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JamesA.Hall
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ObjectivesforChapter4
y Tasks performed in the revenue cycle, regardless of the
technology used
y Functional departments in the revenue cycle and the flow
of revenue transactions through the organization
y Documents, journals, and accounts needed for audit
trails, records, decision making, and financial reporting
y Risks associated with the revenue cycle and the controls
that reduce these risks
y The operational and control implications of technology
used to automate and reengineer the revenue cycle
TheConceptualSystem
Overview of Revenue Cycle Activities
y Three process in revenue cycle for most retail,
wholesale & manufacturing organizations:
y Sales order procedure
y Sales return procedure
y Cash receipt procedure
Sales Order
1
Credit / Customer
Service
2
REVENUE CYCLE
(SUBSYSTEM)
Cash Receipts/
Collections
6
Shipping
3
Billing/ Accounts
Receivable
4/5
RevenueCycleDatabases
y Masterfiles
y customermasterfile
y accountsreceivablemaster
file
y merchandiseinventorymaster
file
y TransactionandOpen
DocumentFiles
y salesordertransactionfile
y
opensalesordertransaction
file
y salesinvoicetransactionfile
y cashreceiptstransactionfile
OtherFiles
shippingandpricedata
referencefile
creditreferencefile(maynot
beneeded)
salespersonfile(maybea
masterfile)
Saleshistoryfile
cashreceiptshistoryfile
accountsreceivablereportsfile
DFDofSalesOrderProcess
JournalVouchers/Entries
Howdowegetthem?
y BillingDepartment preparesajournalvoucher:
AccountsReceivable
Sales
DR
CR
y InventoryControl Dept.preparesajournal
voucher:
CostofGoodsSold
Inventory
DR
CR
y CashReceipts preparesajournalvoucher:
Cash
DR
AccountsReceivable
CR
SalesOrderProcessFlowchart
SalesOrderProcessFlowchart
ManualSalesOrderProcessing
y Beginswithacustomerplacinganorder
y Thesalesdepartmentcapturestheessentialdetailsona
salesorderform.
y Thetransactionisauthorizedbyobtainingcredit
approvalbythecreditdepartment.
y Salesinformationisreleasedto:
y Billing
y Warehouse(stockreleaseorpickingticket)
y Shipping(packingslipandshippingnotice)
ManualSalesOrderProcessing
y ThemerchandiseispickedfromtheWarehouseand
senttoShipping.
y Stockrecordsareadjusted.
y Themerchandise,packingslip,andbillofladingare
preparedbyShippingandsenttothecustomer.
y Shippingreconcilesthemerchandisereceivedfromthe
Warehousewiththesalesinformationonthepackingslip.
y ShippinginformationissenttoBilling.Billingcompiles
andreconcilestherelevantfactsandissuesaninvoiceto
thecustomerandupdatesthesalesjournal.Information
istransferredto:
y AccountsReceivable(A/R)
y InventoryControl
ManualSalesOrderProcessing
y A/Rrecordstheinformationinthecustomersaccountin
theaccountsreceivablesubsidiaryledger.
y InventoryControladjuststheinventorysubsidiaryledger.
y Billing,A/R,andInventoryControlsubmitssummary
informationtotheGeneralLedgerdept.,whichthen
reconcilesthisdataandpoststothecontrolaccountsin
theG/L.
SalesReturnsProcedures
y Thecompanyshippedthecustomerthewrong
merchandise.
y Thegoodsweredefective.
y Theproductwasdamageinshipment.
y Thebuyerrefuseddeliverybecausethesellershippedthe
goodstoolateortheyweredelayedintransit.
DFDofSalesReturns
SalesReturnsFlowchart
SalesReturnJournalEntry
G/Lpoststhefollowingtocontrolaccounts:
InventoryControl
SalesReturnsandAllowances
CostofGoodsSold
AccountsReceivableControl
DR
DR
CR
CR
DFDofCashReceiptsProcesses
CashReceiptsFlowchart
ManualCashReceiptsProcesses
y Customerchecksandremittanceadvicesarereceived
intheMailRoom.
