Purchases System
begins when inventory clerk prints purchase requisitions by accessing the purchase requisition file
purchasing
the __________________ department receives the purchase requisition
vendor, inventory control, A/P, receiving
purchase order copies are sent to _______________, _____________, _____________, and _______________
receiving
blind copy of purchase order is sent to _____________
packing slip, blind copy
receiving clerk receives the goods and reconciles with __________________ and __________________
inventory storeroom, purchasing department, A/P, files hard copy
receiving report is sent to ______________, ________________, ________________, _________________
invoice, purchase order, receiving report
A/P department reconciles _____________, _______________, and _________________ (three-way match). Records transaction in the purchases journal
cash disbursements
A/P clerk reviews A/P packets each day, identifies items due, sends supporting documents to ________________________ departments
cash disbursements department
_________________________ reviews documents for completeness and accuracy and prepares the payment for signature
A/P, G/L
________ department removes the liability and sends A/P summary to the _________ department
G/L department
________________ posts to the general ledger control accounts and files the documents
purchase requisition
when inventories drop to predetermines reorder point, more items need to be ordered
purchase order
what we ordered, by purchasing department, sent to vendor, inventory control, A/P and receiving departments
blind copy
purchase order copy that contains no price or quantity information, sent to receiving
receiving report
contains what items we actually received, to inventory storeroom, purchasing department, and A/P
invoice
from customer, amount to be paid
job tickets, time cards
production employees fill out two forms: __________________ and _____________________
cost accounting, job tickets
_______________ department uses ________________ to allocate labor costs to WIP accounts
cost accounting, G/L
________________ department summarizes these charges in a labor distribution summary which is forwarded to the ______________ department
personnel action forms, time cards
payroll department receives _______________ and ___________________
prepare the payroll register
enter the information into the employee payroll records
prepare paychecks and send them to paymaster for distribution to employees
send a copy of the payroll register to A/P
payroll department uses personnel action forms and time cards to: __________________________, _____________________________, ______________________________, _________________________________
A/P, cash disbursements, G/L
________________ department prepares cash disbursements voucher for the total amount of the payroll, sends copies to _________________ and ___________________ departments
cash disbursements
___________________ department reviews the payroll voucher and writes a check for the payroll and deposits it into the payroll imprest account
purchase requisition
__________________ is filled out when a department manager determines that an old fixed asset needs to be replaced or that a new fixed asset is warranted
fixed asset system (FAS)
___________________ department performs record-keeping functions
depreciation schedule
depreciation calculations are internal transactions that the FAS system bases upon a ________________________
personnel action forms
used by personnel department to:
activate new employees
change the pay rate of employees
change marital status and/or number of dependents
terminate employees
job tickets
account for the time spent by the worker on each production job
time cards
used to capture the total time worked each pay period for payroll calculations, must be signed by a supervisor
payroll register
gets information from personnel action form and time cards, enter info in employee payroll records and prepare checks
paymaster
independent person that received checks to hand out to employees to ensure that each person receiving a check is a valid employee
payroll imprest account
separate account that contains funds used strictly for employee payroll use, funded from the main cash account