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GROUP PROJECT ASSIGNMNET: SONG KEE STATIONERY CO. Course: ACCT617 Group 8: Geng Yiru (Emma) Tran Minh Thu Gan Kar Kiat (Ian) 16 November 2015 ACCOUNTING INFORMATION SYSTEM Table of Contents 1.  Company background ............................................................................................ 2  2.  Revenue Cycle ....................................................................................................... 3  3.  2.1  Table of entities and activities ......................................................................... 4  2.2  Context diagram .............................................................................................. 9  2.3  Physical DFD ................................................................................................ 10  2.4  Annotated table ............................................................................................. 11  2.5  Level-0 Logical DFD .................................................................................... 15  Expenditure cycle................................................................................................. 16  3.1  4.  5.  6.  System flowchart ........................................................................................... 18  REA data modelling ............................................................................................. 22  4.1  REA diagram ................................................................................................. 22  4.2  Relational database ........................................................................................ 23  Control matrix for revenue cycle ......................................................................... 24  5.1  Control Plans: ................................................................................................ 25  5.2  Control goals: ................................................................................................ 26  5.3  How control plan achieves control goals: ..................................................... 27  Business process improvement ............................................................................ 28  6.1  Revenue cycle: .............................................................................................. 28  6.2  Expenditure cycle: ......................................................................................... 29  Page 1 ACCOUNTING INFORMATION SYSTEM 1. Company background Song Kee Stationery was established since 1968 and has been a long time player in the stationery supplies industry. They are known as a wholesaler and retailer of a wide variety of stationery products, especially their own house brand, HYBIRD. Their customers are diversity which includes private companies, bookstores, supermarket, convenient stores as well as major groups like Popular World Bookstore and Giant Hypermarket. According to their mission, they would like to provide quality items to customers, accompanied by excellent service. Song Kee Stationery is one of the main distributors around the world for many of the brands they carry. The company’s extensive catalogue includes the top ten ISO brands in China. Notably, they have also developed their own house brand, HYBIRD, which has since been quickly gaining popularity within the local and Asian markets. Song Kee Stationery is recognized as an all-round stationery specialist. They supply both office and home use demands, including the budget conscious. Their products range include art and craft materials, office equipment, hobbies and games, desktop accessories, adhesive, household, paper products, and others. They are constantly Company SONG KEE STATIONERY CO. Logo Address Block 151 Pasir Panjang District, Singapore Phone - Fax 62749554 - 62740653 Website http://www.songkee.com.sg/index.php Pasir Panjang Road, updating their store with new products. Page 2 ACCOUNTING INFORMATION SYSTEM 2. Revenue Cycle In Song Kee nationery stores which are located in central area, they serve walk-in customers only. The shop carries all type of its products. When a customer pays for an individual purchase, a sales transaction usually includes just one item. When a customer pays for a group purchase, however, a signle sales transaction includes many different items. All sales must be paid for at the time the inventories are transferred. They keep comprehensive information about the customers such as customer number, customer name, contact details, customer’s top purchase to-date, and available credit in the Customer master data. Wholesale customers receive an updated catalogue annually and place orders over the phone or mail. All customers will have to register with Song Kee Stationery before any sales transaction could occur. Company only accept credit sale for wholesale. They promise to deliver the order within 4 working days; otherwise they will give customer a 30%discount if they fail to do so When wholesale customers call the company’s hotline, they will be prompted to press “1” if they wish to place an order. The call will be redirected to a sales clerk. If all the sales clerks are busy, the hotline prompts the customer to leave a contact number and a sales clerk will contact the customer as soon as possible. After taking the order details