The delima

Topics: Invoice, Receipt, Accounts receivable Pages: 4 (502 words) Published: October 19, 2014
Manual sales
invoices were no
pre-numbered

Implication

Current
recommendation

Future
Recommendation

It is time consuming if
they want to refer to
the specific customers’
details, credit term,
amount due to DESB

Request for the debtors
that
still
have
outstanding amount to
the company to make
payment within the
specific time, 2 months,
by giving 10% discount
for those who made
the payment during the
first month.
Give manual
numbering to the Sales
invoices

Assign a new credit
term: for example, the
maximum total credit
amount, the maximum
time to pay the debts
(30 days), discount for
early payments (5%),
and the penalty for late
payments (10% from
the amount due)

Do analysis method by
opening the debtors
control account to find
the missing amount by
reviewing the cash
receipts with the sales
general ledger

A proper SOP should be
done

There are several trade
debtors that are long
outstanding and there
is no Monthly
Statement of Accounts
was sent to customers
Difficult to identify if
there is any omitted
sales invoice

Manual Purchase
Implication
Orders were not prenumbered
Overpayments made
to creditors with the
amount of RM50,
000 and found that it
was due to lack of
control

Current
Recommendation

Future
recommendation

OVER PAYMENTS:
Request for credit
notes from creditors

Hiring
finance
manager in order to
supervise Cik Amy,
when
it
comes
preparation
of
payment
voucher,
authorization shall
be made by the
newly hired finance
manager and with
the approval of Puan
Hashimah

Difficulties in tracing Give manual
the settlements that numbering to the
should be made and previous manual PO
that has been made
by DESB

No monthly
reconciliation
that should be
previously
made by Puan
Hashimah

Implication

Current Recommendation Future
recommendation

The auditor found
that there is no
reconciled payments
of RM150, 000 in
2004 and...
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