Amailroomclerkpreparesacashprelistandsendsthe
prelistandthecheckstoCashReceipts.
y ThecashprelistisalsosenttoA/RandtheController.
y
y CashReceipts:
verifiestheaccuracyandcompletenessofthechecks
y updatesthecashreceiptsjournal
y preparesadepositslip
y preparesajournalvouchertosendtoG/L
y
ManualCashReceiptsProcesses
y A/Rpostsfromtheremittanceadvicestothe
accountsreceivablesubsidiaryledger.
y Periodically,asummaryofthepostingsissentto
G/L.
y G/Ldepartment:
y reconcilesthejournalvoucherfromCashReceipts
withthesummariesfromA/R
y updatesthegeneralledgercontrolaccounts
y TheControllerreconcilesthebankaccounts.
SummaryofInternalControls
AuthorizationControls
y Properauthorizationoftransactions
(documentation)shouldoccursothatonlyvalid
transactionsgetprocessed.
y Withintherevenuecycle,authorizationshouldtake
placewhen:
asaleismadeoncredit(authorization)
y acashrefundisrequested(authorization)
y postingacashpaymentreceivedtoacustomersaccount
(cashprelist)
y
SegregationofFunctions
ThreeRules
1.
2.
3.
Transactionauthorizationshouldbeseparatefrom
transactionprocessing.
Assetcustodyshouldbeseparatefromassetrecord
keeping.
Theorganizationshouldbesostructuredthatthe
perpetrationofafraudrequirescollusionbetween
twoormoreindividuals.
SegregationofFunctions
y SalesOrderProcessing
y creditauthorizationseparatefromSOprocessing
y inventorycontrolseparatefromwarehouse
y accountsreceivablesubledgerseparatefromgeneral
ledgercontrolaccount
y CashReceiptsProcessing
y cashreceiptsseparatefromaccountingrecords
y accountsreceivablesubledgerseparatefromgeneral
ledger
Supervision
y Oftenusedwhenunabletoenact
appropriatesegregationofduties.
y Supervisionofemployeesservesasa
deterrenttodishonestactsandis
particularlyimportantinthemailroom.
AccountingRecords
y Withaproperlymaintainedaudittrail,itis
possibletotracktransactionsthroughthesystems
andtofindwhereandwhenerrorsweremade:
y
y
y
y
y
prenumberedsourcedocuments
specialjournals
subsidiaryledgers
generalledger
files
AccessControls
y Accesstoassetsandinformation(accountingrecords)
shouldbelimited.
y Withintherevenuecycle,theassetstoprotectare
cash andinventories andaccesstorecordssuchasthe
accountsreceivablesubsidiaryledger andcashjournal
shouldberestricted.
IndependentVerification
y Physicalproceduresaswellasrecordkeepingshouldbe
independentlyreviewedatvariouspointsinthesystemto
checkforaccuracyandcompleteness:
shippingverifiesthegoodssentfromthewarehouseare
correctintypeandquantity
y warehousereconcilesthestockreleasedocument(picking
slip)andpackingslip
y billingreconcilestheshippingnoticewiththesalesinvoice
y generalledgerreconcilesjournalvouchersfrombilling,
inventorycontrol,cashreceipts,andaccountsreceivable
y
AutomatingtheRevenueCycle
y Authorizationsanddataaccesscanbeperformed
throughcomputerscreens.
y Thereisadecreaseintheamountofpaper.
y Themanualjournalsandledgersarechangedto
diskortapetransactionandmasterfiles.
y Inputisstilltypicallyfromahardcopydocument
andgoesthroughoneormorecomputerized
processes.
y Processesstoredatainelectronicfiles(thetapeor
disk)orpreparedataintheformofahardcopy
report.
