ACC120 Lecture Notes - Lecture 7: Debit Card, Elizabeth Daily, Cash Cash
Document Summary
Independent checks of performance, human resource controls: Daily cash counts and comparisons of receipts. Debit card transactions: sales using debit cards are considered cash transactions. Retailer receives cash directly into bank account at some. Proceeds received are net of transaction fees regular interval (e. g. daily) Bank credit card transactions: sales using bank credit cards are also considered cash transactions. Retailer receives cash directly into bank account. Proceeds received are net of transaction fees: fees are generally higher than debit card fees. Mail-in and electronic receipts: mail-in receipts, electronic receipts: Open mail in presence of two clerks. Remittance slips sent to accounting independently of cash. On-line banking: cash transferred from customer"s bank. Company journalizes from its bank statement account to company"s bank account. Pre-authorized payments: company initiates payment and automatically journalizes. Print cheques electronically or use writer: independent checks of performance: Reconcile bank statement regularly: human resources: Petty cash fund: used to pay small amounts, to establish a petty cash fund:
