Analyze the role of accounting in business operations.
Student Success Criteria
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The Director of Accounting is working on a project to update their department policy and procedures manual. The current policy and procedure manuals are lacking flowcharts as a visual representation of the procedures in place. Your assistance in completing the flowchart for the payment receipt process will complete this portion of the manual. The director has asked you to attend a meeting with the Accounts Receivable staff and take the current customer payment procedure and transform it into a flow chart to include in the manual. You make the following notes during the meeting that correspond to the procedure currently in place:
Payment is received in the mail
Payment is checked against outstanding invoices
If the payment matches the invoice then
check to see if the amount matches
if both the invoice and the amounts match then the
receipt is recorded and the check deposited in the bank
if the amounts do not match then
If it is an overpayment, then deposit check in bank and write up a refund check request
If it is an underpayment, then deposit check in bank, and contact customer and request additional payment
If the payment does not match the invoice then
send copy of check to sales department to create invoice
go back to step 3
Submit your completed flowchart (using Word) to the Director of Accounting. Using Microsoft Word, construct a flowchart that represents the Payment Receipt Process. Your flowchart should:
use consistent design elements and shapes.
fit on one page with all text remaining readable.
make sure that the flowlines are complete and there are no incomplete paths.
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