AutomatingtheRevenueCycle
y Revenuecycleprogramscaninclude:
y formattedscreensforcollectingdata
y editchecksonthedataentered
y instructionsforprocessingandstoringthedata
y securityprocedures(passwordsoruserIDs)
y stepsforgeneratinganddisplayingoutput
y Tounderstandfiles,youmustconsidertherecorddesign
andlayout.
y Thedocumentsandthefilesusedasinputsourcesmust
containthedatanecessarytogeneratetheoutputreports.
ComputerBasedAccountingSystems
y CBAStechnologycanbeviewedasacontinuumwith
twoextremes:
y automation usetechnologytoimprove
efficiencyandeffectiveness
y reengineering usetechnologyto
restructurebusinessprocessesandfirm
organization
Example:AutomatedBatchSales
ReengineeringSalesOrderProcessingUsing
RealTimeTechnology
y Manualproceduresandphysicaldocumentsarereplaced
byinteractivecomputerterminals.
y Realtimeinputandoutputoccurs,withsomemaster
filesstillbeingupdatedusingbatches.
y Realtime entryofcustomerorder,printoutofstock
release,packingslipandbilloflading;updateofcredit
file,inventoryfile,andopensalesordersfile
y Batch printoutofinvoice,updateofclosedsales
order(journal),accountsreceivableandgeneralledger
controlaccount
RealtimeSalesOrder
AdvantagesofRealTime
Processing
y Shortensthecashcycleofthefirmbyreducingthetime
betweentheorderdateandbillingdate
y Betterinventorymanagementwhichcanleadtoa
competitiveadvantage
y Fewerclericalerrors,reducingincorrectitemsbeing
shippedandbilldiscrepancies
y Reducestheamountofexpensivepaperdocumentsand
theirstoragecosts
ReengineeredCashReceipts
y Themailroom isafrequenttargetforreengineering.
y Companiessendtheircustomerspreprintedenvelopes
andremittanceadvices.
y Uponreceipt,theseenvelopesarescannedtoprovidesa
controlprocedureagainsttheft.
y Machinesareopentheenvelopes,scanremittance
advicesandchecks,andseparatethechecks.
y Artificialintelligencemaybeusedtoreadhandwriting,
suchasremittanceamountsandsignatures.
AutomatedCashReceipts
PointofSaleSystems
y Pointofsalesystemsareusedextensivelyinretail
establishments.
y Customerspicktheinventoryfromtheshelvesandtakethemtoa
cashier.
DailyProcedure
y Theclerkscanstheuniversalproductcode(UPC).The
POSsystemisconnectedtoaninventoryfile,wherethe
priceanddescriptionareretrieved.
y Theinventorylevelsareupdatedandreorderneedscan
immediatelybedetected.
PointofSaleSystems
y Thesystemcomputestheamountdue.
Paymentiseithercash,check,ATMorcredit
cardinmostcases.
y
Noaccountsreceivables
y Ifchecks,ATMorcreditcardsareused,anon
linelinktoreceiveapprovalisnecessary.
PointofSaleSystems
EndofdayProcedure
y Attheendoftheday oracashiersshift,themoneyand
receiptsinthedrawerarereconciledtotheinternalcash
registertapeoraprintoutfromthecomputersdatabase.
y Cashoverandundermustberecorded
y JournalvoucherpostedtoGLaccount:
Cash
DR
CashOver/Short
DR
A/R(creditcard)
DR
COGS
DR
Sales
Inventory
CR
CR
ComputerizedPOS
ReengineeringUsingEDI
y EDIhelpstoexpeditetransactions.
y Thecustomerscomputer:
determinesthatinventoryisneeded
y selectsasupplierwithwhomthebusinesshasaformal
businessagreement
y dialsthesupplierscomputerandplacestheorder
y
y Theexchangeiscompletelyautomated.
y
Nohumaninterventionormanagement
EDI System
Company B
Company A
Application
Software
Purchases
System
Sales Order
System
EDI
Translation
Software
EDI
Translation
Software
Direct Connection
Communications
Software
Communications
Software
Other
Mailbox
Company
As mailbox
VAN
Other
Mailbox
Company
Bs mailbox
Application
Software
ReengineeringUsingthe
Internet
y Typically,noformalbusinessagreementsexistasthey
doinEDI.
y Mostordersaremadewithcreditcards.
y Mainlydonewithemailsystems,andthusa
turnaroundtimeisnecessary
y Intelligentagentsareneededtoeliminatethistimelag.
y Securityandcontroloverdataisaconcernwith
Internettransactions.
