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Accounting: The Language of Business (Part 39)

The older I get, the more interesting I find lawyers and accountants.

Alex James

Cash (Part C)

by

Charles Lamson

Bank Accounts: Their Nature and Use as a Control Over Cash

Most of you are already familiar with bank accounts. You have a checking account at a local bank, credit union, savings and loan association, or other financial institution. In this section, we discuss the nature of a bank account used by a business. The features of such accounts will be similar to your own bank account. We then discuss the use of bank accounts as an additional control over cash.

Business Bank Accounts

A business often maintains several bank accounts. The forms used with each bank account are a signature card, deposit ticket, check, and record of checks drawn.

When you open a checking account you sign a signature card. This card is used by the bank to verify the signature on checks that are submitted for payment. Also, when you open an account, the bank assigns an identifying number to the account.

The details of a deposit are listed by the depositor on a printed deposit ticket supplied by the bank. These forms are often prepared in duplicate. The bank teller stamps or initials a copy of the deposit ticket and gives it to the depositor as a receipt. Other types of receipts may also be used to give the depositor written proof of the late date and the total amount of the deposit.

A check is a written document signed by the depositor, ordering the bank to pay a sum of money to an individual or entity. There are three parties to a check---the drawer, the drawee, and the payee. The drawer is the one who signs the check, ordering payment by the bank. The drawee is the bank on which the check is drawn. The payee is the party to whom payment is to be made.

The name and address of the depositor are usually printed on each check. In addition, checks are prenumbered, so that they can easily be kept track off by both the issuer and the bank. Banks encode their identification number and the depositor's account number in magnetic ink on each check. These numbers make it possible for the bank to sort and post checks automatically. When a check is presented for payment, the amount for which it is drawn is inserted, next to the account, in magnetic ink.

A record of each check should be prepared at the time a check is written. A small booklet called a transactions register is often used by both businesses and individuals for this purpose.

The purpose of a check may be written in space provided on the check or on an attachment to the check. Normally, checks issued to a creditor on account are sent with a form that identifies the specific invoice that is being paid. The purpose of this remittance advice is to make sure that proper credit is recorded in the accounts of the creditor. In this way, mistakes are less likely to occur. A check and remittance advice is shown in Exhibit 3.

EXHIBIT 3 Check and Remittance Advice

Before depositing the check, the payee removes the remittance advice. The payee may then use the remittance advice as written proof of the details of the cash receipt.

Bank Statement

Banks usually maintain a record of all checking account transactions. A summary of all transactions, called a statement of account, is mailed to the depositor usually each month. Like any account with a customer or a creditor, the bank statement shows the beginning balance, additions, deductions, and the balance at the end of the period. A typical bank statement is shown in Exhibit 4.

EXHIBIT 4 Bank Statement

The depositor's check received by the bank during the period may accompany the bank statement, arranged in the order of payment. The paychecks are stamped "Paid," together with the date of payment. Other entries that the bank has made in the depositor's account may be described in debit or credit memorandums enclosed with the statement.

You should note that a depositor's checking account balance in the bank's records is a liability with a credit balance. Debit memorandums issued by the bank on a depositor's account therefore decrease the depositor's balance. Likewise, credit memorandums increase the depositor's balance. A bank issues a debit memorandum to charge (decrease) a depositor's account for service charges or for deposited checks returned because of insufficient funds. Likewise, a bank issues a credit memorandum when it increases the depositor's account for collecting a note receivable for the depositor, making a loan to the depositor, receiving a wire deposit, or adding interest to the depositor's account.

Bank Accounts as a Control Over Cash

A bank account is one of the primary tools a business uses to control cash. For example, businesses often require that all cash receipts be initially deposited in a bank account. Likewise, businesses usually use checks to make all cash payments, except for very small amounts. When such a system is used, there is a double record of cash transactions---one by the business and the other by the bank.

A business can use a bank statement to compare the cash transactions recorded in its accounting records to those recorded by the bank. The cash balance shown by a bank statement is usually different from the cash balance shown in the accounting records of the business, as shown in Exhibit 5.

This difference may be the result of a delay by either party in recording transactions. For example, there is a time lag of 1 day or more between the date a check is written and the date that it is presented to the bank for payment. If the depositor mails deposits to the bank or uses the night depository, a time lag between the date of the deposit and the date that it is recorded by the bank is also probable. The bank may also debit or credit the depositor's account for transactions about which the depositor will not be informed until later.

The difference may be the result of errors made by either the business or the bank in recording transactions. For example, The business may incorrectly post to Cash a check written for $4,500 as $450. Likewise, a bank may incorrectly record the amount of a check. 