over the phone, the clerk first keys in the customer number into the computer and the computer displays the customer name on the screen. It prompts an error message if there is no matching customer number and the clerk will ask the customer to register to company credit manager and wait for the confirm within 1 day. The clerk verifies the customer name to ensure that the customer is legitimate. If everything checks out, the clerk enters the customer’s order. After the order is entered, the computer calculates the total amount of the order and compares the total amount of the order to the customer’s available credit to ensure that the purchase does not exceed the available credit. The computer also checks if there is enough inventory. If there is insufficient inventory, the clerk asks if the customer is willing to accept a back order. The clerk writes the back order in the back order log book. After verifying the credit limit and inventory availability, the clerk enters “Yes” to the computer’s online prompt, “Do you want to proceed?” The computer updates the Customer master data, Sales event master data, Sales Order master data; and prints 3 copies of the sales order. The clerk files Copy 3 based on the date and time of the sales order. At the end of the day, the clerk mails Copy 1 to the customer. The clerk then computes the batch total of the quantities ordered and prepares sale invoice which will be updated in Accounts Receivable master data and sends Copy 2 with the batch total and the invoice to the warehouse. At 8am every morning, the warehouse storeman assembles the order based on the sales order and signs the sales order. The signed sales order serves as the picking list. The picking list, batch total and invoice are forwarded together with the goods to the shipping department. Page 3 ACCOUNTING INFORMATION SYSTEM Once the shipping clerk receives the goods, the sales order number is keyed into the computer, and the customer and sales order details are populated on the screen. The shipping clerk counts and matches the goods, picking list and sales order. If there is any discrepancy, she will inform the warehouse. She will also inform the shipping manager if the goods are damaged. After making sure that everything is in order, the shipping clerk selects “Shipped” from the dropdown list that is displayed on the sales order screen and click “Submit” to update the status of the sales order from “Open” to “Shipped”. The computer then updates the Sales order master data, Inventory master data; and prints a packing slip, which contains information such as the customer name, customer address, delivery address, quantity of items ordered. The packing slip is attached to the goods. The packing slip, the sale invoice and the goods are given to the carrier for delivery to the customer. The carrier will contact the customer to arrange for the delivery date and time. The shipping clerk files the picking list and batch total in numerical sequence in the “Completed Shipments” file. After 1 day of delivering goods, Customers send cheques and remittance advices (RA) to Song Kee Stationery in the morning. After receiving the cheques and RA, the cash receipt clerk endorses the cheques and writes the amount paid and the cheque number on the remittance advice. At 2 pm, the cash receipt clerk collects the batch of cheques and RA, and sends the RA to accounts receivable (AR) clerk and the cheques to the cashier. The AR clerk enters the RA details in the computer by entering the customer number, the invoice number, the amount paid and the cheque number. The computer verifies that the invoice is open; the correct amount is being paid and updates the AR master data. If there are discrepancies in the amount received, the AR clerk contacts the customers immediately. At 4pm every day, the computer automatically prints a deposit slip in the cashier office using the receipt data captured earlier. The cashier compares the deposit slip to the corresponding cheques and takes the deposit to the bank. At 5pm every day, the computer automatically prints a daily cash receipt listing using the AR data captured earlier. The AR clerk compares the RA to the list before filing the documents in separate files. 2.1 Table of entities and activities1 Entities Para Activities Customers 1 1. Place order Sale clerk 1 2. Enters customer number 1 For wholesale only. Page 4 ACCOUNTING INFORMATION SYSTEM Computer 1 3. Retrieves customer records from Customers Master Data Computer 1 4. Displays customers data Sale clerk 1 5.Verifies name to customers data on display screen Sale clerk 1 6. Enters customers order Computer 1 7. Retrieves credit limit from Customers Master Data Computer 1 8. Retrieves account receivable from AR master data Computer 1 9. Retrieves sufficient inventory from Inventory Master data Computer 1 10. Calculates and verifies that the order does not exceed available credit amount and inventory is sufficient Sale clerk 1 11. Enters “Yes” to proceed Computer 2 12. Updates Customers Master Data, Sales event data data, Sales order master data. Computer 2 13. Prints 3 copies of the Sales order Sale clerk 2 14. Files copy 3 based on the date and time of the sales order and files copy 1,2 in a temporary files Sale clerk 2 15. At the end of the day, retrieves copy 1 and 2 of the sale order from temporary files Sale clerk 