Preview

Accounting and Finance Functions in an Automotive Components Manufacturing Company

Powerful Essays
Open Document
Open Document
2300 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Accounting and Finance Functions in an Automotive Components Manufacturing Company
ACCOUNTING AND FINANCE FUNCTIONS IN AN AUTOMOTIVE COMPONENTS MANUFACTURING COMPANY

AREAS 1. Accounts Receivable. 2. Accounts Payable. 3. Inventory. 4. Direct and Indirect Taxes. 5. Payroll. 6. Treasury Operations. 7. Manufacturing/Final Accounts. Accounts.

Activities in Accounts Receivable Function

1. Recording of Invoices based on the Sales made during the day. 2. Recording of Receipts during the day. 3. Passing the credit notes/debit notes and recording the same. 4. Preparing the Account Receivables report on periodical basis and giving the information to the concerned like: a. Aged AR to the Top Management. b. AR-Customer details to the sales/marketing people for collection and other purposes. c. AR-Customer detailed ledger to the Customer for reconciliation purpose. 5. Bad Debts provisions are also maintained and updated regularly. 6. Also the General Ledger Control Account is matched to the sub ledger on periodical basis.

Activities in Accounts Payable Function

1. Recording of the vendor invoices on daily basis matching the same to the inventory receipts and also to the Purchase orders. 2. Passing the credit notes/debit notes and recording the same. 3. Updating the Accounts Payable-Vendor wise for the payments made to the Vendors which could be against the invoices outstanding or advance payments. 4. Accounts Payable report updating on periodical basis and using the information for MIS Reports to Management, Treasury Operations etc. 5. Ensuring that the Accounts Payable-Vendor detailed ledger are reconciled to the Vendor statement of accounts. 6. Also the General Ledger Control Account is matched to the sub ledger on periodical basis

Activities in Inventory Function

1. Recording of Inventory movements like receipts of materials (Raw Materials, Stores and Spares, Fixed Assets, Consumables etc.) and issue of the materials to the production/services

You May Also Find These Documents Helpful

  • Good Essays

    Entering supplier invoices onto our accounts system then checking through them and making sure prices are what they’re meant to be.…

    • 1228 Words
    • 5 Pages
    Good Essays
  • Better Essays

    Once these have been analyzed, the Accounts Receivable Department and the Accounts Payable Department record the transactions. The company uses the Oracle and People Soft database management systems for increased security and performance that will accommodate many users. An Accounts Receivable payment memo is created and the Billing Analyst uses this information to post the payments to the correct accounts. An Accounts Payable clerk creates vouchers with the correct coding prior to the bi-weekly check runs. These are analyzed prior…

    • 888 Words
    • 4 Pages
    Better Essays
  • Satisfactory Essays

    Auditing Course Project

    • 317 Words
    • 2 Pages

    | Existing cash disbursement transactions are recorded (completeness)Recorded cash disbursement transactions are stated at the correct amounts (accuracy)…

    • 317 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    a.Prepare an audit file listing the nine controls or download them from the textbook Web site.…

    • 528 Words
    • 3 Pages
    Good Essays
  • Good Essays

    3. Post the Ledger Accounts – The general entries are posted to the general ledger and organized by account.…

    • 549 Words
    • 3 Pages
    Good Essays
  • Good Essays

    The accounts payable, accounts receivable, and the inventory system are interrelated, as shown in Exhibit B. In the accounts payable system, when a fax, paper or electronic invoice arrives, the system will capture the vendor information, purchase order number associated with the invoice and the due date. The AIS should have a control feature to avoid payments to unauthorized or nonexistent vendors.…

    • 699 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Currently inventory and control is a paper based inventory management system that has become outdated and obsolete. The system is a seven step process that includes a separate document for each step. These steps or processes are expensive and time consuming, and hinder future growth toward expanding into a global organization. The seven steps are; 1) Receiving documentation; 2) Scheduled orders documentation; 3) Orders received documentation; 4) Raw materials/sub-assemblies documentation; 5) Sub-assembly/final product documentation; 6) Sales order form documentation; 7) Shipping documentation. Along with each of these steps an inventory technician is responsible for putting the information into a computer, which could conceivably be seen as 14 separate steps.…

    • 841 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Segregation of duties is also an important aspect for accounts receivable. Mitigating procedures should be in place and properly documented and followed to generate the receivable, receipt of payment and collection efforts for delinquent accounts.…

    • 1006 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    Acct 201 test 2

    • 5365 Words
    • 96 Pages

    Prepare journal entries to record the above transactions for a retail store. Assume a perpetual inventory system.…

    • 5365 Words
    • 96 Pages
    Powerful Essays
  • Satisfactory Essays

    The two general ledger accounts that may act as control accounts for a subsidiary ledger includes accounts receivable subsidiary ledger and accounts payable subsidiary ledger. The accounts receivable subsidiary ledger collects transaction data of individual customers. The accounts payable subsidiary ledger collects transaction data of individual creditors.…

    • 301 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Independent reconciliation of the accounts payable subsidiary ledger to the general ledger control account will help to assure that all inventories has been properly recorded.…

    • 10156 Words
    • 42 Pages
    Powerful Essays
  • Satisfactory Essays

    Learning Objective: 13-02 Be able to identify and describe the types of documents and records used in the inventory management process.…

    • 15453 Words
    • 77 Pages
    Satisfactory Essays
  • Powerful Essays

    D. Focus of substantive procedures: understanding of the transactions, verifying amounts and calculations, ensuring presentation and disclosures…

    • 1402 Words
    • 6 Pages
    Powerful Essays
  • Satisfactory Essays

    EVELYN EVANGELISTA VALDEZ 6179 Block 4 Aces Code, Barangay Ugong, Valenzuela City, Philippines 1440 EDUCATIONAL ATTAINMENT: 1989 – 1991 DIVINE WORLD COLLEGE OF LAOAG (Laoag City) Undergraduate, BSC Major in Accounting 1982 – 1986 LT. EDGAR FOZ MEM. HIGH SCHOOL Complete Secondary Education - April 1986 1976 – 1982 BARESBES ELEMENTARY SCHOOL Complete Primary Education – April 1982 JOB DESCRIPTION: 1. Preparation of payroll & computation 2.…

    • 263 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Billing System

    • 253 Words
    • 2 Pages

    Record your receipt of payments. Keep track of when you were paid by a customer and what the payment amount was.…

    • 253 Words
    • 2 Pages
    Satisfactory Essays