VITALICS ACCOUNTS RECEIVABLE INTERNAL CONTROL FORMS
Income and receivable control forms are an essential part of managing your revenue. They are commonly used to provide accountability and approval so managers, owners and employees can have assurance that the revenue earned by the business is accounted for through the books and records. Accounts receivable internal control forms will help your small business lower the fraud risks with its revenue.
Vitalics Accounts Receivable Internal Control Forms Category
Vitalics Accounts Receivable Internal Control Forms
Includes 28 Accounts Receivable Internal Control Forms
Easy to customize in Word, Excel and Adobe
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Vitalics Internal Control Forms Bundle
Includes Over 145 Control Forms
Eleven Internal Control Categories
Vitalics Fraud Prevention and Internal Control Workbook
Easy to customize in Word, Excel and Adobe
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WHAT IS VITALICS
Vitalics is a small business internal control program that provides all the tools to easily set up and implement your company’s controls. Vitalics contains over 140 already created yet customizable internal control forms, checklists and templates and a fraud prevention and internal control workbook. Vitalics forms are also available separately. Whether you are a business owner, office manager, bookkeeper or accountant, Vitalics will provide you the reassurance that your work or your company assets are protected.
COMMON OCCUPATIONAL FRAUD SCHEMES
Types of Business Schemes
Altering cash receipts is easily perpetrated when the employee has access to the bank deposit and bank register. The employee receives the cash, records the deposit and manipulates the books to balance to the amount of cash or checks they removed from the bank deposit.
Employees who skim from victim organizations take cash off the top before it is recorded on the company books. This is called an off-book scheme where they leave no direct audit trail. The duration of this type of scheme lasts 18 months before detected.
Kiting is the where cash is recorded in more than one bank account, but in actuality, the cash is either nonexistent or in transit. Kiting schemes can be perpetrated using one bank and more than one account, between several banks and different accounts.
Altering cash receipts is easily perpetrated when the employee has access to the bank deposit and bank register. The employee receives the cash, records the deposit and manipulates the books to balance to the amount of cash or checks they removed from the bank deposit.
INCOME CONTROL PROCEDURES
Helpful suggestions
Requiring approval for Bad Debts
Bad debts are an easy place to perpetrate embezzlement. Authorized approval for writing off a bad debt to ensure legitimacy.
Cash recorded as soon as it is received
Cash and checks must be recorded immediately and approved by an owner or manager before it is deposited.
New customers must be verified
If you give terms to your customers or clients, have them fill out a customer application and verify all information they provide.
Review Customer Accounts
Following up with customers or clients on their satisfication regarding your services, products and pricing will keep you in front of possible fraudulent issues. Reviewing their accounts and actual payments will reduce risks within your organization.