Samuel is a bookkeeper. He provided the following questionnaire to his client, APC Pty Ltd, who has completed it and returned it to him.

Required:

Make a Monies Received Policy and Procedure based on the following completed

questionnaire. (15 marks)

Questionnaire

1. How are monies received recorded?

Each individual transaction is separately recorded.

2. How do you issue receipts/tax invoices?

Receipts/tax invoices are issued upon request.

3. What is included on the receipt/tax invoices?

Name of customer, date of receipt, payment methods, receipt number,

product purchased.

4. What is the procedure for handling cheques?

Must be crossed "not negotiable" on receipt. Check that the amounts in

figures and words agree, date not older than 15 months, signed.

5. What is the incoming mail procedure?

Mail cannot be opened by any one individual. Mail will be opened centrally

in the presence of two employees. Cheques and cash received will be sent

to the customer service officer for receipt and banking. Cash received

must be logged in the cash received register.

6. How long do you keep receipts?

Records are retained for 7 years. Voided or reversed receipts also retained

for 7 years.

7. Do you have a cash float*?

Yes, cash floats are issued to cashiers as change for monies received.

* Cash float is defined as money a retailer keeps to give change to customers. n