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SIT60416 Advanced Diploma of Hospitality Management

Question

Answered

Questions:

For this assessment, students are required to understand and analyse the case study provided. Questions relating to the case study should be answered with appropriate detail to demonstrate the necessary understanding required. This assessment activity aims to measure the competencies of the student in terms of their knowledge and skills required to reconcile and monitor financial accounts receivable systems, identify bad and doubtful debts and plan a recovery action, and remit payments to sundry creditors There are two (2) parts to complete using the case study and additional information provided in the assessment. In Part 1 you are required to answer 6 questions and in Part 2 there are three (3) sections, each part contain one or more questions to answer using the templates provided in answer section. 
 
Resources required for this assessment
Office equipment, technology, software and consumables.
Integrated financial software system and data.
Organisational records policy and procedures.
Internet to access Accounting standards, code.
 
ACA Restaurant Cafe’ incorporated its business in 2014. The business is registered for GST as the annual turnover is more than $750,000. Emma & Rufus are the owners of ACA Restaurant Café. ACA Restaurant Cafe’ provides food and beverage services to clients, as well as selling specialised food & catering products such as cheeses, pastries and sandwiches to both clients and the general public. The company details are as follows:

ACA Restaurant Café product supplier payment procedures:
1.    Upon receipt of an invoice, the validity and accuracy of the invoice must be checked before entering the Excel worksheet.
2.    Statements received are to be reconciled with invoices received.
3.    Due dates of supplier invoices are to be monitored, using the to do list - A/P.
4.    Accounts due during the month are usually paid by BPAY or cheque. All cheques are to be accompanied by a remittance slip.
5.    Before payment by the bookkeeper any invoices for expenses incurred, e.g. office supplies, are to be authorised, using a cheque requisition slip by Emma & Rufus.
6.    The bookkeeper is authorised to pay accounts by BPAY, transfer electronic payments and sign cheques.
7.    At the end of the month, a payables reconciliation report is to be printed to make sure the payables ledger and general ledger reconcile. The report is to be exported to Excel and reviewed by Emma & Rufus who is to authorise on the Excel printout the accounts to be paid by the bookkeeper.
8.    Monthly accounts are usually to be paid by electronic transfer and authorised by Emma & Rufus before the bookkeeper transfers the file to the bank.
 
ACA Restaurant Café’ credit terms are as follows:
1.    A credit application is to be completed when an account is set up. A phone call is made to a referee checking on payment of account.
2.    Full payment is required within 30 days of the date of the invoice.
3.    A 5% cash discount may be allowed to high volume customers for payment within 14 days.
4.    Credit facilities are to be placed on hold (in MYOB company file) when accounts are outstanding for more than 60 days, unless an alternative payment arrangement has been negotiated with the customer. Details of such arrangements should be made in the contact log in MYOB.
5.    A receivables reconciliation report is to be printed at the end of each month and overdue accounts and credit terms reviewed.
6.    Monthly statements are printed by the 5th of the following month.
It is important to control all monies due to the company from sales on a credit basis. ACA Restaurant Cafe’ operates in accordance with the accepted business practice of allowing credit to customers. At the same time, the need for prompt receipt of monies due is vital. Managing accounts receivable impacts on the cash flow of a business. An effecting management of accounts receivable can ensure that cash flow is managed efficiently to pay off creditor’s bills.

Payment by accounts receivable 
•    monitor all payments 
•    act swiftly if customers are not paying on time 
•    spend time on profitable customers 
•    maintain confidence and goodwill with good customers 
•    increase the number of times that you deal with good customers with a view to higher sales values 
•    watch there are not too many people owing you money instead of paying it-your overdraft is expensive.
 
Review situations where the following occur: 
•    longer than usual delays in making payments 
•    cheques are post dated 
•    excessive returns of products purchased 
•    broken promises to make payments 
•    a decrease in new orders customers 
•    cheques dishonoured from bank 
•    no contact can be made with management.

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