1. Accounts Receivable Subsidiary Ledger – account records of customers containing the customer name, customer address, current balance, available credit, transaction dates, invoice numbers, and credits for payments, returns, and allowances. It is updated from information the sales order provides.
2. Analytical Review – provides the auditor with an overall perspective for trends in the account balances.
3. Batch Control Totals – calculated totals for each batch on a transaction file to reconcile output produced by the system with the input originally entered into the system.
4. Bill of Lading – a formal contract between the seller and the shipping company (carrier) ...view middle of the document...
11. Cycle Billing – the spreading of the billing task evenly over the month.
12. Events Database – a central feature of the real-time processing system where traditional accounting records may not exist.
13. Inventory Subsidiary Ledger – contains the record of every inventory item. It includes data such as the inventory item description, date and units received, units sold, quantity on hand, standard cost, total cost, etc.
14. Ledger Copy – a sales order copy used to update subsidiary ledgers.
15. Negative Confirmation – a letter that requests the recipients to respond only if they disagree with the amount shown in the letter.
16. Open-invoice System – under this approach, invoices are recorded individually rather than being summarized or grouped by creditor. In this environment, no accounts payable subsidiary ledger exists.
17. Packing Slip – travels with the goods to the customer to describe the contents of the order. These are either placed inside the shipping container or attached to the outside in a special plastic pouch.
18. Positive Confirmation – a letter where recipients are asked whether their records agree or disagree with the amounts stated.
19. Reengineering – is to radically reshape business processes and workflow. Its objective is to reduce business-processing costs by identifying and eliminating non-value-added tasks.
20. Remittance Advices – contain information needed to service individual customer accounts. This includes payment date, account number, amount paid, and customer check number.
21. Remittance List – a form also called the cash prelist, where the clerk records each check and where all cash received is logged.
22. Return Slip – prepared by a Receiving Department employee to describe the items received.
23. Sales Invoice – is the customer’s bill, which formally depicts the charges to the customer.
24. Sales Invoice File – captures sales transaction data for the period. It contains summary data for each invoice.
25. Sales Journal Voucher – represents a general journal entry to reflect total sales and total increases in accounts receivable.
26. Sales Order – a document that captures information such as the name and address of the customer, the customer’s account number, the name, number, and description of the items sold, the quantities and unit prices of each item, and other financial information such as taxes, discounts, and freight charges.
27. Shipping Notice – a document containing such facts as the date of shipment, items and quantities shipped, the carrier, and freight charges. It informs the Billing Department that the customer’s order has been filled and shipped.
28. Stock Release (Picking Ticket) – a document that identifies the items of inventory that must be located and picked from the warehouse shelves. It also provides formal authorization for the warehouse clerk to release custody of the specified assets.