The sales department of a company received several claims from its customers that their payments were not credited to their accounts Investigation uncovered that the accounts receivable clerk has been stealing some of customer payments What are some of the internal control procedures that could pre...

Segregation of Duties Record keeping and asset custody sh ...

The sales department of a company received several claims from its customers that their payments were not

Question:

The sales department of a company received several claims from its customers that their payments were not credited to their accounts. Investigation uncovered that the clerk has been stealing some of customer payments. What are some of the internal control procedures that could prevent and detect the problem?

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...