CBASControlConsiderations
y Authorization inrealtimesystems,authorizations
areautomated
y Programmeddecisionrulesmustbecloselymonitored.
y SegregationofFunctions consolidationoftasksby
thecomputeriscommon
y Protectthecomputerprograms
y Coding,processing,andmaintenanceshouldbe
separated.
CBASControlConsiderations
y Supervision inPOSsystems,thecashregisters
internaltapeordatabaseisanaddedformof
supervision
y AccessControl magneticrecordsarevulnerableto
bothauthorizedandunauthorizedexposureandshould
beprotected
y Musthavelimitedfileaccessibility
y Mustsafeguardandmonitorcomputerprograms
CBASControlConsiderations
y AccountingRecords restonreliabilityand
securityofstoreddigitalizeddata
Accountantsshouldbeskepticalabouttheaccuracyof
hardcopyprintouts.
y Backups thesystemneedstoensurethatbackupsof
allfilesarecontinuouslykept
y
y IndependentVerification consolidating
accountingtasksunderonecomputerprogram
canremovetraditionalindependentverification
controls.Tocounterthisproblem:
y
y
performbatchcontrolbalancingaftereachrun
producemanagementreportsandsummariesforend
userstoreview
PCBasedAccountingSystems
y Usedbysmallfirmsandsomelargedecentralizedfirms
y Allowoneorfewindividualstoperformentire
accountingfunction
y Mostsystemsaredividedintomodulescontrolledbya
menudrivenprogram:
y generalledger
y inventorycontrol
y payroll
y cashdisbursements
y purchasesandaccountspayable
y cashreceipts
y salesorder
PCControlIssues
y SegregationofDuties tendtobeinadequateand
shouldbecompensatedforwithincreased
supervision,detailedmanagementreports,and
frequentindependentverification
y AccessControl accesscontrolstothedatastored
onthecomputertendstobeweak;methodssuchas
encryptionanddisklockingdevicesshouldbeused
y AccountingRecords computerdiskfailurescause
datalosses;externalbackupmethodsneedtobe
implementedtoallowdatarecovery
InternalControl
Risk Exposures in the Revenue Cycle - I
Risk
Exposure
Figure 12-22
RiskExposuresintheRevenue
Cycle II
Risk
Exposure
RiskExposuresintheRevenue
Cycle III
Risk
Exposure
RiskExposuresintheRevenue
Cycle IV
Risk
Exposure
RiskExposuresintheRevenue
Cycle V
Risk
Exposure
RiskExposuresintheRevenue
Cycle VI
Risk
Exposure
RiskExposuresintheRevenue
Cycle VII
Risk
Exposure
19) Use of stolen credit cards to place 19) Loss of shipped goods for which
orders via the Web
payments will not be received
20) Breakdown of the web server due
to unexpectedly high volume of
transactions
TypicalControlObjectives fortheRevenueCycle
y Semua customeryangditerima untuk creditsalesadalah credit
worthy
y Semua barang yangdipesan dikirim dan semua jasa
dilaksanakan sesuai dengan tanggal yangdisetujui oleh semua
pihak.
y Semua barang yangdikirim diotorisasi dan ditagih Allshipped
goodsareauthorizeddan ditagih sesuai dengan periode
akuntansi yangtepat.
y Semua salesreturnsandallowancesdiotorisasi dan dicatat
dengan teliti dan berdasarkan actualreturnofgoods
y Semua cashreceiptsdicatat dengan lengkap dan akurat.
y Semua creditsalesdan transaksi cashreceiptstransactions
diposting ke customers accountsyangtepat pada accounts
receivableledger
y Semua accountingrecords,merchandiseinventory,
andcashdilindungi.
