ICAS Report Plan
Sandwich Master Limited (SML) was established over seventy years ago by the Graham family. It makes and sells sandwiches and savouries to the general public. The company’s head office is on industrial estate just outside of Nottingham. A central savoury production centre is in Leicester a few miles away. Products are sold through a nationwide chain of over eighty street shops, and six regional bakeries. Department which is going to be reviewed is Sales Ledger (Accounts receivable). 80 % is made cash sales and the remaining 20 % on open credit terms. 2.
A bank reconciliation statement is produced monthly which reconciles the cashbook to the bank statements. All the statutory forms required by HMRC such as P45s, P60s, P11Ds are issued. The payrolls for management and salaried staff are operated by payroll clerk and run a few days before the end of each month. It is strongly advisable to produce financial statements in order to show how the business has performed and what assets and liabilities it has. The two main financial statements are the income statement and the statement of financial position. The income statement summarises the transactions of a business over a period and determines whether the business has made a profit or a loss for the period. The statement of financial position is a list of all of the assets and liabilities of the business on the last day of the accounting period. 3.
Re-order information to the suppliers is based on series Microsoft Office Excel spreadsheets. SML’s main financial accounting systems are an integrated set of Ledgers and a costing package, which runs on the Windows Vista environment. Newer version of Windows would probably speed up all the operations and provide a better secure environment for data kept. General accounting package such a Sage might be very useful software to help with setup, support and bookkeeping. It would...
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