If one employee opens the mail, receipts, prepares deposits and posts the cash receipts journal
, the oversight employee should add receipts and compare them to the deposits and the cash receipt journal postings.
"We maintain our checkbook and cash receipts journal manually.
But it's so much easier if a customer calls and says he had made a payment to look it up in the manual cash receipts journal than to bother with the computerized system.
When we enter customer payments in our cash receipts journal
or process invoices on the system, it automatically records these transactions in the customer files, too.
However, there are no natural references for tracing from customer accounts to the cash receipts journal
and, not surprisingly, problems abound.
The records looked at typically include the sales and cash receipts journals
, bank statements, point-of-sale reports, cash register tapes, and sales invoices, as well as the financial statements and income tax returns.