Dynamics GP – The Expenditure, Resource Management And Cash Disbursement Cycle
Introduction An organization’s expenditure cycle includes the function required to acquire goods and services that are utilized by the organization in conducting its operations. The expenditure cycle includes the acquisition of goods for resale or use in production, the acquisition of property and equipment and the acquisition of person service. The expenditure cycle embodies all activities in the purchasing /accounts payable/ cash disbursement system and the applicable parts of the general ledger system. Expenditure cycle Operations include:- The preparation of purchase and...
read moreDynamics GP – Cash Sales Application System
The significant difference between a cash sales application system and cash received on account application system is that there is no previous asset record (customer account balance) in a cash sales system. The generation of initial documentation is thus the focal point of the control system. Once a record has been prepared, cash sales are subject to accounting control. The major feature of this system is the separation of the following functions: Finished Goods The finished goods department has custody of the assets that are available for sale to customers. Sales to customers are documented...
read moreDynamics GP – Cash Receipts Application System
Overview This is an application system used to control the flow of information and documents regarding cash receipts. Most of a company’s cash receipts are generated though sales. Sales, of course, may be made either for cash or on account. Although sales accounts are handled through the company’s billing and collection system, the end product of sales on account and subsequent billings is the receipt of cash. Cash Received on Account Application System In order to have appropriate internal control on receipt of cash the company should separate the followings...
read moreDynamics GP – Transaction Flows in Account Receivable Systems
Overview Accounts receivable represents that money owed by customers for merchandise sold or services rendered. Since most of the sale in modern business made on credit, accounts receivable often represents the majority of an organization’s working capital. Accounts receivable also maintains customer credit and payment history information, which is useful in the overall administration of company credit policies. Account receivable systems includes the followings. Cash Receipts Department The mail room under cash receipt department receives customer’s check along with a source...
read moreDynamics GP – Revenue Cycle And Cash Receipt
Introduction Most enterprises, both for profit and not for profit, generate revenue through activities that constitute their revenue cycle. The revenue cycle is the simplest form if the direct exchange of finished goods or services is made on cash in a single transaction between a seller and a buyer and is more complex when sales is processed on credit basis. Many days or weeks may pass between sales processing and the subsequent receipt of cash. This time lag splits the revenue transactions into two phases: the physical phase, involving the transfer of assets or services from seller to the...
read moreDynamics GP – Basic Functions And Elements Of An Accounting System
Overview An accounting system is comprised of accounting records (checkbooks, journals, ledgers, etc.) and a series of processes and procedures assigned to staff, volunteers, and/or outside professionals. The goals of the accounting system are to ensure that financial data and economic transactions are properly entered into the accounting records and that financial reports necessary for management are prepared accurately and in a timely fashion. Components of an Accounting System Traditionally, the accounting system includes the following components. Chart of Accounts The chart of accounts is...
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