Documents in the Revenue Cycle List Example

Documents in the Revenue Cycle List Example Documents in the Revenue Cycle List – Coursework Example Accounting Internally and Externally generated documents in the revenue cycle list are as under: Internally Generated Documents Sales Order SalesInvoice Credit Memo Picking Ticket Packing Slip Monthly Statement Remittance List Externally Generated Documents Customer Order Bill of Lading Remittance Advice 2. Internally Generated Document No. of Copies & Departments where the copies are sent Purpose of each copy Sales Order Copies Required: 3 1.Accounts Department 2 Warehouse and Shipping department 4.Customer 1.For Preparing Sales Invoice and authorizing customer credit 2.Preparing Shipping Advice, Stamping with date of shipping, and Releasing goods to carrier 3. Confirmation of order Sales Invoice Copies Required: 3 1.Customer 2.Book keeper 3.Accounts Department copy 1Copy to customer along with delivery through carrier 2.For matching with confirmed sales order from customer 3. For recording sales in books through sales journal, Credit Memo Copies Required: 2 1 Book Keeper 2. For Record 1. To prepare Sales Invoice on basis credit memo report of customer. 2. For future reference Picking Ticket Copies Required: 2 1. Warehouse 2. Shipping Department 1. For picking and making entries in stock bins & registers 2. For delivering goods to carrier. Packing Slip Copies Required: 3 1. Customer 2. Accounts Department 3. Warehouse 1. Along with delivery through carrier 2. To contra check quantity of goods sold with invoice 3. For goods issued for sales recording in stock registers Monthly Statement Copies Required: 2 1.Credit Control department 2.Management 1. For reminders to delayed accounts receivables 2.As a periodic report for management decision making Remittance List Copies Required: 2 1.Collection Department 2. Accounts Department 1. To be prepared by collection department for posting in Cash Rec. Journal and counter checking of bank deposit slips. 2.For posting in Subsidiary Accounts Receivable ledger 3. In the present business scenario, manually created revenue cycle documents slow down the revenue cycle operations and that may create a number of financial problems emerging from delayed recoveries from accounts receivables. â€Å"Internet and ERP have injected many changes in the revenue cycle. Sales Orders arrive on web. In the cases sales orders that need credit decisions in few minutes, web based services offer automation of the entire credit approval process.† (Ashotosh Deshmukh, 2005)1. But sometime automations become inefficient say when customers’ credit worthiness is judged merely on the basis of credit points stored in a system. There is always a need control to maintain a standard Basic objective of control over electronic forms is that accurate data should be available when needed, and all revenue cycle activities be performed efficiently and effectively. For effective control over electronic documentations in the revenue cycle operations the following proce dures should be considered: Further processing on Sales orders should be done only on verification that required goods are available. Sales Order processing should be automated as per batch technology and real time technology. Sequential number to Sales orders, Sales Invoices and Credit Memos generated through electronic system should be assigned by the system itself. Regular file backups, file labels, modification of default settings on ERP systems, encryption etc. are the basic control features of electronically operated revenue cycle. Under electronic system, though customer’s credit is approved as per criteria decided by the Credit Manager and programmed into the system, final approval should be manually done by the Credit manager after generation the hard copy of the Credit memo by the system. In other words there should be some manual control in approval of customer credit history. Electronic Fund Transfer (EFT) should be encouraged instead of receiving cheques and pay orders from Accounts receivables. This will eliminate the mistakes and frauds occurring at the stage of maintaining and operating remittances related documents, like remittance lists and passing of accounting entries on basis of those documents.

What Polypropylene Plastics Are and How Theyre Used

What Polypropylene Plastics Are and How They're Used The world of plastic is not a cut and dried one. There are around 45 different types of plastic and each one has its own properties and uses, from commercial to residential. Polypropylene is one type of plastic that is used for a number of different products, due to its wide variety of properties. Understanding the chemical properties, history and advantages of this plastic can allow you to see the importance that this type of plastic has on your everyday life. What are the chemical properties of this plastic? Chemical Properties of Polypropylene Polypropylene is located between low-density polyethylene (LDPE) and high-density polyethylene (HDPE) on the crystallinity level. It is flexible and tough, especially when it is copolymerized with ethylene. This copolymerization allows this plastic to be used as engineering plastic that is in a number of different products and uses. The flow rate is a measure of molecular weight and this determines how easily it will flow during processing. A higher MFR allows the polypropylene to fill the mold more easily. As the melt flow increases, some of the physical properties of the plastic decreases, however, such as impact strength. History of Polypropylene German chemist, Karl Rehn, and Giulio Natta first polymerized propylene to a crystalline isotatic polymer in March 1954. This discovery soon led to a commercial production of polypropylene starting in 1957. Others claimed the discovery, as often occurs when a general body of knowledge is used, and this litigation was not resolved until 1989. This very popular plastic is one that many different manufacturers use for a number of different products. What Is Polypropylene Used For? Polypropylene is used for a wide number of different products. Due to the resistance to fatigue, this means that it can be used on items that are going to have high stress, such as hinge mechanisms on water bottles and more. It is also used in manufacturing piping systems, as well as chairs, and in medical or laboratory use. The colorfastness means that it is also used in carpeting, rugs, and mats. Ropes, cable insulation, roofing membranes, storage boxes, disposable bottles, plastic pails and other items are also made using this type of plastic. When you consider the impact of this plastic on your everyday use, you will see that it is one plastic that most people just cannot live without. PP plastics are also used in fiber reinforced composites. Common trade names for FRP glass fiber reinforced polyproplyene include Polystrand and Twintex. Polypropylene Advantages Polypropylene offers many different advantages. These advantages allow it to be used for a wide variety of different products and uses, from high heat to cold weather and more. What are some of these advantages? -Low cost makes it budget friendly for a wide number of uses -Has a moderate strength and stability -Has flexibility, which makes it easy to mold into different shapes -Colorfast, which means that any colors will stay bright and beautiful -Resistant to fatigue, which allows it to be used for things such as water bottle hinges and spouts -Offers good insulation for pipes, cables, and more -Chemically resistant to most oils and solvents -Excellent impact strength -Low coefficient of friction -Excellence moisture resistance -High temperature resistance, which means it can be used in laboratories When you look at polypropylene, you can see that it has many different properties that explain its widespread use. From clothing to pipes to carpet and more, this type of plastic is one that is used in a number of different products. Understanding its importance will allow you to appreciate it to the fullest. Polypropylene is one plastic that can be used for products now and can be recycled into products for the future as well.