1 Sales Orders
Sales orders should be authorised and show evidence of authorisation (e.g. sales manager's signature).
Sequentially numbered sales orders should be used to ensure completeness (i.e. pre-numbered or generated in strict numerical sequence) and regular sequence checks should be performed.
An "open sales order" file should be maintained and periodically reviewed to ensure that all orders are ultimately fulfilled.
Sales orders should be validated for price, quantity, goods availability and customer creditworthiness.
2 Despatches
Despatches should be matched to authorised sales orders.
Sequentially numbered despatch notes should be raised. Regular sequence checks should be performed to confirm completeness.
Proof of delivery (e.g; customer signature) should be obtained (e.g. on a copy of the despatch note).
Sequentially numbered goods returned notes should be used to ensure completeness of recording of sales returns.
3 Sales Invoices
Sequentially numbered sales invoices should be used. Regular sequence checks should be carried out to ensure completeness.
Sales invoices should be matched to despatch notes and sales orders to confirm accuracy of product description and quantity.
Arithmetic accuracy of sales invoices should be verified.
Prices on sales invoices should be agreed periodically against authorised price list.
Trade discounts applied should be agreed (e.g. to contracts with customers or authorised price list) to ensure that the correct discount has been applied to the quantity sold.
4 Recording
Invoices should be "pre-listed" (e.g. in a sales day book) to enable control accounts to be prepared and confirm completeness and accuracy of postings to the customers' accounts in the sales ledger.
A sales/trade receivables ledger control accounts should be maintained and the balance reconciled monthly to a list of amounts due from customers.
Monthly statements should be sent to customers and disputes handled independently.
5 Cash Receipts
Where money is received by post, "mail opening procedures" should include two staff members (segregation of duties).
Cheques should be restrictively endorsed when received and a pre-listing of receipts prepared.
All monies received should be banked intact on that business day.
Entries in the cash receipts book should be proved by regular (usually monthly) reconciliations of the bank account balance in the general ledger to the bank statement.
Bank reconciliations should be reviewed on a regular basis by a responsible official independent of the recording function.
6 Overall Controls
There should be segregation of duties between:
Order recording
Order authorisation
Despatch of goods
Invoice preparation
Handling of cash receipts
Ledger posting
Supervision
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