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This report accounts for the collections made by the company for a given period. For a good internal control, collections should be audited before the day ends. This is usually done right after the cut-off time to receive payment per company policy.
Step-by-step instructions:
1. Click Cemtral Menu.
2. Select Systems -> GL
3. Double-click Reports ->Accounting for Collections V3 (version 3 is the latest). You will be redirected to Accounting for Collections tab window.
4. Enter period covered. Usually the period covered is the current date. For good internal control, collections should be audited on a daily basis.
5. Click Ok. You will be redirected to the Accounting for Collections tab window
6. Add new record on the Accounting for Collection Header. Fill-up the column properly as follows:
•LocationID refers to the branch location. Select "All", if there is no branch. This is available on version 3.
•TellerID refers to the cashier
•TransDateFr and TransDateTo refers to the transaction dates where the collection is made. Usually refers to the current date if the audit of cash is done on a daily basis
•Countedby and Password refer to the auditor's code and password
•DateCounted refers to the date when the actual cash is counted
7. Select and double-click DTS -> RetrievedCollections to retrieve collections for the given period.
8, Count the actual cash and checks on hand from the cashier
9. Enter the total actual amount cash and checks counted
10. Enter the auditor code and password to lock and protect the record from futher editing. To edit the record, you must encode the auditor password.
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