Financial Guide for SMEs - SME Corporation Malaysia

Financial Guide for SMEsSalesIs there a policy for credit approval for customers?YES/NOAre credit fi les kept current?Are credit checks on customers done regularly?Are sales orders approved for price, terms, credit andaccount balance?Are all sales orders recorded on pre-numbered forms and areall numbers accounted for?Do you review the monthly debtors’ statements for outstandingbalances?Is accounts receivable subsidiary ledger balanced monthly tocontrol account?Is an aging schedule of customers’ accounts prepared monthly?Are write-offs and other adjustments to customer accountsapproved?Cash ReceiptsYES/NODo you, or a responsible employee other than the bookkeeperor person who maintains accounts receivable:• Open the mail and pre-list all cash receipts before turningthem over to the bookkeeper?• Stamp all cheques with restrictive endorsement “for depositonly” before turning them over to the bookkeeper?• Compare daily pre-listing of cash receipts with the cashreceipts journal and the duplicate deposit slip?Are cash receipts deposited intact on a daily basis?Are cash receipts posted promptly to appropriate journals?Are cash sales controlled by cash registers or pre-numberedcash receipts forms?163chapter 7-13 p79-181 Eng.indd 1638/15/11 5:03:09 PM