2 16. Mails copy 1 to the customer Sale clerk 2 17a. Computes the batch total of the quantities order and prepare sale invoice Page 5 ACCOUNTING INFORMATION SYSTEM Sale clerk 2 17b. Update command Computer 2 18a. Update AR MD Sale clerk 2 18b. Sends copy 2 with the batch total and sale invoice to the warehouse Warehouse storeman 2 19. Files copy 2 with the batch total and sale invoice in temporary file Warehouse storeman 2 20. At 8am every morning, retrieves copy 2 with the batch total and sale invoice from temporary file Warehouse storeman 2 21. Assembles the order and signs the sale order Warehouse storeman 2 22. Sends the goods, picking list (signed sale order), batch total and sale invoice to shipping department Shipping clerk 3 23. Keys in the sale order number Computer 4 24. Retrieves data from Sales order master data Computer 4 25. Displays customers and sale order details Shipping clerk 4 26. Counts and matches the goods, picking list and sales order Shipping clerk 4 27. Select “shipped” and “submit” command on the display screen Computer 4 28. Updates Sales order master data and Inventory master data Computer 4 29. Prints packing slip Shipping clerk 4 30. Sends packing slip, sale invoice and goods to carrier Page 6 ACCOUNTING INFORMATION SYSTEM Shipping clerk 4 31. Files the picking list and batch total in numerical sequence in the “ Completed shipments” file Customers 5 32. After 1 day of delivery, sends cheques and remittance advices in the morning Cash receipt clerk 5 33. Endorses cheques and annotates the RA Cash receipt clerk 5 34. Files endorsed cheques and annotated RA in a temporary file Cash receipt clerk 5 35. Collects endorsed cheques and annotated RA from a temporary file at 2 pm Cash receipt clerk 5 36. Sends RA to AR clerk and endorsed cheques to cashier Cashier 5 37. Places endorsed cheques in a temporary file AR clerk 5 38. Enters RA details Computer 5 39. Retrieves AR from AR master data Computer 5 40. Verifies invoice is open and correct amount paid Computer 5 41. Updates AR master data AR clerk 5 42. Places RA in temporary file Computer 6 43. Retrieves AR data from AR master data at 4pm Computer 6 44. Prints deposit slip Cashier 6 45. Collects endorsed cheques from temporary file Cashier 6 46. Compares deposit slip and endorsed cheques Page 7 ACCOUNTING INFORMATION SYSTEM Cashier 6 47. Sends verified deposit slip and cheques to the bank Computer 7 48. Retrieves AR from AR master data at 5pm Computer 7 59. Prints daily cash receipt listing AR clerk 7 50. Collects RA from temporary file AR clerk 7 51. Compares RA and daily cash receipt listing AR clerk 7 52. Files verified RA in “ Verified RA file” and verified daily cash receipt listing in “verified daily cash receipt listing file” Page 8 ACCOUNTING INFORMATION SYSTEM 2.2 Context diagram Page 9 ACCOUNTING INFORMATION SYSTEM 2.3 Physical DFD Page 10 ACCOUNTING INFORMATION SYSTEM 2.4 Annotated table Entities Para Activities Process Sale clerk 1 2. Enters customer number Computer 1 3. Retrieves customer records from Customers Master Data Sale clerk 1 5. Verifies name to customers data on display screen Sale clerk 1 6. Enters customers order Computer 1 7. Retrieves credit limit from Customers Master Data Computer 1 8. Retrieves account receivable from AR master data Computer 1 9. Retrieves sufficient inventory from Inventory Master data Computer 1 10. Calculates and verifies that the order does not exceed available credit amount and inventory is sufficient Sale clerk 1 11. Enters “Yes” to proceed Computer 2 12. Updates Customers Master Data, Sales event data data, Sales order master data and AR master data. Computer 2 13. Prints 3 copies of the 2.0 Process order Sales order Sale clerk 2 14. Files copy 3 based on the date and time of the sales order and files copy 1,2 in a temporary files Sale clerk 2 15. At the end of the day, retrieves copy 1 and 2 of the 1.0 Validate and record customers order Page 11 ACCOUNTING INFORMATION SYSTEM sale order from temporary files Sale clerk 2 17a. Computes the batch total of the quantities order and prepare sale invoice Sale clerk 2 17b. Update command Computer 2 18a. Update AR MD Warehouse storeman 2 19. Files copy 2 with the batch total and invoice in temporary file Warehouse storeman 2 20. At 8am every morning, retrieves copy 2 with the batch total and invoice from temporary file Warehouse storeman 2 21. Assembles the order and signs the sale order Shipping clerk 3 23. Keys in the sale order 3.0 Process number shipment Computer 4 24. Retrieves data from Sales order master data Shipping clerk 4 26. Counts and matches the goods, picking list and sales order Shipping clerk 4 27. Select “shipped” and “submit” command on the display screen Computer 4 28. Updates Sales order 4.0 Update data master data and Inventory stores master data Computer 4 29. Prints packing slip Shipping clerk 4 31. Files the picking list and batch total in numerical sequence in the “ Completed shipments” file Page 12 ACCOUNTING INFORMATION SYSTEM Cash receipt clerk 5 33. Endorses cheques and 5.0 Endorse annotates the RA Cheques and annotate RA Cash receipt clerk 5 34. Files endorsed cheques and annotated RA in a temporary file Cash receipt clerk 5 35. Collects endorsed cheques and annotated RA from a temporary file at 2 pm Cashier 5 37. Places endorsed cheques in a temporary file AR clerk 5 38. Enters