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The Complete Idiot's Guide® To Accounting by Lita Epstein, Shellie L. Moore

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Monitoring Accounts Receivable

In addition to establishing controls for the sales side of your business, you also need to establish controls on the recording side, particularly regarding accounts receivable. You must be sure that you separate the duties, so that the person who receives the payment for store charge accounts is not the same as the person who records the payment.
Many companies have a lock box at the bank where payments are sent and the money is deposited. You probably will have to pay your bank a fee for this service. A summary of deposits with copies of checks is sent to the company. The accounts receivable clerks then update customer accounts based on this summary. This practice ensures that the company’s money is deposited, ...

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