GeneralControlsofthe
RevenueCycle I
y OrganizationalControls
y Unitunitdengan fungsi kustodian harus dijaga agar
terpisah satu samalain.
y Fungsi kustodian harus dipisah dari fungsi record
keeping.
y Untuk sistem yangdikomputerisasi,pengembangan
sistem harus dijaga agarterpisah dari operasioperasi
sistem.
GeneralControlsoftheRevenueCycle II
y DocumentationControls
y Dokumentasi yanglengkap dan uptodateharus tersedia
termasuk didalamnya adalah salinan dokumen,
flowcharts,recordlayouts,dan laporan.
y Programuntuk editdan proses salesdan cashreceipt
harus diorganisasikan ke buku atau paket terpisah yang
ditujukan ke masingmasing programer,komputer
operator,dan systemuser.
y Kebijakan manajemen yangberhubungan dengan credit
approvals,accountwriteoff,dsb harus dalam bentuk
tertulis.
GeneralControlsoftheRevenueCycle II
y AssetAccountabilityControls
y A/Rsubsidiaryledger(masterfile)harus sering direkonsiliasi
dengan A/Rcontrolaccountdi GL.
y Merchandiseinventoryrecordharus dijaga pada ledgerdan
direkonsiliasi secara periodik ke merchandiseinventory
controlaccount
y Bankreconciliation,harus dibandingkan balancepada bank
accountdengan cashaccountbalancedi GL.
y Petugas bagian pengiriman yangmenyetujui penerimaan
orderdan pengambilan barang dari gudang dengan
menandatangani stockrequestatau shippingorder.
y Mailroomclerkyangmenyiapkan daftar semua receive
remittances.
y Customeryangmereview monthlystatementdari salesdan
paymentsuntuk jumlahjumlah yangsalah.
GeneralControlsoftheRevenueCycle II
y ManagementPracticeControls
Kebijakan manajemen yangberhubungan dengan revenue
cycleyangharus ditetapkan dan diikuti adalah sbb:
GeneralControlsoftheRevenueCycle II
y DataCenterOperationsControls
y Jadwal pemrosesan komputer untuk salesdan cashreceipts
batchesharus ditetapkan dengan jelas.
y Sistem informasi dan pegawai bagian akuntansi harus diawasi
secara aktif dan pekerjaannya direview dengan bantuan
computerprocessingcontrolreportsdan accesslogs.
y AuthorizationControls
y Semua transaksi creditsales(atau serviceorder)harus
diotorisasi oleh manajer kedit.Pada sistem yang
dikomputerisasi otorisasi dilakukan dengan programaplikasi
yangdibagun dengan aturan persetujuan kredit.
y Manajer tidak terlibat dalam pengolahan salesatau pada A/R.
y Salinan permintaan barang dari salesorderharus mengotorisasi
pengambilan barang dari gudang dan pemindahan barang ke
shippingdock.
GeneralControlsoftheRevenueCycle III
y AccessControls
y Berikan passwordpada petugas yangdiberi otorisasi untuk
merchandiseinventoryke magnetictapebackups
y Lindungi gudang dan lemari besi secara fisik.
y Gunakan lockboxcollectionsystempada situasi yangfeasible.
ApplicationControlsofthe
RevenueCycle:Input I
1. Siapkan prenumbereddocumentsdan dokumen yang
dirancang dengan baik untuk dokumen sales,
shipping,andcashreceipts,masingmasing dokumen
diotorisasi oleh orang yangberwenang.
2. Validasi datasalesordersdan remittanceadvices
seperti datayangdisiapkan dan dimasukkan untuk
pengolahan.Pada computerbasedsystems,validasi
harus dilaksanakan dengan sarana programeditcheck.
