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Chapter 10

ACIS 3504

Revenue Cycle The recurring set of business activities and related information processing operations associated with providing goods and and services to customers and collecting cash in payment for those sales.
Sales Order The document created during sales order entry,listing the item numbers, quantities, prices and terms of the sale
Vendor managed inventory (VMI) The managing by manufacturers and distributors of a retail customers inventory using EDI
Credit limit The maximum allowable account balance for each customer based on past credit history and ability to pay
Cycle billing A procedure for producing monthly statements for subsets of customers at different times. For example the customer master file might be dicided into four parts, and each week monthly statements would be prepared for on fourth of the customers
credit memo A document authorizing the bhilling department to credit the customers account. Usually issued for sales returns, allowances franted for damaged goods kept by the customer or to write off uncollectible accounts. Approved by the credit manager.
remittance list A document listing all checks received in the mail
lockbox A postal adress to which customers send their remittances this post office box is maintained by the bank which picks up the checks several times a day and deposits them to the companys account. The bank then sends the remittance advices an electronice
electronic lockbox A lockbox arrangement in which a bank electronially sends a company information about customer account numbres and the amounts remitted as soon as it receives and scan those checks.
Electronic funds transfer (EFT) The ransfer of funds between two or more organizations or individuals using computers and other automated technology.
financial electronic data interchange (FEDI) The combination of EFT and EDI that enables both remittance data and funds transfer instructionso to be included in one electronic package.
Sales analysis reports Reports used to assess efficiency and effectiveness by breaking down asales by salesperson, region, or product
Profitability analysis reports Reports used to to asses overall marketing performance by breaking down the marginal profit contribution made by each territory customer distribution channel sales person product or other entity
cash budget A budget that shows projected cash inflows and outflows. A cash budget can provide advance warning of cash flow problems in time for corrective action to be taken
accounts receivable aging schedule A report listing customer account balances by length of time moutstanding. It provides useful info for evaluating current credit policies and for deciding whethter or not to increase customers credit limit. Estimating bad debts
back order A document authorizing the purchase or produciton of items for which sufficient quantity is not available to meet customer orders
picking ticket A document authorizing the release of merchandise to the shipping department . The picking ticket is often printed so that the item numbers and quantities are listed in the sequence in which they can be most effciently retrieved from the warehouse
packing slip A document identigying the contents of a shipment
bill of lading A legal contract that defines responsibility for goods while they are in transit. It identifies the carrier source destination any special shipping instructions and indicates which party must pay the carrier
sales invoice A document notifying customers of the amount to be paid and where to send payment
open invoice method Method for maintaining accounts receivable in which customers typically pay according to each invoice. Usually two copies of the invoice are mailed to the customer who is requested to return one copy with the payment
remittance advice An enclosure included with a customers payment that indicates the invoices statements or other items paid
balance foward method Method of maintaining accounts receivable in which customers typically pay according to the amount shown on a monthly statement, rather than by individual invoices.Remittances are applied against the total account balance rather than specific invoices
monthly statement A document summarizing all transactions that occurred during the past month and informing customers of their current account balance.
Created by: arfeunc17
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