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ACCOUNTING DEPARTMENT WORKFLOW

Virtual Enterprises, International . 2. Source documents needed:. Purchase ordersPurchase invoicesSales invoicesBank statementsTax Forms . Virtual Enterprises, International . 3. Accounting Journals/Records

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ACCOUNTING DEPARTMENT WORKFLOW

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    1. Virtual Enterprises, International 1 ACCOUNTING DEPARTMENT WORKFLOW

    2. Virtual Enterprises, International 2 Source documents needed: Purchase orders Purchase invoices Sales invoices Bank statements Tax Forms

    3. Virtual Enterprises, International 3 Accounting Journals/Records & Forms Required Cash receipts/cash payments journal Purchases journal/accounts payable record Sales journal/accounts receivable record Inventory records Asset log Payroll register

    4. Virtual Enterprises, International 4 When and where are transactions recorded? Receive cash: Enter amount received in the cash receipts and payments journal. Update accounts receivable record if the cash receipt is for payment of a sale made on account. Pay cash: Enter the amount paid in the cash receipts and payments journal. Update the accounts payable record if the cash payment is for a purchase made on account.   Send a purchase order: Do not record this event into the accounting records. Receive an invoice: Enter the purchase in the purchases journal and update the accounts payable record. Receive what was ordered: If you receive merchandise inventory, update the inventory control record. If you receive an asset, update the asset log.  Receive a purchase order: Prepare an invoice. Prepare (and send) an invoice: Enter the sale in the sales journal and update the accounts receivable record.  “Ship” merchandise to a customer: Update the inventory control record.  Prepare (and pay) payroll: Use the payroll register to determine the amount of each employee's gross and net pay. Record the amount of net pay paid to all employees in the cash receipts and payments journal. Record the amount of payroll withholdings in the cash receipts and payments journal.

    5. Virtual Enterprises, International 5 RECORDING A SALE

    6. Virtual Enterprises, International 6 MAKING A PURCHASE

    7. Virtual Enterprises, International 7 RECORDING CASH RECEIPTS AND PAYMENTS

    8. Virtual Enterprises, International 8 PAYROLL

    9. Virtual Enterprises, International 9 SUMMARY Sales Journal/Accounts Receivable, Purchases Journal/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

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