History of Accounting. The German banker Jakob Fugger and his principal accountant, M. Schwarz, registering an entry to a ledger. (1517) The background.

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Presentation transcript:

History of Accounting

The German banker Jakob Fugger and his principal accountant, M. Schwarz, registering an entry to a ledger. (1517) The background shows a file cabinet indicating the European cities where the Fugger Banker conducts business. From the biography of M. Schwarz; Herzog-Anton-Ulrich-Museum, Braunschweig, Germany

Luca Pacioli

=

=

= RevenueExpense

BUSINESS ACTIVITY DEBIT ENTRY CREDIT ENTRY DEBITS = CREDITS Mistake

BUSINESS ACTIVITY DEBIT ENTRY CREDIT ENTRY DEBITS = CREDITS

Checks and Balances

BUSINESS ACTIVITY

Checks and Balances BUSINESS ACTIVITY

Checks and Balances BUSINESS ACTIVITY

Segregation of Duties

Segregate Authorization from Execution Segregate Custody from Recordkeeping

CustomerSales Rep Negotiates Sale Obtain and enter Sales Order

Sales Manager Customer Yes No Sets Selling Prices Price List Credit Application Credit Manager Credit Check Credit Approved? Sets up Customer Credit Application Credit Application Cust Master File Outside Credit Sources Product Master File Sales Rep

Sales Manager Sets Selling Prices Price List Customer Credit Application Credit Manager Credit Check Credit Approved? Yes No Credit Application Sets up Customer Credit Application Customer Master File Outside Credit Sources Product Master File

No Sales Manager Sets Selling Prices Price List CustomerSales Rep Negotiates Sale Standard Price? Yes Obtain and enter Sales Order Customer Master File Sales Mgr Approval? Yes No Product Master File Credit Limit ? Credit Manager

No Sales Manager Sets Selling Prices Price List CustomerSales Rep Negotiates Sale Standard Price? Yes Obtain and enter Sales Order Customer Master File Sales Mgr Approval? Yes No Product Master File Credit Limit ? Credit Manager

No Sales Manager Sets Selling Prices Price List CustomerSales Rep Negotiates Sale Standard Price? Yes Obtain and enter Sales Order Customer Master File Sales Mgr Approval? Yes No Product Master File Credit Limit ? Credit Manager

No Sales Manager Sets Selling Prices Price List CustomerSales Rep Negotiates Sale Standard Price? Yes Obtain and enter Sales Order Customer Master File Sales Mgr Approval? Yes No Product Master File Order Acknowledgement Credit Limit ? Open Sales Orders

Internal Controls Segregation of Authorization from Execution Independent Verification

No Sales Manager Sets Selling Prices Price List CustomerSales Rep Negotiates Sale Standard Price? Yes Obtain and enter Sales Order Customer Master File Sales Mgr Approval? Yes No Product Master File Order Acknowledgement Credit Limit ? Credit Manager Open Sales Orders

Open Sales Orders Warehouse Print Picking Tickets Picking Ticket (2 copies) Pick, Pack Mdse Picking Ticket (2 copies) Shipping Enter Shipping Data Open Sales Orders

Internal Controls Segregation of Authorization from Execution Independent Verification Segregation of Custody from Recordkeeping

CofGS Bill of Lading (1 copy) Picking Ticket (2 copies) Shipping Enter Shipping Data Open Sales Orders Picking Ticket (1 copy) Carrier’s Driver Signed Copy Bill of Lading Picking Ticket (1 copy) Billing Print Invoices Invoice Customer Sales Summary Sales Manager A/R File Sales Inventory

Internal Controls Segregation of Authorization from Execution Independent Verification Segregation of Custody from Recordkeeping Use of Documents Serial Numbering of Documents Use of Logs and Checklists Use of Technology (computers)

Requisitioner Manager VP Purchasing Vendor Receiving A/P Bank Reconciliation Bank

Requisitioner Manager VP Purchasing Vendor Receiving A/P Bank Reconciliation Bank

Requisitioner Manager VP Purchasing Vendor Receiving A/P Bank Reconciliation Bank

Requisitioner Manager VP Purchasing Vendor Receiving A/P Bank Reconciliation Bank

Requisitioner Manager VP Purchasing Vendor Receiving A/P Bank Reconciliation Bank

Requisitioner Manager VP Purchasing Vendor Receiving A/P Bank Reconciliation Bank

Requisitioner Manager VP Purchasing Vendor Receiving A/P Bank Reconciliation Bank

Requisitioner Manager VP Purchasing Vendor Receiving A/P Bank Reconciliation Bank

Requisitioner Manager VP Purchasing Vendor Receiving A/P Bank Reconciliation Bank

Requisitioner Manager VP Purchasing Vendor Receiving A/P Bank Reconciliation Bank

Requisitioner Manager VP Purchasing Vendor Receiving A/P Bank Reconciliation Bank X

Requisitioner Manager VP Purchasing Vendor Receiving A/P Bank Reconciliation Bank

Ta pe s

Weekly Payroll Hiring Process

Internal Controls Prevent Detect Correct

Segregate Duties Custody from Recordkeeping Authorization from Execution

Segregate Duties Custody from Recordkeeping Authorization from Custody Authorization from Recordkeeping Initiation from Conclusion Inbound from Outbound Debit from Credit

Checks and Balances BUSINESS ACTIVITY Authorization from Execution Recordkeeping from Custody Initiation from Conclusion Inbound from Outbound Debits from Credits