Sistem Informasi Akuntansi SIA 09 Reve

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Revenue Cycle: Cash Collection

AKTIVITAS UTAMA

CONTROL, OBJECTIVES, THREAT, PROCEDURES

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Hubungan Revenue Cycle dengan Siklus yang Lain



Expenditure Cycle



_{Untuk memperkirakan biaya produksi}



Human Resources/ Payroll Cycle



Untuk menghitung komisi/ bonus



GL and Reporting Function



_{Untuk menyusun laporan keuangan}

Note: Tujuan Utama dari Revenue Cycle adalah menyediakan barang/ jasa pada tempat yang tepat, waktu yang tepat, dan harga yang tepat

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Aktivitas Utama Revenue CycLe

SALES ORDER ENTRY

SHIPPING

BILLING

Terdiri dari:

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SaLes Order Entry



Aktivitas dalam Sales Order Entry:



_{Take the customer’s order.}



_{Check the customer’s credit.}



Check inventory availability.



_{Respond to customer inquiries (may be done by}

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1.1

Billing Ware-_house Purchas-_ing 1.4

Rejec_{ted O}

rders

Back O_rders

Packing

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Take Customer’s Order

Cara memperoleh informasinya melalui phone, fax, mail, website, in

the store, salesperson in the field

Cara memperoleh informasinya melalui

phone, fax, mail, website, in

the store, salesperson in the field

Informasi yang dicatat:



Items numbers ordered



Quantities



Prices



Salesperson



Customer

Informasi yang dicatat:



Items numbers ordered



Quantities



Prices



Salesperson



Customer

Note:

Usahakan customer mengisi data selengkap-lengkapnya Note:

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Take Customer’s Order



Penggunaan IT:



_{Pemanfaatan sistem online}



_{Penggunaan hardware (komputer, scanner, etc)}



_{Penggunaan software}



_{E-mail/ website}



_{Electronic Data Interchange}

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Check Customer’s Credit

Terdiri dari 2 jenis otorisasi kredit, yaitu:

GENERAL

AUTHORIZATION

Melibatkan pengecekan customer master fle untuk verifkasi akun dan status

Untuk customer lama tanpa saldo utang

Credit limits didasarkan pada kemampuan membayar sebelumnya

SPECIFIC

AUTHORIZATION

Dilakukan oleh credit manager Untuk kustomer:

Masih mempunyai saldo utang Baru

Melebihi credit limit

Penggunaan IT:

Otomatisasi pengecekan credit limit dan status dan melaporkan ke credit manager (by email/report/IM)

Penggunaan IT:

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Check Inventory Availability

INFORMASI YANG DIPERLUKAN

Quantity on order

Quantity already committed to others Quantity on hand

NEXT STEP

Complete the sales order.

Update the

Notify the following

departments of the sale: Shipping

Inventory

Billing Send an acknowledgment

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Respon to Customer’s Inquiry

Menggunakan

FAQ/ online help

Order Status

Pemasaran

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Shipping



Aktivitas dalam Shipping:

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1577.ws & Bill of Lading Bill of

Lading & Packing Slip Sales

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Picking and Packing

MENGGUNAKAN

Mencatat

Mengupdate

PEMANFAATAN TEKNOLOGI

GPS tracing

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Shipping

MEMBANDINGKAN ANTARA

Jumlah

MEMBUAT

Quantity

MEMBUAT

The destination

The source

Special shipping instructions

The carrier

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BiLLing



Aktivitas dalam BiLLing:

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Packing Slip & Bill of Lading

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Invoicing

MEMBANDINGKAN ANTARA

Sales order & bill of lading/ freight bill

MEMBUAT

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Update A/R, metodenya

OPEN INVOICE METHOD

Memanfaatkan

Customer

Kekurangan

Kelebihan

BALANCE FORWARD METHOD

Customer

Kelebihan

Cukup

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CASH COLLECTIONS

Beberapa

Electronic Lockbox

Credit Card Payment/ Debit

Financial Electronic Data Interchange

Turnaround document

Lockbox Arrangement

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Department Yang Terlibat

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

OBJECTIVES



_{All transactions are properly authorized.}



_{All recorded transactions are valid.}



_{All valid and authorized transactions are recorded.}



_{All transactions are recorded accurately}

_{(amount, account,}

time)



_{Assets are safeguarded from loss or theft.}



_{Business activities are performed efficiently and effectively.}



_{The company is in compliance with all applicable laws and}

regulations.



