You are the auditor of Ulverstone Pty Ltd, which installs home security systems to households in the North West Coast. The following information describes the billing process, which is part of the revenue cycle of the business.
The date of installation of a security system is confirmed with the customer by the manager of Ulverstone Pty Ltd, who then prepares an Installation Instruction Form (which serves as a sales order form), which is sent to the Accounts Receivable Section. The Accounts Receivable Clerk enters the details into the computer system, which saves the sales order data and prints two copies of the invoice.
The Accounts Receivable Clerk sends the printed invoices and the Installation Instruction Form to the Manager. The Manager then checks the details of the invoices and posts one copy of the invoice to the customer. The Installation Instruction Form is matched to the other copy of the invoice and the matched documents are filed in customer number order in an 'Awaiting Payment' file.
Required
Prepare a system flowchart for the billing cycle for Ulverstone Pty Ltd as described above.
?Download this spreadsheet (click the link) and save it to your storage device? Upload your completed spreadsheet using the 'Add a File' button below the text box.?
NOTE
- there are pre-prepared flowchart symbols in the spreadsheet. You will need to copy and paste to create the symbols you need. If you need different symbols, they can be found in Insert/Shapes/Flowchart. Delete symbols not needed.
- you will need to label the symbols appropriately
- you will need to join the symbols using Insert/Shapes/Arrow'
Spreadsheet are presented in the four pictures.
1. Economic order quantity a. A document that creates a legal obligation to buy and 8. Blanket purchase order h. A process for approving supplier invoices based on a (EOQ) pay for goods or services two-way match of the receiving report and purchase order 9. Evaluated receipts i. A process for approving supplier invoices based on 2. Materials requirements b. The method used to maintain the cash balance in settlement (ERS) a three-way match of the purchase order, receiving planning (MRP) petty cash account report, and supplier invoice 3. Just-in-time (JIT) c. The time to reorder inventory triggered when the inventory system quantity on hand falls to a predetermined level 10. Payment voucher j. A method of maintaining accounts payable in 4. Purchase requisition d. A document used to authorise a reduction in accounts which each supplier invoice is tracked and paid for payable because merchandise has been returned to a separately supplier 11. Receiving report k. A method of maintaining accounts payable that 5. Imprest fund e. An inventory control system that triggers production generates one cheque to pay for a set of invoices from based upon actual sales the same supplier 12. Debit memo 1. Combination of a purchase order, receiving report, 6. Purchase order f. An inventory control system that triggers production and supplier invoice that all relate to the same based on forecasted sales transaction 13. Vendor-managed 7. Procurement card g. A document used only internally to initiate the m. A document used to list each invoice being paid by a inventory cheque purchase of materials, supplies or services 14. Voucher package n. An inventory control system that seeks to minimise the sum of ordering, carrying, and stockout costs 15. Non-voucher system o. A system whereby suppliers are granted access to point-of-sale (POS) and inventory data in order to automatically replenish inventory levels 16. Voucher system p. An agreement to purchase set quantities at specified intervals from a specific supplier q. A document used to record the quantities and condition of items delivered by a supplier r. A special-purpose credit card used to purchase supplies1. Economic order quantit n. An inventory control system that seeks to minimise (EOQ) the sum of ordering, carrying, and stockout costs 2. Materials requirements f. An inventory control system that triggers production planning (MRP) based on forecasted sales 3. Just-in-time (JIT) e. An inventory control system that triggers production inventory system based upon actual sales 4. Purchase requisition g. A document used only internally to initiate the purchase of materials, supplies or services 5. Imprest fund b. The method used to maintain the cash balance in petty cash account 6. Purchase order a. A document that creates a legal obligation to buy and pay for goods or services 7. Procurement card r. A special-purpose credit card used to purchase supplies8. Blanket purchase order o. A system whereby suppliers are granted access to point-of-sale (POS) and inventory data in order to p. An agreement to purchase set quantities at specified automatically replenish inventory levels intervals from a specific supplier 9. Evaluated receipts settlement (ERS) q. A document used to record the quantities and h. A process for approving supplier invoices based on a two-way match of the receiving report and purchase condition of items delivered by a supplier order 10. Payment voucher m. A document used to list each invoice being paid by a 1. Combination of a purchase order, receiving report, 11. Receiving report cheque and supplier invoice that all relate to the same transaction d. A document used to authorise a reduction in accounts 12. Debit memo payable because merchandise has been returned to a supplier 13. Vendor-managed inventory 14. Voucher package
