z-read of the credit card machine or from seeing the card amounts appearing on the bank statement. Choose one of the two methods and stick to it.
Other Receipts
Any other receipts should be posted by the accounts department, or a responsible person in the dealership. These will include receipts from finance companies, insurance companies and trade accounts if you have any.
Purchase Invoices
Purchase invoices should be posted as they are received, matched either to purchase orders or to vehicles, if relevant, and then filed immediately.
Weekly Routines
Debtors
Review the aged debtors list. Deal with any queries and ask questions about any of the balances that seem odd. Check the deposits that are shown are still relevant, i.e. that they have not been retained or refunded.
Creditors
Review the aged creditors list and decide if there are any suppliers to pay. If so, make the payments and print remittances as you go if you want them.
Bank, Cash and Receipts Accounts
Reconcile any nominal accounts that you see fit. These should include at least the bank account, petty cash account and the receipt suspense accounts (Z900 - Cash, Z901 - Cheque, Z902 – Credit/Debit Cards). Other accounts to review might include Stock Accruals, Work in Progress and Stock Value.
