DEPARTMENT
WORKFLOW
Binders Needed:
Send the Invoice to the customer. Note: Review the Invoice binder periodically
Order INVENTORY when needed. and send out overdue reminders.
Order
Form
Sales Journal Sale to
Lizzie
Grubman
5
Accounts Receivable Record Balance for
Lizzie
Grubman
INVOICE
DATE INVOICE # AMOUNT AMOUNT PAID INVOICE BALANCE
2 532.26
3 532.26
Accounts Receivable Balance for
Controlling Record
Lizzie
Grubman
3
Invoice
MAKING A PURCHASE
You receive an invoice from the company.
The Accounting Department records the
Your company completes a PURCHASE information in the PURCHASES
ORDER from another company and sends it JOURNAL, ACCOUNTS PAYABLE
out. Keep a file copy in the PURCHASES RECORD, AND ACCOUNTS PAYABLE
binder. CONTROLLING RECORD.
4
Accounts Payable Record
Total Amt.
One
Vendor Name: VEC Trading
purchase
4 2000.00
5 2000.00
Accounts Payable
Controlling Record Total Amt.
4
Inventory Record Value of
Inventory
Item Name: Budget lamps Level Inventory on
Hand
Item #: Minimum:
Item #: Minimum:
Total Units
Description: Maximum:
on Hand
QUANTITY ON
DATE ITEM NAME ITEM # HAND COST TOTAL
6
RECORDING CASH RECEIPTS
AND PAYMENTS The Accounting Department
Each week the Bank Manager records ALL transactions in the
prints out a copy of the current CASH RECEIPTS AND
bank transactions. PAYMENTS JOURNAL in the
appropriate places (as payments
or receipts of cash and an
explanation).
If one of the invoices that you Any invoices that your company
sent out has been paid, retrieve paid another company (because
the invoice from the binder, you purchased something from
mark it paid, and file it. Update them) is updated in the
the ACCOUNTS ACCOUNTS PAYABLE
RECEIVABLE RECORD to RECORD.
reflect the payment.
Cash Receipts and
Payments Journal
Enter in the Enter in the
Receipt or Explanation
Payment
EXPLANATION
ACCOUNTS
ACCOUNTS
HOLDINGS
INTEREST
CEIVABLE
SALARIES
EXPENSE
EXPENSE
EXPENSE
UTILITIES
PAYROLL
PAYROLL
PAYABLE
OTHER
401(K)
WITH-
RENT
REF. CASH CASH
TAX
RE-
# DATE DESCRIPTION RECEIPT PAYMENT BALANCE
0
0
0
Accounts Receivable Record
Enter in
payment
received
INVOICE
DATE INVOICE # AMOUNT AMOUNT PAID INVOICE BALANCE
2 532.26
3 532.26
Accounts Payable Record
Enter in
amount
paid
Vendor Name: VEC Trading
4 2000.00
5 2000.00
PAYROLL
The Payroll Associate completes
the PAYROLL REGISTER for The Payroll Associate creates
the pay period. The original is and distributes pay stubs.
filed in a binder and a copy is
given to the Bank Manager.
Firm Name
Semimonthly Payroll Register
Pay Period: From_________________ To _____________________
Taxable
# of W-4 HOURLY SOCIAL MEDI- Fed. TOTAL DE-
NAME exemptions HOURS RATE GROSS SECURITY CARE Income FWT SWT 401 (K) DUCTIONS NET PAY
1 0.00 0.00 0.00 0.00 FALSE FALSE 0.00 0.00
2 0.00 0.00 0.00 0.00 FALSE FALSE 0.00 0.00
3 0.00 0.00 0.00 0.00 FALSE FALSE 0.00 0.00
4 0.00 0.00 0.00 0.00 FALSE FALSE 0.00 0.00
SUMMARY
Accounts Receivable, Accounts Payable, and Inventory Records are
updated as needed.
Payroll is completed twice a month.
Bank Statements should be printed out at least once a week.
Cash Receipts and Payments Journal should be updated each time
a bank statement is printed.
Tax Forms should be completed according to the calendar.
941 monthly
Sales tax quarterly
W2 and W3 yearly
1040 individual tax return yearly
1120 Corporate tax return yearly