Acc 201 Project 1 Bank Memo

1236 Words May 22nd, 2016 5 Pages
ACC 201 Final Project Part II Bank Memo

Southern New Hampshire University
Professor George Angus

To: The Bank Loan Manager
From: The CFO/Managing Director of Peyton Approved
Date: April 3, 2016
Subject: Peyton Approved Business Expansion Loan Request

Peyton Approved is a business that manufactures and distributes organic all-natural and hypo-allergenic baked treats for dogs. The company named after our dog (Peyton), was an idea that started at home after realizing the severity of his allergies from the products bought at the store; and what could be done to make all natural products that would not cause any more harm. What started as a home-based idea soon turned into a business after realizing that “Peyton” was not the
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This method we believe allows us to see our profits, resources, debts and other information that will give us a more realistic view on where we stand as a company. match the economic reality.
Accounting Process and Internal Controls for Cash
In order to ensure responsible accounting practices Peyton Approved will be investing in QuickBooks Pro; this accounting software will allow us to make sure all the steps are being followed correctly. We have also hired Fusion Group; Fusion Group is an accounting firm that specializes in new business owners to help with the accounting process. As a company we are also taking classes to get a better understanding of accounting, getting an understanding of why the accounting cycle is important, what the numbers mean for the company, whether or not we are in debt, we owe money, but also being able to get a true sense of the monthly profit (Scheid, J., (2011).
Peyton Approved accounting cycle comprises of the following steps– transactions, journal entries, posting, trial balance and worksheet, adjusting journal entries, financial statements and closing of the books (Tarver, E, 2106). As a new company up and coming we have to make sure our payables, receivables, bank recs and all sales have been noted. Also making sure that wages or expenses that are accrued are recorded. We have found that these steps are instrumental as a company when it’s time to prepare our…

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