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12 Cards in this Set
- Front
- Back
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4 Rev. Cycle business activities
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1. Sales Order Entry
2. Shipping 3. Billing 4. Cash Collections |
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4 Sales order activities
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1.1. Take Order
1.2. Approve Credit 1.3. Check Inventory Availability 1.4. Respond to Customer Inquiries |
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Revenue Cycle
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"a recurring set of business activities...associated with providing goods and services to customers and collecting cash..."
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Sales order
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"contains info about item #s, quantities, prices, and other terms of the sale"
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Choiceboards
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Interactive sales order entry system (like dell computers..)
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VMI (vendor-managed inventory)
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A retailer provides a vendor with POS data for more efficient restocking.
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2 Shipping activities
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2.1. Pick and Pack
2.2. Ship Goods |
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Packing slip vs. Bill of Lading
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Packing slip lists quantity and description of items.
Bill of lading is a legal contract with the shipper. |
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2 Billing activities
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3.1. Invoicing
3.2. Update Accounts Receivable |
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Open invoice method
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Customers pay by the invoice and return a REMITTANCE ADVICE (copy of the invoice) with payments.
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Balance-forward method
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Customers pay a monthly payment.
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Cycle billing
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Monthly statements are prepared for subsets of customers.
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