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15 Cards in this Set
- Front
- Back
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What is the Sales Collection?
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Everything involved from when the Order is Received until the Cash is.
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Why is S/C important?
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Provides a systematic set of steps that all employees can follow.
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DOC: Customer Order
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A request for merchandise by a customer.
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DOC: Sales Order
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A doc for communicating the description, quantity, and related information for goods ordered by a customer.
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DOC: Picking Ticket
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Tells the warehouse staff which items to pic k from the shelves.
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DOC: Bill of Lading
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Written contract between the carrier and the seller of the receipt and shipment of goods.
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FOB Destination
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The buyer takes responsibility for the goods when they arrive at the destination.
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FOB Shipping Point
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The buyer takes responsibility for the goods when they are leaded on the truck.
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DOC: Sales Invoice
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Indicates the desciption and quantity of goods sold, the price, freight charges, etc.
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DOC: Monthly Statement
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Doc sent by mail or electronically to each cust to indicate associated account info.
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DOC: Remittance Advice
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Accompanies the payment and is used as an internal control and to indicated account information
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DOC: Credit Memo
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A credit memo indicates a reduction in the amount due from a customer
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What are Exception Reports?
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Handles conditions that wouldn't normally arise.
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Internal Controls are used to...
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...handles situations when people act unethically and unprofessionally
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Reasonable Assurance?
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Benefits must outweigh cost of assurance to enact.
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