Revenue_Process

Revenue_Process - THEREVENUEPROCESS 1 RevenueProcess 2...

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1 THE REVENUE PROCESS
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Revenue Process 2
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Revenue Process 3
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A/R Open invoice system  customers pay the invoice by returning a  remittance advice turnaround  document and the payment check.  – Remittances are applied against specific open invoices – The open-invoice method can be used to offer discounts for prompt  payments since invoices are individually tracked. However, such  individual tracking adds complexity in maintaining information Balance-forward method customers pay according to the amount shown  on a monthly statement and  remittances are applied against the total outstanding balance – used by department stores typically where customers make a large  number of smaller dollar amount purchases 4
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A NEW PERSPECTIVE ON INTERNAL  ACCOUNTING CONTROL “Internal accounting control refers to the overall operating framework of  policies, practices, systems, management philosophy, values, and actions  that ensure the organization achieves essential objectives, protects assets,  manages risks, and meets legal requirements. “ “Traditionally, companies relied on detailed inspection of transactions to  ensure proper authorization, accuracy in recording, and in reporting all 
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Revenue_Process - THEREVENUEPROCESS 1 RevenueProcess 2...

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