Saat datadimasukkan ke computerreadablemedium,
keyverification dicocokkan.
ApplicationControlsofthe
RevenueCycle:Input II
3. Betulkan kesalahan yangterdeteksi selama dataentry
dan sebelum datadiposting ke recordrecord
customerdan inventory.
4. Precompute batchcontroltotalsyangberhubungan
dengan datapenting pada salesinvoices(atau
shippingnotices)dan remittanceadvices.
Precomputed batchcontroltotalshaus dibandingkan
dengan totalsyangdihitung selama postingke
accountsreceivableledgerdan setiap kaliprocessing
run.Pada cashreceipts,totalpada remittanceadvices
harus dibandingkan dengan totalpada depositslips.
ApplicationControlsoftheRevenue
Cycle:Processing I
Pindahkan barang yangdipesan dari gudang barang jadi
(finishedgoodswarehouse)dan kirim barangbarang hanya
berdasarkan otorisasi tertulis seperti stockrequestcopies
2. Invoicecustomershanya diberiahukan oleh bagian
pengiriman atas jumlah yangtelah dikirimkan.
3. Pengeluaran creditmemosuntuk salesreturnshanya jika
disertai bukti (seperti receivingreport)telah diterima bhwa
barang memang benarbenar dikembalikan.
4. Periksa semua perhitungan pada salesinvoicessebelum
dikirim dan diposting ke customers accountsyangtepat.
Bandingkan salesinvoicesdengan shippingnoticesandopen
orders,untuk meyakinkan nahwa jumlah yangdipesan
direkonsiliasi dengan orderyangdikirim dan backordered.
1.
ApplicationControlsoftheRevenue
Cycle:Processing II
Periksa bahwa jumlah totalyangdiposting ke accounts
receivableaccounts dari batchtransaksi samadengan
precomputed batchtotals,dan postingjumlah totalke
generalledgeraccountsyangtepat.
6. Depositokan semua kash yangditerima lengkap dengan
minimumofdelay,sehingga menghilangkan
kemungkinan cashreceiptsyangsedang digunakan
untuk membayar pegawai atau untuk membayar petty
cashfunds.
7. Betulkan kesalahan yangdibuat selama tahapan
pengolahan biasanya dengan membalik kesalahan
postingke perkiraan dan masukan datayangbenar.
Audittrailyangberhubungan dengan perkiraan yang
dikoreksi akan menunjukkan kesalahan aslinya,the
reversals,andthecorrections
5.
ApplicationControlsoftheRevenue
Cycle:Output
Siapkan monthlystatements,yangharus diposkan ke
semua creditcustomers,terutama jika pendekatan
balanceforward digunakan.
2. Salinan filedari semua dokumen yangberkaitan
dengan transaksi salesdan cashreceiptsdicek secara
periodik dengan urutan nomor pada tiap fileuntuk
melihat celah yangada.Jika transaksi tidak didukung
dengan preprinteddocuments,seperti yangsering
terjadi pada onlinecomputerbasedsystems,tandai
nomor transaksi ke transactions.
3. Siapkan daftar transaksi yangdicetak dan account
summariespada periodicbasisuntuk menyediakan
audittraildan dasar untuk review.
1.
WebSecurityProcedures
y Authentication,useridentificationnumberdan password
dibutuhkan untuk akses ke privatenetwork.
y Authorization
y UseofanAccessControlList
y Accountability,untuk menetapkan tanggung jawab atas
segala modifikasi pada WebsitesWebsercer logharus
dipelihara.
y DataTransmission,untuk menjaga kerahasiaan dan
integritas datayangdikirim viaWebharus menggunakan
enkripsi.
y DisasterContingency&RecoveryPlan,
y Diperlukan prosedur backupyangcukup termasuk fault
toleranceuntuk meminimalkan gangguan yangtidak
diharapkan.
y Recoveryplandirencanakan untuk meyakinkan rekonstruksi
dari datayanghilang.