*WARREN, REEVE, & FESS, 2005, ACCOUNTING, 21ST ED., PP. 289-292*

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About Hematite: Its Meaning, Healing Properties, and More

Strength respects strength and not weakness. - Author: A. P. J. Abdul Kalam

 

What is Hematite?

Hematite is an iron oxide crystal and an important ore of iron. It is part of the trigonal crystal system and is often found in rocks and soil. Hematite has a metallic-like luster and colors that range from black to grey and silver along with more reddish brown varieties. The meaning of hematite is grounding and protection.

The History of Hematite

Throughout history, hematite has been known as a stone of great healing power and also for its ability to serve as a protective cloak. The Iron Rose, as it was sometimes called, has long left an impression on the Earth. Far back in history, the stone was considered to be an early form of a mirror, thanks to its reflective sheen. It was also ground down into powdered pigment for artists, even used by prehistoric man for etching his ideas on the walls of caves. It was smeared onto the faces of Native Americans and used as war paint. In its full form, hematite adorned the tombs of the pharaohs.

Hematite is dense. It is harder than your average crystal. This stone comes from the depths of South Africa and the warm-blooded lands of Brazil. It is also found in the winter wonderlands of French-speaking Quebec around the shores of Lake Superior. It can also be plucked from the snowy peaks of Switzerland.

For three thousand years hematite as been associated with magic and blood. It was used to prevent excessive bleeding in both the birthing bed and the battleground. It was worn by farmers and magicians to protect against curses and spells and its always been a stone that keeps the wearer well and truly grounded. For those who want to dig deep into the healing properties of hematite, keep reading. 

Hematite healing properties

Hematite is brimming with healing properties. Its like throwing a protective cloak over your shoulder, grabbing your shield and sword, and stepping out the door. This stone brings a deep heartfelt confidence, thanks to its ability to stop toxic emotions in their tracks. Its connected to the root chakra, which is the foundation of our stability in this world and it keeps us clear-minded and sassy with self-care every single day.

Physical Healing Properties

With a rich past and a high iron content that has long kept hematite connected to the blood, it comes as no surprise that hematite is considered to be one of the best stones for amping up healthy circulation in the body. If you have high blood pressure pressure, clots, heavy periods, or any kind of health issue connected with blood flow, this is the stone you need in your life. Hematite keeps your tissue in tip-top shape, and makes sure you can properly absorb all your nutrients, and it detoxifies the body (along with the mind and soul).

Mental and Emotional Healing Properties

Hematite is a strength-bringer. Its a stone for the mind. Do you often find yourself at the mercy of other people's bad moods and vibes? Then hematite is ever-ready to step in and make sure that you do not become a sponge for negative energy. For those who are high empaths, hematite is an incredible investment. It somehow manages to kick-start our survival instinct and is all about infusing us with courage, willpower, and confidence-enhancing abilities.

For those who sometimes feel like they live life a little on the timid side, hematite is here to give your self esteem a hearty boost. This new strength of character can help you to overcome all kinds of things. Addictive behaviors, poor patterns, and being a people-pleaser are all traits that can be thrown out the window when hematite comes in.

Metaphysical Properties

A strong rooting stone, hematite is connected to the root chakra and the solar plexus chakra. Our base chakras are where our confidence, belief in self, and feelings of security sit. When these are activated we feel unshakable which helps us to make decisions that are in complete alignment with our own souls. Hematite is also celebrated for its yin-yang balancing effect.

How to cleanse Your Hematite Stone 

Keeping your hematite cleansed, charged and in the clear is vital if you want your stone at its most powerful effectiveness.

Cleansing your hematite stone isn't hard but it's not a stone that likes water. Water can cause your hematite to rust thanks to the iron oxide content. Instead of using water on your stone you can simply use a soft bristle brush (like a toothbrush) and give it a rub every now and then to shake it free of trapped energy. If you want to charge up your hematite then place it on top of your other rock crystals to infuse it with some much-needed energy. 

Final Thoughts on Hematite

Hematite is an amazing stone for those who just want a good a heavy dose of grounding. The world can be a tough place and its often all too easy to feel like you are being blown along without an anchor to keep you strong.

Fortunately, hematite can be that anchor. For those who want to feel stable, protected, and to keep themselves free from the burden of other people's all consuming energy this is a stone that helps you to keep your footing when it comes to a potent crystal healing. Hematite is heaven-sent, its clarity and focus, its yin yang balancing act, and its trustworthy nature make sure that you stay as solid as a rock. 

What are your thoughts on the healing powers of hematite? Are you drawn to its magnetic magic? Share in the comments.

