Debtors filling system will be the responsibility of the accounts clerk and is prepared when the business is preparing and updated on a weekly basis. The records are prepared and recorded in the debtors’ accounts. The debtors’ accounts may either be debtors’ receivables or the debtors’ payments accounts and this is determined by the payment method of the debtors. The accounts are usually reviewed either on quarterly basis or annually depending on the volume of work carried out by a business. They may also be reviewed when an audit is being carried out and this has no specific time, since it ...
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Debtors’ system
The debtors’ system will be the responsibility of the business accountant.
The debtors’ system will be used to develop debtors’ records at the end of each month.
The debtors’ system will be reviewed at the end of each month to ensure that the level of debtors is within the business allowable limits and to ensure that the risk of bad debts is minimized.
Cash book
The cash book will be the responsibility of the accounts clerk.
The cash book will be reconciled at the end of each working week and reconciliations with cash in hand and cash in bank made.
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Charity 1: School PTA
The Parent Teachers Association in focus is a charitable school organization in a primary school. It is made up of volunteers who consist of parents, guardians, alumni and teachers who come together to generate resources for school programs, events or the acquisition of resources that are not included or planned for in the school budget. The PTA’s committee is made up of five executive members and other volunteers selected during the School’s Annual General Meeting held every September. The Executive position on the PTA Board include; the Chairperson, Vice Chairperson, Secretary, Treasurer and the Vice Treasurer. The ...
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In a building and construction business, proper financial management is essential for the smooth of running of the business and achievement of profits. The essence of financial management is in proper record keeping. The table below shows the basic records that are a must in any business, the person responsible, frequency, review process, and why the record.
RECORD
PERSON RESPONSIBLE
WHEN TO BE PREPARED (FREQUENCY)
REVIEW PROCESS
WHY YOU NEED RECORD
Petty Cash
Accounts Clerk
Weekly
Manager reviews the petty cash system on a quarterly basis so as he can balance and reimburse money in the office.
Certify that minor purchases not ...
