In our last newsletter we discussed the importance for management to design.docx - In our last newsletter we discussed the importance for management to

In our last newsletter we discussed the importance for management to design.docx

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In our last newsletter we discussed the importance for management to design, implement and operate a system of internal control to safeguard the assets of the Organization and provide financial reports that can be relied on. The governing body is also responsible for overseeing management in fulfilling its responsibility regarding internal controls. In this article we will discuss some common controls over the revenue and cash receipts cycle. Segregation of duties, as in all accounting cycles, is critical for good internal control over the billing and collection process. Billing and accounts receivable functions should be separate from the collection process. Below are some common questions an Organization should ask itself when designing its system of control over the revenue and cash receipts function: Is one individual responsible to receive payments in the mail and receive over the counter receipts? All office personnel should not receive payments.
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