*https://tinyrituals.co/blogs/tiny-rituals/hematite-meaning-healing-properties-stone-guide*

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Accounting: The Language of Business (Part 38)

Accounting is a hot domain with the number of accounting majors up nationwide. I think the recent scandals have brought a new level of attention to the accounting profession as gatekeepers and custodians of social interest.Paul Browne

Cash (Part B)

by

Charles Lamson

Internal Control of Cash Payments

Internal control of cash payments should provide reasonable assurance that payments are made for only authorized transactions. In addition, controls should ensure that cash is used efficiently. For example, controls should ensure that all available discounts, such as purchase and trade accounts, are taken.

In a small business, an owner/manager may sign all checks, based upon personal knowledge of goods and services purchased. In a large business, however, checks are often prepared by employees who do not have such a complete knowledge of the transactions. In a large business, for example, the duties of purchasing goods, inspecting the goods received, and verifying the invoices are usually performed by different employees. These duties must be coordinated to ensure that checks for proper amounts are issued to creditors. One system used for this purpose is the voucher system.

Basic Features of the Voucher System

A voucher system is a set of procedures for authorizing and recording liabilities and cash payments. A voucher system normally uses (1) vouchers, (2) a file for unpaid vouchers, and (3) a file for paid vouchers. Generally, a voucher is any document that serves as proof of authority to pay cash. For example, an invoice properly approved for payment should be considered a voucher. In many businesses, however, a voucher is a special form for recording relevant data about a liability and the details of its payment. An example of such a form is shown in Exhibit 2.

EXHIBIT 2 Voucher

Each voucher includes the creditors invoice number and the amount and terms of the invoice. The accounts used in recording the purchase (or transaction) are listed in the account distribution.

A voucher is normally prepared in the accounting department, after all necessary supporting documents have been received. For example, when a voucher is prepared for the purchase of goods, the voucher should be supported by the supplier's invoice, a purchase order, and a receiving report. In preparing the voucher, an accounts payable clerk verifies the quantity, price, and mathematical accuracy of the supporting documents. This provides assurance that the payment is for goods that were properly ordered and received.

After a voucher is prepared, the voucher and its supporting documents are given to the proper official for approval. After it has been approved, the voucher is returned to the accounting department, where it is recorded in the accounts. It is then filed in an unpaid voucher file by its due date so that all available purchase discounts are taken.

On its due date, the voucher is removed from the unpaid voucher file. The date, the number, and the amount of the check written in payment are listed on the back of the voucher. The payment of the voucher is recorded in the same manner as the payment of an account payable.

After payment, vouchers are marked "Paid" and are usually filed in numerical order in a paid voucher file. They are then readily available for examination by employees needing information about past payment.

A voucher system may be either manual or computerized. In a computerized system, properly approved supporting documents (such as purchase orders and receiving reports) would be entered directly into computer files. At the due date, the checks would be automatically generated and mailed to creditors. At that time, the voucher would be automatically transferred to a paid voucher file. In some cases, payments may be made electronically rather than by check. 

Electronic Funds Transfer

With rapidly changing technology, new systems are being devised to more efficiently record and transfer cash among companies. Such systems often use electronic funds transfer (EFT). In an EFT system, computers rather than paper (money, checks, etc.) are used to effect cash transactions. For example, a business may pay its employees by means of EFT. Under such a system, employees may authorize the deposit of their payroll checks directly into checking accounts. Each pay period, the business electronically transfers the employees' net pay to their checking accounts through the use of computer systems and telephone lines. Likewise, many companies are using EFT systems to pay their suppliers and other vendors. 

*WARREN, REEVE, & FESS, 2005, ACCOUNTING, 21ST ED., PP. 287-289*

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Accounting: The Language of Business (Part 37)

You have to understand accounting and you have to understand the nuances of accounting. It's the language of business and it's an imperfect language, but unless you are willing to put in the effort to learn accounting - how to read and interpret financial statements - you really shouldn't select stocks yourself.Warren Buffett

Cash (Part A)

by

Charles Lamson

If your bank returns checks it has paid from your account, along with your monthly bank statement, you may have noticed a magnetic coding in the bottom right-hand corner of each check. This coding indicates the amount of the check. In the past, you may have accepted this coding, as well as the bank statement, as correct. However, a clerk may have entered the magnetic coding incorrectly, which causes the check to be processed for the wrong amount. For example, a check written for $25 is incorrectly processed as $250.

We are all concerned about our cash. Likewise, businesses are concerned about safeguarding and controlling cash. Inadequate controls can and often do lead to theft, misuse of funds, or otherwise embarrassing situations.

To detect errors, control procedures should be used by both you and the bank. In the next several posts, we will apply basic internal control concepts and procedures to the control of cash.

