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Lecture Accounting information and reporting systems: Chapter 12 - A. Aseervatham, D. Ariandarajah

Chapter 12: The revenue cycle. In this chapter, you will learn: To learn about the revenue cycle business activities, to learn to flow chart the revenue cycle business activities, to understand the processing of the revenue cycle transactions using a computer, to know what the control practices and procedures are in the revenue cycle. | The revenue cycle Learning objectives To learn about the revenue cycle business activities. To learn to flow chart the revenue cycle business activities. To understand the processing of the revenue cycle transactions using a computer. To know what the control practices and procedures are in the revenue cycle. key terms balance forward method bill of lading billing cash on delivery credit limit cycle billing delivery note Goods and Services Tax open invoice method picking slip post-invoicing pre-invoicing remittance advice statement of accounts tax invoice terms of payment Revenue cycle Deals with transaction processing involved in selling goods or services Sales can be made for cash or on credit Revenue cycle business activities Main functions (cash sale): accepting customer requests for goods or services delivery of goods or services invoicing dealing with returned goods receiving and recording customer payments Revenue cycle business activities Additional functions (credit sale): approving credit and credit limits recording accounts receivable sending periodical statements to customers dealing with bad debts Revenue cycle business activities Categories of activities in revenue cycle: processing customer orders delivery/shipping invoicing accounts receivable ledger Processing customer orders Customer orders: accepting requests from customers preparing sales order Approving credit and credit limits: screening new customers setting maximum limit processing requests to increase limit periodic checks on existing customers Delivery/shipping of goods or providing a service Delivery/shipping of goods: receiving sales order preparing the dispatch order and delivery notes Providing a service: recording labour and materials used (job card) Invoicing and recording accounts receivable Details on sales invoice: invoice number name of supplier ABN date of invoice description of goods quantity of goods GST inclusive price discount allowed Terms 2/7 - 2% discount if account | The revenue cycle Learning objectives To learn about the revenue cycle business activities. To learn to flow chart the revenue cycle business activities. To understand the processing of the revenue cycle transactions using a computer. To know what the control practices and procedures are in the revenue cycle. key terms balance forward method bill of lading billing cash on delivery credit limit cycle billing delivery note Goods and Services Tax open invoice method picking slip post-invoicing pre-invoicing remittance advice statement of accounts tax invoice terms of payment Revenue cycle Deals with transaction processing involved in selling goods or services Sales can be made for cash or on credit Revenue cycle business activities Main functions (cash sale): accepting customer requests for goods or services delivery of goods or services invoicing dealing with returned goods receiving and recording customer payments Revenue cycle business activities Additional functions (credit sale): .