Revenue Cycle - local companies. The company uses LMS...

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Revenue Cycle As we already know Gaylord Texan is a very big multimillion company. Mainly the customers contact the company about the service via phone or visiting the site online. The same way company may contact the customers if needed. The invoices to customers are sent by mail; invoices to suppliers are sent to Nashville – the corporate office. The payments from the customer are received by Lockbox system at the bank. Customers can also pay on property and then cash is sent to the bank. Credit card revenue is processed through corporate office on a daily basis. The Gaylord Texan has a lot of suppliers. It’s all depending on what kind of material is needed. The food and drinks are provided by
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Unformatted text preview: local companies. The company uses LMS software, and the journals are maid daily. Usually people pay 75% up front, the rest of the sum is billed to them. There is a $30,000 allowance for doubtful accounts exist, but comparing to the $20-30 mil/month revenue, this amount is relatively small. As every other successful company Gaylord Texan uses some internal controls to ensure accuracy. For example 2 internal audits are performed during the year Ernest and Young are coming for two weeks each time in the mid year and at the end....
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This note was uploaded on 04/23/2011 for the course ACCT 3303 taught by Professor Staff during the Spring '08 term at UT Arlington.

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