_{All disclosures are full and fair.}

ControL, Objectives, Threat & Procedure

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

The primary objectives of this process:



_{Accurately and efficiently process customer orders.}



_{Ensure that all sales are legitimate and that the company gets}

paid for all sales.



_{Minimize revenue loss arising from poor inventory management}

.



THREATS

1. THREAT 1: Incomplete or inaccurate

customer orders

2. THREAT 2: Sales to customers with poor

credit

3. THREAT 3: Orders that are not legitimate

4. THREAT 4: Stockouts, carrying costs, and

markdowns

Threats in sales Order Entry

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

THREAT NO. 1—Incomplete or inaccurate

customer order



Why is this a problem?



It’s inefficient. The customer has to be re-contacted, and

the order has to be re-entered.



Causes customer dissatisfaction and may impact future

sales.



Controls:



Data entry controls, such as completeness checks.



Automatic lookup of reference data like customer address.



Reasonableness tests comparing quantity ordered to past

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

THREAT NO. 2—Sales to customers with poor

credit



_{Why is this a problem?}



Sales may be uncollectible, resulting in lost assets or

revenues.



_Controls:



Follow proper authorization procedures for credit sales, e.g.:

 Setting credit limits for each customer.

 Granting general authorization to sales order staff for

customers who are:

 Existing customers.

 Under their credit limits.

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

THREAT NO. 3—Orders that are not legitimate



_{Why is this a problem?}



You can’t make good credit decisions or collect from a

customer you haven’t properly identified.



Example: An Oklahoma office supply store accepted a

telephone order for goods that were subsequently shipped to

a woman in Indiana. Afterward, the store discovered that the

order had been called in from a prison inmate for shipment to

his mom on Mother’s Day. The inmate had used a stolen

credit card number. The office supply store ate the loss.



_CONTROLS:



Traditionally, legitimacy of customer orders is established by

receipt of a signed purchase order from the customer.



Digital signatures and digital certificates provide similar

control for electronic business transactions.

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

THREAT NO. 4—Stockouts, carrying costs,

and markdowns



Why is this a problem?



If you run out of merchandise, you may lose sales.



If you carry too much merchandise, you incur excess

carrying costs and/or have to mark the inventory down

to sell it.



Controls:



Accurate inventory control and sales forecasting

systems.



Online inventory systems that allow recording of

changes to inventory in real time.



Periodic physical counts of inventory to verify accuracy

of the records.

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

The primary objectives of the shipping process

are:



_{Fill customer orders efficiently and accurately}



Safeguard inventory



THREATS



_{THREAT 5: Shipping Errors}



_{THREAT 6: Theft of Inventory}

Threats in SHipping

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

THREAT NO. 5—Shipping errors



_{Why is this a problem?}



Customer dissatisfaction and lost sales may occur if

customers are shipped the wrong items or there are

delays because of a wrong address.



Shipping to the wrong address may also result in loss

of the assets.



_Controls:

 Online shipping systems can require shipping clerks to enter the

quantities being shipped before the goods are actually shipped. Errors can thus be detected and corrected before shipment.

 Use of bar code scanners and RFID tags to record picking and

shipping.

 If data entry is performed manually, application controls such as

field checks and completeness tests can reduce errors.

 The packing slip and bill of lading should not be printed until

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

THREAT NO. 6—Theft of Inventory



_{Why is this a problem?}



Loss of assets.



Inaccurate inventory records (because thieves don’t

generally record the reduction in inventory).



Controls:

 Inventory should be kept in a secure location with restricted access.  Inventory transfers should be documented.

 Inventory should be released for shipping only with approved sales

orders.

 Employees who handle inventory should sign the documents or

enter their codes online so that accountability for losses can be traced.

 Wireless communication and RFID tags can provide real-time

tracking, which may reduce thefts while in transit.

 Physical counts of inventory should be made periodically, and

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

The primary objectives of the billing process

are to ensure:



Customers are billed for all sales.



_{Invoices are accurate.}



Customer accounts are accurately maintained.