RA details Computer 5 39. Retrieves AR from AR master data Computer 5 40. Verifies invoice is open and correct amount paid Computer 5 41. Updates AR master data AR clerk 5 42. Places RA in temporary file Computer 6 43. Retrieves AR data from 7.0 AR master data at 4pm deposit Computer 6 44. Prints deposit slip Cashier 6 45. Collects endorsed cheques from temporary file Cashier 6 46. Compares deposit slip and endorsed cheques Computer 7 48. Retrieves AR from AR 8.0 Reconcile master data at 5pm RA and Cash receipt Computer 7 49. Prints daily cash receipt listing AR clerk 7 50. Collects RA from temporary file 6.0 Process AR Verify Page 13 ACCOUNTING INFORMATION SYSTEM AR clerk 7 51. Compares RA and daily cash receipt listing AR clerk 7 52. Files verified RA in “ Verified RA file” and verified daily cash receipt listing in “verified daily cash receipt listing file” Page 14 ACCOUNTING INFORMATION SYSTEM 2.5 Level-0 Logical DFD Page 15 ACCOUNTING INFORMATION SYSTEM 3. Expenditure cycle The expenditure cycle begins with the Operate Manager sending a purchase request to the Procurement Officer when he sees that the stock is running low. Immediately after receiving the purchase request, the Procurement Officer keys in details of the purchase request in the computer to update the purchase requisition master data. The Procurement Officer then files the purchase request in the “Outstanding Purchase Request File” in chronological order. Every Monday morning, the Procurement Officer keys in command in the computer to create purchase orders. The computer retrieves data on purchase requisitions made in the past week and displays a dropdown list of authorized vendors from the vendor master data. The Procurement Officer retrieves a list of preferred vendors from a paper file and selects the preferred vendor from the dropdown list based on the details contained in the list of preferred vendors. The Procurement Officer then clicks the ‘Submit’ command. The computer updates the purchase order master data and prints three copies of purchase orders. The Procurement Officer collects and sends the purchase orders to the Accounting Manager. The Accounting Manager approves and signs the purchase orders upon receipt if the purchase is within his authorized limits. The signed purchase orders are then sent to the Account Payable clerk. The AP clerk sends copy #1 of the signed Purchase Order to the Vendor, copy #2 of the signed Purchase Order copy to Operate Manager and files copy #3 of the signed Purchase Order in chronological order. Upon receipt of the stock in Receiving department, the vendor’s sales invoice and signed delivery order will be sent to AP clerk. The AP clerk retrieves the signed purchased order copy #3, matches sales invoice and singed delivery order against the signed purchase order copy #3. The matched 3-documents package comprising of the sales invoice, delivery order and purchase order copy #3 are filed in alphabetical order in “invoices to be processed file”. If the documents do not match, AP clerk rejects the delivery and informs the Procurement Officer. At the end of the month, vendors would send monthly statements detailing the invoices outstanding and payments receipt during the month. On receipt of the statements, AP clerk keys in command to display list of outstanding accounts payables for purchasing stock by retrieving data from accounts payable master data. The AP clerk then verifies the list of outstanding accounts payable for purchasing stock against the annotated sales invoice, delivery order, purchase order copy #3 and the monthly statements. After checking, AP clerk sorts the sale invoices and completes a disbursement voucher by writing each invoice number and the amount to be paid on the disbursement voucher, and then keys in the payable details into the computer. The computer updates the account payable master data. These matched documents are then files in the “disbursement voucher to be paid” file. Page 16 ACCOUNTING INFORMATION SYSTEM Each Friday morning, the computer automatically prints cheques for all of the disbursement entered during the week. The AP clerk immediately retrieves the cheques from the printer, attatches the annotated disbursement voucher, and the verified invoice before forwarding to the Accounting manager. Every Monday morning, Accounting manager sings the cheques after reviewing the documentation. The signed cheques and supporting documentation are returned to the AP clerk. The clerk then sends the signed cheque to the Vendor and files the verified sales invoice and reviewed disbursement voucher in the “Paid invoices” file in alphabetical order. Page 17 ACCOUNTING INFORMATION SYSTEM 3.1 System flowchart Page 18 ACCOUNTING INFORMATION SYSTEM operation manager B signed PO2 procurement officer ven dors computer P1 A preferred vendors select preferred vendors accounting manager AR clerk Document Document signed PO A update PO MD and print 3 copies of PO PO MD Document Document PO B vendor ERNS sign ed PO 3 Document Document PO approve & sign PO submit PO display Document Document PO Document Document signed PO receiving departme nt sales Document invoice & Document sign delivery order ERNS A signed PO3 match documents matched sales Document invoice & Document sign delivery order & PO3 P3 B Page 19
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