What role does each of the following departments play in the cash receipts subsystem: mail room, cash receipts, accounts receivable, and general ledger? Be complete.
What will be an ideal response?
The mail room receives the customer's payment-usually a check accompanied by a document called a remittance advice (which may be a copy of the invoice sent to the customer). Mail clerks separate the two, prepare a cash prelist or remittance list which lists all the payments received and sends the checks to the cashier and remittance advices to accounts receivable.
In cash receipts someone (e.g., cashier) restrictively endorses the checks and records the payments in the cash receipts journal. A deposit slip is prepared which accompanies the checks to the bank.
The accounts receivable department posts from the remittance advices to the customer accounts in the AR subsidiary ledger.
The general ledger department records cash receipts to the cash and AR control accounts based on the list from the mailroom and the summary report of posting from A/R.
PTS: 1
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