Homework: Managerial Decision Making
Competency
Analyze the role of accounting in business operations.
Scenario
The Director of Accounting is working on a project to update their department policy and procedures manual. The current policy and procedure manuals are lacking flowcharts as a visual representation of the procedures in place. Your assistance in completing the flowchart for the payment receipt process will complete this portion of the manual. The director has asked you to attend a meeting with the Accounts Receivable staff and take the current customer payment procedure and transform it into a flow chart to include in the manual. You make the following notes during the meeting that correspond to the procedure currently in place:
I. Payment is received in the mail
II. Payment is checked against outstanding invoices
III. If the payment matches the invoice then
A. check to see if the amount matches
B. if both the invoice and the amounts match then the
C. receipt is recorded and the check deposited in the bank
D. if the amounts do not match then
i. If it is an overpayment, then deposit check in bank and write up a refund check request
ii. If it is an underpayment, then deposit check in bank, and contact customer and request additional payment
IV. If the payment does not match the invoice then
A. send copy of check to sales department to create invoice
B. go back to step 3
Instructions
Submit your completed flowchart (using Word) to the Director of Accounting. Using Microsoft Word, construct a flowchart that represents the Payment Receipt Process. Your flowchart should:
o Use consistent design elements and shapes.
o Fit on one page with all text remaining readable.
o Make sure that the flowlines are complete and there are no incomplete paths.
Format your homework according to the give formatting requirements:
• The answer must be using Times New Roman font (size 12), double spaced, typed, with one-inch margins on all sides.
• The response also includes a cover page containing the student's name, the title of the homework, the course title, and the date. The cover page is not included in the required page length.
• Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.