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Accounting and Controls is one of the most important areas that your company may face on a daily basis. Several different procedures may be necessary to ensure that all money is counted correctly and reported. For example, one company suggests the following:
The key to controlling all aspects of our business is to carefully document all exchanges. All money exchanges are documented and signed on a money log, which guarantees that the individual that sold the product and the individual collecting the money are in total agreement. Our company keeps all extra mugs and cash behind locked doors ensuring that no individual is responsible for safeguarding money at a provate residence. At least once a week, money is taken to First Central Bank and stored in our company's checking account. All receipts are kept to ensure all money was deposited and the accounting department will then periodically compare our checking account total with projected sales to guarantee all money is properly accounted for. Accounting and Controls documents should contain all actions that take place on a day to day basis. It is also critical to have at least two people check all documents to make sure everything is correct.
One item to include on the 'Accounting and Controls' document is the inventory tracking sheet, that should explain the process of distributing the products. It should also explain the process of turning in money for sales. This include where, when, and who to give the money to. It should also include the process of tracking sales and keeping track of the inventory on hand and what has been stored. Finally, it should include the steps taken by the Finance Manager who is in charge of keeping track of the donations and money from sales and also depositing the money into the company bank account.
Also, include examples of any forms, journals, or deposit slips that you may use.
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Central Warmth
Group A
Group B
Group C
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Some examples are:
A check-out/check-in sheet for employees to sign when they check out/in inventory
A sheet to record personal sales
A check-in sheet for money
A ledger to record daily transactions
Sample Skit
Example Sales Tracking Sheet
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'We could have completed more calculations and filled out the accounting forms more often to allow our fellow members to visualize where the money is located.'
'Our group needed to do a better job of acting out the skits. Also our organization was a key factor. Our information was well put together, but the actual performance needed to be rehearsed more.'
'Our group made small mistakes that could have been prevented if we would have planned more in advance. Another way to prevent small mistakes from being made during the presentation would be to practice a dry-run of the presentation a few times before the actual day of the presentation. Also, be sure to ask the instructors any questions that you may have before your presentation so they can tell you what to expect and so you know you have covered all requirements.'
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'Our group realized very early that accountability was very important. In the planning phase of our company, we had already started developing methods to ensure that money and products were always accounted for. We always made sure that anytime an exchange was made involving money or mugs that both people would sign for the exchange. When possible, we also tried to have more than two people present to witness the act. A phone roster was created to ensure that any problems or shortage of product could be handled immediately.'
'Our group has some very intelligent people, especially dealing with the financial process. We are well informed and had a lot of information.'
'The company prepared all the financial statements asked of them promptly and efficiently. The Income Analysis statement is most helpful when deciding the product and for the presentation with the bank. The calculations start with the CGS, which is multiplying the amount each product will cost by the number of products ordered.
Product amnt * price = cost of goods sold
Then the cost of goods sold can be subtracted from the gross income, amount of money from sales each month, to give a gross profit:
gross income - CGS = Gross Profit
Finally the rent, interest, taxes and licensing, phone bill, and any other miscellaneous expenses are deducted from the gross profit to attain a net income:
Gross Profit - All Other Expenses = NI
A few other helpful computations are the profitability index, cost-benefit ratio, bayback and the break even unit of sale.
Present value of cash inflows / Investment = Profitability index
Total Benefits / Total Costs = cost-benefit ratio
Original investment / annual net cash inflow = yrs. to pay back
All these calculations are recommended for use in the financial team of future IBE companies.'
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Those who have a particular role should speak - generally presidents and officers. In the presentation you will have to act out all business activities that will occur during the class experience; therefore you will need members of your company to act as outside members of society (i.e. bank, customer, merchant) and remember to label them with signs and such. The largest portion of the accounting/control will be presented by the inventory manager and the accounting/finance manager. They are responsible for showing any documents that will be used for sales, tracking, purchasing, etc.
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Past presentations lasted from a range of 3-38 minutes. It is recommended that you find a time limit of around 8-15 minutes. To create a presentation that will occupy the time frame, make sure you present all documents that will be used in business operations. Show the instructors with a hard copy in your presentation packed, as well as a simplified version on your PowerPoint presentation.
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The following is a direct quote from an instructor:
The instructors want the actions to be clear, with every step of every transaction acted out. For example, there may be a tendency for the narrator to say 'And the money is deposited' and it doesn't get acted out - counting money, making a deposit slip, recounting money, taking money to bank, getting receipt, filing receipt, etc.
Have the skit synchronized with a slide show that shows the forms being filled out, the receipts filled out, etc. Have the forms large enough to read.
Use signs big enough to read from the back of the room. If duplicate copies (of a receipt, for example) are being talked about, have large pieces of paper, different colors for each part of the copy. For example, if it is something where the customer keeps a copy, salesperson keeps a copy, and a copy goes to the treasurer, have three different colors of 8" by 11" pieces of paper, so we can see where each copy goes during the skit.
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http://www.stc.org/confproceed/2000/PDFs/00098.pdf
http://www.cems.uwe.ac.uk/~tdrewry/dfds.htm
http://www.aisintl.com/case/dfd.html
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After getting the final word from the bank that you have your loan approved, go to the bank and sign the promissory note and collect the check. You should have an account set up before you do the loan presentation. The process to take is:
Talk to Toni Kreke, in room 308D of the Admin building to set up an account with the university and obtain the account information to deposit and write checks from.
Once you have established your account, you must then go to student accounts on the first floor of the Admin building and deposit your check for the loan amount.
When you need money from that account, you need to make a request for a check to be cut. You must get the proper paperwork and turn it into the department of financial services on the third floor.
The department of financial services cuts checks every Monday, Wednesday, and Friday.
Finally, pick up the check when you need it and take it to pay for what you need.
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The jobs that make up the bursar are all in the Admin building on the first floor in bank teller looking place, or they are on the third floor in the financial department. This university doesn't exactly have a bursor like other schools do, but we do, however, have the resposibilities of the bursor devided among many departments dealing with many financial transactions.
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Get a bottom line amount from the company you are buying your product from.
Request that they write a check for the amount of the invoice.
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First, you have to have the tender (check(s) or cash). Then you prepare a deposit slip for the collection day. The deposit slip must contain:
The account number
The fund number
The organization number
The program number
Then you take the deposit slip and the tender to the Revenue Dept (same place you pick up your check from ucmo) in the Admin building. They will enter the information into their computer and give you a receipt. Then you take the receipt back to your office and enter the information into your records. File the receipt.
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Always talk to the instructors when you have any questions.
Keep your own record sheet of how many times you have checked out and sold so you can compare your records to the company records.
VP of Finance - It is very helpful if you post all financial information bi-weekly so everyone knows what is happening and problems can be addressed very quickly rather than dealing with all of them at the end of the semester.
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