Chick Paint
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- Date Submitted: 12/07/2015 01:42 PM
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Review of Sales Ledger and Credit Control
Chic Paints Ltd
Review of Sales Ledger and Credit Control
Chic Paints Ltd
Table of Contents Page
1. Terms of reference…………………………………………………………2
2. Executive Summary……………………………………………………...3-4
3. Methodology……………………………………………………………………5
4. Introduction………………………………………………………………………6
5. Analysis of the Accounting System ................................7-13
6. Recommendations .................................................................14 – 15
7. Appendices.
1 Terms of Reference
1.1 This report has been written to cover the requirements of the Level 4 ISYS Unit of the AAT accounting qualification.
1.2 The report looks at the issues within the Sales Ledger and Credit Control function at Chic Paints Ltd (CPL) and suggests recommendations to help improve this function.
1.3 The report also reviews CPL commitment to sustainability and investigates the needs for improvement to the company’s internal control and accounting systems.
2. Executive Summary
2.1 This report purpose is to investigate and make suitable recommendations for improvement to the company’s internal control and accounting systems and assign such improvements to a cost benefit analysis.
2.2 Understaffed Accounts Receivable
2.2.1 Due to one person performing on two positions the company is exposed to irrevocable debt and carries the risk of losing further debts. There is no cover for existing clerk and no one is trained to perform the job in case of absence. If the company decides to employ temporary staff, additional costs approximately £1400pcm will occur.
2.3 Processing and record keeping
2.3.1 Company uses Microsoft Excel spreadsheets to input day to day data and process month/year end. Current system, however fit for purpose is not the ideal solution for processing day to day accounts. Accounts Department uses spreadsheets to update...
Chic Paints Ltd
Review of Sales Ledger and Credit Control
Chic Paints Ltd
Table of Contents Page
1. Terms of reference…………………………………………………………2
2. Executive Summary……………………………………………………...3-4
3. Methodology……………………………………………………………………5
4. Introduction………………………………………………………………………6
5. Analysis of the Accounting System ................................7-13
6. Recommendations .................................................................14 – 15
7. Appendices.
1 Terms of Reference
1.1 This report has been written to cover the requirements of the Level 4 ISYS Unit of the AAT accounting qualification.
1.2 The report looks at the issues within the Sales Ledger and Credit Control function at Chic Paints Ltd (CPL) and suggests recommendations to help improve this function.
1.3 The report also reviews CPL commitment to sustainability and investigates the needs for improvement to the company’s internal control and accounting systems.
2. Executive Summary
2.1 This report purpose is to investigate and make suitable recommendations for improvement to the company’s internal control and accounting systems and assign such improvements to a cost benefit analysis.
2.2 Understaffed Accounts Receivable
2.2.1 Due to one person performing on two positions the company is exposed to irrevocable debt and carries the risk of losing further debts. There is no cover for existing clerk and no one is trained to perform the job in case of absence. If the company decides to employ temporary staff, additional costs approximately £1400pcm will occur.
2.3 Processing and record keeping
2.3.1 Company uses Microsoft Excel spreadsheets to input day to day data and process month/year end. Current system, however fit for purpose is not the ideal solution for processing day to day accounts. Accounts Department uses spreadsheets to update...