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Prepare a Document Flowchart for the Cash Receipts process at Ray ’s Sunshine Market. Your flowchart must be prepared in either Excel, Word, or PowerPoint (no PDFs please).
Ray Martin owns and operates a retail market featuring fresh organic foods and other related items. His brick and mortar store located near the university campus also sells prepared lunch items such as sandwiches and bottled drinks. Ray employs two part time sales clerks to help with the retail sales. Ray’s friend Mary, an accounting major who attends the nearby university helps with the accounting by preparing the accounts payable and payroll checks and maintaining the accounts receivable records in QuickBooks. Ray signs all checks for bills and the payroll and he takes care of the cash receipts himself. He believes it is important to be involved in the accounting in order to know how the company is doing financially. The following paragraphs describe the cash receipts process at Ray’s Sunshine Market:
Ray’s Sunshine Market takes customer payments in the form of cash received at the time of the purchase. Ray’s will also take credit cards for purchases over $5. At the end of every day, Ray prepares a deposit slip for the cash received that day from sales. He makes a copy of the deposit slip and files it by date before he gives the cash and deposit slip to Mary to record the deposit in QuickBooks (Ray’s Sunshine Market does not have the POS add-on feature for QuickBooks) and to take the deposit to the local bank on her way home. Ray then prints the credit card sales for the day and sends a copy to Mary to enter into QuickBooks and then files the printout by date in a locked file drawer.
At the end of the week Mary generates a cash receipts report in QuickBooks and sends it to Ray. Ray compares the filed copies of the daily deposit slips with the QuickBooks cash receipts report and also with the bank statement he has received directly from the bank. He then compares the daily credit card printouts with the credit card deposits shown on the bank statement and the QuickBooks cash receipts report. Once he has verified that cash receipts in QuickBooks.
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