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The following process is used by the Griffen Company to process cash receipts. Describe the positive and negative elements of this process. Include operational, information, and control issues. What additions or other changes to the process do you recommend? Mail for Griffen Company is delivered to Sally, the company receptionist. Sally opens the mail and prepares a daily log of checks received. She sends the RAs to Al, the accounts receivable clerk, and the checks to Tony, the treasurer. Sally files the check log by date. Tony the treasurer prepares a deposit slip in duplicate and endorses the checks. Tony then takes the deposit slip co the bank and files the duplicate slip by date. Al uses the RAs to update the customer accounts to reflect the payment.

BuyFind

Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
Publisher: Cengage Learning
ISBN: 9781337552127
BuyFind

Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
Publisher: Cengage Learning
ISBN: 9781337552127

Solutions

Chapter
Section
Chapter 11, Problem 1SP
Textbook Problem

The following process is used by the Griffen Company to process cash receipts. Describe the positive and negative elements of this process. Include operational, information, and control issues. What additions or other changes to the process do you recommend?

Mail for Griffen Company is delivered to Sally, the company receptionist. Sally opens the mail and prepares a daily log of checks received. She sends the RAs to Al, the accounts receivable clerk, and the checks to Tony, the treasurer. Sally files the check log by date. Tony the treasurer prepares a deposit slip in duplicate and endorses the checks. Tony then takes the deposit slip co the bank and files the duplicate slip by date. Al uses the RAs to update the customer accounts to reflect the payment.

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