1. ACCOUNTING DEPARTMENT WORKFLOW VIRTUAL ENTERPRISES, INTERNATIONAL New Coordinator Orientation

2. Binders Needed: Invoices/Purchase Orders/Order Forms (copies of forms) Sales Journal/Accounts Receivable Record (Excel spreadsheets) Purchases (copies of forms) Purchases Journal/Accounts Payable Record (Excel spreadsheets) Cash Receipts and Payments Journal (Excel spreadsheets) Inventory Log (Excel spreadsheets) Tax Forms (copies of forms prepared in Excel) Payroll (Excel spreadsheets) Bank Statements (copies of bank statements)

3. RECORDING A SALE You receive a PURCHASE ORDER or an ORDER FORM (through your website, mail, or fax). The Accounting Department creates an INVOICE. Order information is entered into the SALES JOURNAL/ACCOUNTS RECEIVABLE RECORD and the INVENTORY RECORDS. Staple the PURCHASE ORDER/ORDER FORM and INVOICE together and file in a binder in numerical order by Invoice. Send the Invoice to the customer. Order INVENTORY when needed. Note: Review the Invoice binder periodically and send out overdue reminders.

4. MAKING A PURCHASE Your company completes a PURCHASE ORDER from another company and sends it out. Keep a file copy in the PURCHASES binder. Enter the information in the PURCHASES JOURNAL/ACCOUNTS PAYABLE RECORD You receive an invoice from the company. The Bank Manager pays the bill, marks it paid, and files it. The invoice and is forwarded to the Bank Manager. If the purchase was for inventory, update the INVENTORY RECORDS.

5. RECORDING CASH RECEIPTS AND PAYMENTS Each week the Bank Manager prints out a copy of the current bank transactions. The Accounting Department records ALL transactions in the CASH RECEIPTS AND PAYMENTS JOURNAL in the appropriate places (as payments or receipts of cash and an explanation). If one of the invoices that you sent out has been paid, retrieve the invoice from the binder, mark it paid, and file it. Update the SALES JOURNAL/ ACCOUNTS RECEIVABLE RECORD to reflect the payment. Any invoices that your company paid another company (because you purchased something from them) is updated in the PURCHASES JOURNAL/ACCOUNTS PAYABLE RECORD.

6. PAYROLL The Payroll Associate completes the PAYROLL REGISTER for the pay period. The original is filed in a binder and a copy is given to the Bank Manager. The Payroll Associate creates and distributes pay stubs. The Bank Manager pays each employee. On the 15 th of the month, the Bank Manager submits and pays the 941 tax form for the previous month. All tax forms are filed in a binder. Note: Payroll is completed twice a month.

7. SUMMARY Sales Journal/Accounts Receivable, Purchases Journal/Accounts Payable, and Inventory Records are updated as needed. Payroll is completed twice a month. Bank Statements should be printed out at least once a week. Cash Receipts and Payments Journal should be updated each time a bank statement is printed. Tax Forms should be completed according to the calendar.  941 – monthly  Sales tax – quarterly  W2 and W3 – yearly  1040 individual tax return – yearly  1120 Corporate tax return – yearly