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Watson Accounting Procedures

1. The document outlines accounting procedures for Forever Flawless Face and Body Center, including receiving itemized product lists from Watson, preparing various excel worksheets and journal entries, generating monthly liquidation reports, and ultimately producing monthly profit and loss statements within 45-60 days. 2. Key steps include the account receivable associate preparing invoices, submitting them to SM for payment within 30 days, recording payments in cash receipt books, and making necessary journal entries in sales books, cash receipts books, and general journals. 3. The account receivable associate is responsible for coordinating with payroll, generating reports for the accounting manager on a regular basis, and ultimately submitting all reports to the accounting manager and compt

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Levi Lazareno Eugenio
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183 views

Watson Accounting Procedures

1. The document outlines accounting procedures for Forever Flawless Face and Body Center, including receiving itemized product lists from Watson, preparing various excel worksheets and journal entries, generating monthly liquidation reports, and ultimately producing monthly profit and loss statements within 45-60 days. 2. Key steps include the account receivable associate preparing invoices, submitting them to SM for payment within 30 days, recording payments in cash receipt books, and making necessary journal entries in sales books, cash receipts books, and general journals. 3. The account receivable associate is responsible for coordinating with payroll, generating reports for the accounting manager on a regular basis, and ultimately submitting all reports to the accounting manager and compt

Uploaded by

Levi Lazareno Eugenio
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Forever Flawless Face and Body Center, Inc

Watson Reports
Recording procedures

1.) Watson company shall send SKU Name or itemized product list Reports thru email (c/o Darwin)
within 5-7 days and soon accounting Department will be included in the email.
2.) Account Receivable associate upon received of the Itemized product list reports shall make excel
worksheet (e.g illustration 1)

Product name QTY Unit cost Amount Invoice amount


List xx xx xx xx

3.) Account receivable associate post the( illustration 1) to the Sales book according to
class/branches ( e.g illustration 2)

Megamall A-3

Product name QTY Inv. Amount COS Sales Output vat Inventory
List xx xx xx xx xx xx

Northmall

Product name QTY Inv. Amount COS Sales Output vat Inventory
List xx xx xx xx xx xx

4.) Account Receivable associate shall log in to Watson/SM portal and then generate the Monthly
liquidation reports. SM will post the Monthly reports in the Portals within 5-7 days after end on
the Month.
5.) AR associate shall prepare Invoice billing and then submit to SM within 3-5 working days.
6.) Then SM upon received the billing shall remit the Money to Fina net of Rental, cusa and other
charges within 30days.
7.) AR associate while waiting for Remittance advice will records the Monthly liquidation reports to
Cash Receipt books (e.g illustration 3)
Megamall A-3

Product name Amount Comm. Net sales EWT AR-Fina AR-Trade


List xx xx xx xx xx xx

Northmall

Product name Amount Comm. Net sales EWT AR-Fina AR-Trade


List xx xx xx xx xx xx
8.) Then, Ar Associate shall make Journal entries for Cash Receipts and Sales books on per cost
center/class basis (E.g illustration 4)
a.) Sales books Journal entries
Accounts Receivable xxx
Cost of Sales xxx
Sales xxx
Output xxx
Merchandise Inventory xxx
b.) Cash receipts books
Commission xxx
EWT xxx
AR-other/nontrade xxx
Accounts Receivable xxx
9.) When Remittance advice receipts coming from SM, Ar associate shall classify and make
necessary general journal entries for rental, cusa and other charges (e.g illustration 5)
General journal entries

Commission xxx
EWT xxx
AR-other/nontrade xxx
Accounts Receivable xxx

10.)Ar Associate within the day shall prepare billing statement and the submits to Fina for collection
the amount stated in the Remittance advice.
11.) If Fina will pay to Flawless the said amount, then Finance officer shall post and closed the Ar-
other/nontrade account in the Quick books (e.g illustration 6)

Cash in bank xxx


Ar-other/nontrade xxx

12.)Then, Ar Associate shall post all the Journal entries generated from Cash receipt books, Sales
books and General Journal on Manual template excel files and to the Quickbooks.
13.)Ar Associate shall coordinate to Payroll master for the contracted labor expenses, then post to
Manual template and to Quickbooks.
14.)Ar associate after all this procedures performed will generate P & L Monthly. Total working days
of process shall take 45-60 days before profit and loss will be completed.
15.)Ar associate shall provide Monthly reports to Accounting Manager are the following:
a.) Sales books reports – 5 Days after received of SKU name reports
b.) Cash receipt books - 3 days after the received of Monthly liquidation reports
c.) General journal made – 2 days after received of Remittance advice
d.) Profit and loss statement – 2 days after received of Remittance advice

16.)Lastly, Ar associate after performing item 13 shall submit the reports with in the day to
accounting Manager then cc Comptroller for proper review and approval.

******END****

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