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Accounting Case

01 / 10 / 2021 Assignment

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Case Study JK Saddlery`s Cashiering Function Introduction This is a very short description of some of the duties performed by the cashier at JK Saddlery. Please read the description below and undertake the required activities at the end. JK Saddlery JK Saddlery makes and sells saddlery and other rural supplies to local farmers and producers, as well as to tourists. Because their products are well known, they also sell in bulk to other retailers and also by mail order to the public. The founder and owner of the business, JK, is very "old school" and does not like selling over the internet. Instead he uses the tried and proven method of selling only to trusted clients on credit, and accepting payment by cash and cheques either at the cashier window or via the mail. Everyone else pays cash or credit card at the cashier`s counter in the shop. JK Retail is a small family business, but it nevertheless has a very healthy cash flow. However, JK does not like to spend money if he does not feel that he needs to. Therefore he employs only one cashier, who also does the banking. The Cashier`s counter When a customer wants to buy something in the shop, he or she is taken to the cashier`s counter with the goods and a sales order prepared by the sales person. The sales order contains all of the details of the items being bought, including each item`s unique stock ID. It also contains the agree selling price that was agreed between the sales person and the customer. The cashier takes the payment that matches the amount on the sales order and issues a receipt. The customer`s copy of the receipt is stapled to the customer`s copy of the sales order and handed to the customer. The business` copies are likewise stapled together and put on file for the accounting staff to collect. Cash that has been collected is placed in the cash drawer, which is then locked for security. The cashier maintains two receipt books: one for cash and cheques received, and the other is for credit card receipts. Payments received by mail Each morning, the cashier opens all business mail and collects any cheques mailed in for payments. Usually the cheque is accompanied by the stub of an invoice. A receipt is written out citing the invoice number so that the accounting staff can apply the payment to the specific invoice. If there is no invoice stub, the cashier will endeavour to make the receipt out to the proper customer account, and the allocation of payment to purchases is left to the accounting staff. The cashier mails the receipts back to the customers. Banking Each day at 4pm, the cashier collects all cash and cheques in the cashier drawer and prepares for the banking. A standing amount of $500 is left in the locked cashier drawer. All remaining cash and cheques must total the sum of receipts in the cash/cheques receipt book made out since the last banking. Once this has been finalised, a report is made the receipt numbers are listed for each banking transaction so that the accounting staff can reconcile the bank account to cash and cheque receipts. Required activities Part A: Systems Documentation (20 marks) Present a Context and Level 0 (logical) DFD based on the description above (10 marks). If you have to assume things about the process to provide the optimal diagram, please note your assumptions below your diagram. Present a Process Map based on the description above (10 marks). If you have to assume things about the process to provide the optimal diagram, please note your assumptions below your diagram. Part B: Risk analysis (10 marks, no more than 1,000 words including the descriptive narrative) Provide a brief report to JK that explains the risks present in his cashiering process (5 marks). Provide a brief control plan to JK that addresses these risks. You may choose to include a descriptive narrative in your plan (5 marks). Presentation Submit your assignment as a single Microsoft Word document. You are not required to provide a formal report structure, but you must clearly delineate the parts of the assignment you are addressing in each section of the report. It is recommended that your report resembles the following: Introduction (addressed to JK, where you explain why you are presenting him with this report). Part A (Diagrams - you can use the diagram facility in MS Word if you wish). Part B: Analysis & Narrative Conclusion Reference List. As stated in the Course Profile, of the 30 marks in this assignment, • 24 marks will be for the reasonableness and effectiveness of your report, • 3 marks will be for presentation, and • 3 marks will be for the quality of your written expression.

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