Threats that relate to this process are:



_{THREAT 7: Failure to bill customers}



_{THREAT 8: Billing errors}



_{THREAT 9: Errors in maintaining customer}

accounts

Threats in BiLLing

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

THREAT NO. 7—Failure to bill customers



_{Why is this a problem?}



Loss of assets and revenues.



Inaccurate data on sales, inventory, and accounts

receivable.



_Controls:

 Segregate shipping and billing functions. (An employee who does

both could ship merchandise to friends without billing them.)

 Sales orders, picking tickets, packing slips, and sales invoices

should be sequentially numbered and periodically accounted for. (If you can’t match an invoice to every sales order or packing slip, the customer hasn’t been billed.)

 In invoice-less systems, you must ensure that every shipment is

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

THREAT NO. 8—Billing errors



Why is this a problem?



Loss of assets if you under-bill.



Customer dissatisfaction if you over-bill.



_Controls:



Have the computer retrieve prices from the inventory

master file.



Avoid quantity errors by checking quantities on the

packing slip against quantities on the sales order.

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

THREAT NO. 9—Errors in maintaining

customer accounts



Why is this a problem?



Leads to customer dissatisfaction and loss of future

sales.



May indicate theft of cash.



Controls:

 Edit checks such as:

 Validity checks on customer and invoice numbers so amounts

are applied to the correct account.

 Closed-loop verification.

 Field check to ensure payment amounts are numeric.

 Batch totals to detect posting errors.

 Compare number of accounts updated with number of checks

received.

 Reconciliations performed by an independent party.

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

The primary objective of the cash collection

process:



_{Safeguard customer remittances.}



The major threat to this process:



THREAT 10: Theft of cash

Threats in Cash CoLLection

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

THREAT NO. 10—Theft of cash



_{Why is this a problem?}



Loss of cash.



_Controls:



Segregation of duties between:

 Handling cash and posting to customer accounts. (A person

who can do both can lap accounts.)

 Handling cash and authorizing credit memos. (A person who

does both could steal a customer remittance and authorize a credit to the customer’s account, so the customer won’t be notified he’s past due.)

 Authorizing credit memos and maintaining customer accounts.

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 Minimizing the handling of money and checks through lockbox

arrangements, etc.

 Prompt documentation and restrictive endorsements of customer

remittances.

 Two people opening mail together.

 Remittance data sent to accounts receivable while cash and checks

are sent to cashier.

 Checking that total credits to accounts receivable equal total debits

to cash.

 Sending copy of remittance list to internal auditing to be compared

with validated deposit slips and bank statements (verifies all checks were deposited).

 Sending monthly statements to customers to provide independent

review.

 Using cash registers in retail establishments that automatically

produce a written record of all cash received.

 Offering inducements to customers to look at their receipts (so

they’ll notice if a clerk rings up a sale incorrectly).

 Deposit all remittances in the bank daily (facilitates accurate

reconciliations and safeguards cash).

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

Two general objectives pertain to activities in

every cycle:



_{Accurate data should be available when needed.}



Activities should be performed efficiently and

effectively.



The related general threats are:



_{THREAT 11: Loss, alteration, or unauthorized}

disclosure of data



_{THREAT 12: Poor performance}

GeneraL Control Issues

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

THREAT NO. 11—Loss, alteration, or

unauthorized disclosure of data



Why is this a problem?



Loss of all accounts receivable data could threaten

a company’s continued existence.



Loss or alteration of data could cause:



Errors in external or internal reporting.



Inaccurate responses to customer inquiries.



Unauthorized disclosure of confidential customer

information can cause:

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 _Controls:

 The sales file, cash receipts file, accounts receivable master file,

and most recent transaction file should be backed up regularly.

 At least one backup on site and one offsite.

 All disks and tapes should have external and internal files to reduce

chance of accidentally erasing important data.

 Access controls should be utilized:

 User IDs and passwords  Compatibility matrices

 Controls for individual terminals (e.g., so the receiving dock

can’t enter a sales order)

 Logs of all activities, particularly those requiring specific

authorizations

 Default settings on ERP systems usually allow users far too much

access to data, so these systems must be modified to enforce proper segregation of duties.

 Sensitive data should be encrypted in storage and in transmission.  Websites should use SSL for secure customer communications.