Cash Inventories
Cash Inventories
Cash Inventories
1
Audit of Cash
Perform manual bank reconciliation to
know the correct balance of cash that
should be reported by the Company.
Reconcile the Balance per SAP records and
Balance per Bank Statement.
2
3
Audit of Cash
Open the General Ledger of the Cash Account in SAP
Business One to reconcile it with the Bank Statement.
Go to Financials > Financial Reports > Accounting >
General Ledger
In the General Ledger – Selection Criteria, uncheck the
Business Partner Box and check the accounts box.
Make sure that no accounts are marked with ‘x’.
Change the level of accounts to 5.
Mark ‘x’ the CA201 – Metrobank Account No. 9021
For the posting date From field, enter 01.01.13 and To
field 12.31.13 to show the transactions for the whole
fiscal year 2013 for this account.
Then press Ok.
4
5
6
7
The deposit in the bank statement amounting
to Php 190,000.00 was traced to a deposit slip
sent by Solid Electrics on January 2014. Upon
inquiry by the client, the deposit pertains to a
partial payment made by Solid Electrics
regarding its amount due to the client.
8
AUDIT OF INVENTORIES
9
Audit of Inventories
Ensure that inventories are stated at lower of cost or net
realizable value.
If you click on the black arrow beside the yellow arrow, the details
of a particular item will expand. Now the auditor can know the
actual cost recorded per system and compare it with its net
realizable value. Take note that the valuation method used for the
laptops is First In, First Out (FIFO).
13
Enter your Inventory Cost and NRV
analysis.
Laptops Cost NRV Difference
14