MGA 311 Study Guide - Final Guide: Electronic Data Interchange, Perpetual Inventory, Radio-Frequency Identification

• School: University at Buffalo
• Department: Management Accounting
• Course: MGA 311
• Professor: Metzger Lorrie

Document Summary

Rung up in the cash register/computer system, total, invoice generated (receipt) Duplicate copy, sales reconcile daily, sales amount/commission/tax liability. Send electronic files to the credit card co. Processing of credit sale transactions (6 step process) Establish credit policy by which they establish guidelines for customers. Credit is based upon review of financial statements, bank statements, other documentation. Credit limit may be formula driven or set based upon what limit the customer is asking for. Strike a balance with their credit limit that minimize bad debt while maximizing revenue. Periodically, review customers credit limit (adequate?: sales order: received from a customer (customer"s po = business"s so, credit review & approval: sent to credit department for approval (credit limit-outstanding bal. , inventory picking. Picking list: retrieve inventory: detail the items, quantity, location (scanner, bar code: shipping: minimize customer returns and dissatisfaction. Picking slip/shipping document: used by the customer verify the items. Processing of exception sales transactions, including returns, allowances, and write offs.