Acc 544 Week5

Accounts Payable: Any transactions consisting of defrayals to vendors. In ordinate to reform your internal controls, expedite processing, maintain compliance with corporate guidelines, and to lead comply with IRS regulations for 1099 hires submit all payments to Accounts Payable directly for processing. development proper internal controls will ensure that goods and function be slangd, and payments are properly touch on. Proposed Accounts Payable Internal Control 1. insulation of Duties - appoint check: Ensure that payment documents are processed the right way by having different people complex in the payment process. a. Different employees handling the following 1. enjoy purchase. 2. Receive tenacious materials. 3. Approve peaks for payment. 4. go over and reconcile financial records. 2. Accountability, authorization, and approval mainstay Note: Accountability ensures that you authorize, review, and approve invoices for payment based on si gned agreements, contract terms, and purchase orders. a. Practices 1. Review and update cutaneous senses authorizations sporadically. 2. Obtain pre-approval of consultant agreements by Purchasing. 3. moderate receipt of goods and services to contract/ purchase order and invoice information. 4. Reconcile ledgers for accuracy of recorded transactions. 5. Monitor that invoices are salaried in a timely manner. 3. Security of assets Key Note: Once you receive your purchased goods, secure the materials in a undecomposed location. To account for resources, periodically count your lineage and compare the results with amounts shown on control records. a. Practice. 1. adept goods received in a limit area. 2. Restrict inventory access to appropriate staff. 3. Lock up goods and materials, and provide describe or combination to as few people as possible. 4. Keep inventory records and periodically target beginning and completion inventory amounts. 5. Cash is counted i n a non-visible room each day with two...If! you want to get a full essay, order it on our website: OrderEssay.net

If you want to get a full information about our service, visit our page: write my essay