MAT 510 WK 1 Homework Assignment 1

MAT 510 WK 1 Homework Assignment 1

 

Describe a work task, a hobby, or another activity that you regularly do, and sequentially list the various actions you take in order to complete this activity. Consider the complexity of your list and the amount of steps required to complete the activity.


Answer the following questions in the space provided below:
1. Differentiate the main actions between doing and improving your activities.
2. Determine the overall manner in which variation has affected your activities

 

A work task that I do as a Project Accountant for my employer is to deposit checks received daily to my company’s bank accounts. This process is as follows:

 

  • ·         Receive mail in my mailbox upfront;
  • ·         Open the envelopes
  • ·         Review the check to determine the purpose of the check i.e. capital contribution, refund, cable income
  • ·         Log into our accounting system software
  • ·         Do a detail inquiry to record the Great Plains (GP) number associate with the company’s bank account
  • ·         Once I have the GP number, look up the bank account number and general ledger code
  • ·         Write down check information for each check (including check number, check amount, and checks total) on the companies bank deposit slip.
  • ·         Stamp each check “for deposit only”
  • ·         Write the bank account number after each stamp
  • ·         Make copies of the check and check stub and deposit slip for internal purposes.
  • ·         Detach check stubs
  • ·         Attach check stubs and any other support documents to check copy made.
  • ·         Calculate the amount of the checks total.
  • ·         Go to the bank, give deposit to teller, and receive a receipt of the deposit.
  • ·         Once I return to the office, I attach the deposit receipt to the check and stub copies
  • ·         Then, I record the deposit in the system
  • ·         Log in to our accounting system
  • ·         Click bank transaction entry
  • ·         Enter the deposit date, checkbook id, type, description, amount and general ledger code
  • ·         Click Post
  • ·         Print the general ledger posting report
  • ·         Attach the posting report to the check copies along with support documentation
  • ·         File
  • ·         Or, I put the deposit receipt and supporting documentation in the appropriate accountant mailbox upfront or hand it to them directly to record the deposit in the system

 

 

The main action of this work task is to deposit all funds to the company’s bank accounts on a daily basis.   Another main action is create copies of each check, as well as matching the total balance I calculated to the deposit receipt given to me by the bank teller. Then, record the deposit in the accounting system.  In order to improve this method, check deposits should be deposited a few times a week, depending on the check amount. This will be a case by case basis. Secondly, there must be a separation of duties between the person receiving cash and the person responsible for maintaining the accounting records.  

Cash receipt activity should be reconciled to the monthly bank statements.  The reconcilement should be reviewed by someone independent of the cash handling or recording functions. The following responsibilities should be distributed among personnel so one person is not responsible for all aspects:

 

1.      Opening mail

2.      Endorsing checks

3.      Preparing deposits

4.      Reconciling to budget statements

5.      Billing and collection duties distributed among personnel

 

Checks arrive on a daily basis, it is inefficient and a waste of time to deposit a check on Monday in an amount less than one hundred dollars, I would rather wait until Tuesday or Wednesday when I have checks totaling ten thousand or more dollars.  Thus, it would be best practices to make deposits to the bank a few times a week.In between bank runs, the checks will be secured in a lock file cabinet. This method enables the company to make deposits of bigger amounts a few times out of the week, rather than making deposits of little value daily.  Also, implement separation of duties will establish an internal control. Separation of duties is the work of one employee should, without a duplication of effort, provide a reliable basis for evaluating the work of another employee. In essence, the organization will have better handle on its internal control of all of the related methods and measures adopted within a business to 1. Safeguard assets from employee theft, robbery, and unauthorized use and 2. Enhance the accuracy and reliability of its accounting records by reducing the risk of errors (unintentional mistakes) and irregularities (intentional mistakes and misrepresentations) in the accounting process. This will allow me to perform my other job duties and responsibilities.

 

 

  • Item #: MAT510-001NEW

MAT 510 WK 1 Homework Assignment 1

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