Nature of Cash and the Importance of Controls Over Cash

Cash includes coins, currency (paper money), checks, money orders, and money on deposit that is available for unrestricted withdrawal from banks and other financial institutions. Normally, you can think of cash as anything that a bank would accept for deposit in your account. For example, a check made payable to you could normally be deposited in a bank and thus is considered cash.

We will assume in the next few posts that a business maintains only one bank account represented in the ledger as Cash. In practice, however, a business may have several bank accounts, such as one for general cash payments and another for payroll. For each of its bank accounts, the business will maintain a ledger account, one of which may be called Cash in Bank---First Bank, for example. It will also maintain separate ledger accounts for cash that it does not keep in the bank, such as cash for a small payment, and cash used for special purposes, such as travel reimbursement. We will introduce some of these other cash accounts in the next few posts.

Because of the ease with which money can be transferred, cash is the asset most likely to be diverted and used improperly by employees. In addition, many transactions either directly or indirectly affect the receipt or the payment of cash. Businesses must therefore design and use controls that safeguard cash and control the authorization of cash transactions. In the following paragraphs, we will discuss these controls.

Control of Cash Receipts

To protect cash from theft and misuse, a business must control cash from the time it is received until it is deposited in a bank. Such procedures are called preventative controls. Procedures that are designed to detect theft or misuse of cash are called detective controls. In a sense, detective controls are also preventative in nature since employees are less likely to steal or misuse cash if they know there is a good chance they will be discovered.

Retail businesses normally receive cash from two main sources: (1) cash receipts from customers and (2) mail receipts from customers making payments on account. These two sources of cash are shown in Exhibit 1.

EXHIBIT 1

Controlling Cash Received from Cash Sales

Regardless of the source of cash receipts, every business must properly safeguard and record its cash receipts. One of the most important controls to protect cash received in over-the-counter sales is a cash register. You may have noticed that when a clerk (cashier) enters the amount of a sale, the cash register normally displays the amount. This is a control to ensure that the clerk has charged you the correct amount. You also receive a receipt to verify the accuracy of the amount.

At the beginning of a work shift, each cash register clerk is given a cash drawer that contains a predetermined amount of cash for making change for customers. The amount in each drawer is sometimes called a change fund. At the end of the work shift, each clerk and the supervisor count the cash in the clerk's cash drawer. The amount of cash in each drawer should equal the beginning amount of cash plus the cash sales for the day. However, errors in recording cash sales or errors in making change cause the amount of actual cash on hand to differ from the amount. Such differences are recorded in a cash short and over account. For example, the following entry records a clerk's cash sales of $3,150 when the actual cash on hand is $3,142.

At the end of the accounting period, a debit balance in the cash short and over account is included in Miscellaneous Administrative Expense in the income statement. A credit balance is included in the other income section. If a clerk consistently has significant cash short and over amounts, the supervisor may require the clerk to take additional training.

After a cash register clerk's cash has been counted and recorded on a memorandum form, the cash is then placed in a store safe in the cashier's department until it can be deposited in the bank. The supervisor forwards the clerk's cash register records to the accounting department, where they become the basis for recording the transactions for the day.

Controlling Cash Received in the Mail

Cash is received in the mail when customers pay their bills. This cash is usually in the form of checks and money orders. Most companies' invoices are designed so that customers return a portion of the invoice, called a remittance advice, with their payment. The employee who opens the incoming mail should initially compare the amount of cash received with the amount shown on the remittance advice. If a customer does not return a remittance advice, an employee prepares one. Like the cash register, the remittance advice serves as a record of cash initially received. It also helps ensure that the posting to the customer's account is accurate. Finally, as a preventive control, the employee opening the mail normally also stamps checks and money orders "for deposit only" in the bank account of the business.

All cash received in the mail is sent to the Cashier's Department. An employee there combines it with the receipts from cash sales and prepares a bank deposit ticket. The remittance advices and their summary totals are delivered to the accounting department. An accounting clerk then prepares the records of the transactions and posts them to the customer accounts.

When cash is deposited in the bank, the bank normally stamps a duplicate copy of the deposit ticket with the amount received. This bank receipt is returned to the accounting department, where a clerk then compares the receipt with the total amount that should have been deposited. This control helps ensure that all the cash is deposited and that no cash is lost or stolen on the way to the bank. Any shortages are thus promptly detected.

The separation of the duties of the Cashier's Department, which handles cash, and the Accounting Department, which records cash, is a preventive control. If Accounting Department employees both handled and recorded cash, an employee could steal cash and change the accounting records to hide the theft. 

*WARREN, REEVE, & FESS, 2005, ACCOUNTING, 21ST ED., PP. 284-286*

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