Below is a narrative for the "Make payment" process of the accounts payable/cash disbursements process described in Chapter 13 Narrative Description The payment process begins with the periodic preparation of a list of payments that might be made at this time. The selection of items for this list is based on payment due dates and terms that may indicate a discount can be taken for a payment at this time. The proposed list is reviewed and amended to add additional invoices that are not due for payment yet but that can be consolidated with other payments being made to a vendor Proposed payments may be removed from the list if there are insufficient funds or if payments to a vendor are on hold. The process of preparing the disbursement, which is equal to the amount of the invoice less any discount taken. The payment is recorded by: Marking the invoice as paid on the accounts payable master data. Making an entry in the cash disbursements event data store. Sending payment data to the general ledger where an entry is made to reflect the payment. Required: Using the the narrative description above, identify the words that belong in items 1 to 8 of this Data Flow diagram. 3. 1. 4. 2. S. 7. 5. 9. Match the system failures in the first column with a control plan that would best prevent the system failure from occurring Some of the control plans could be used more than once, and some may not be used at all. a.Reconcile run-to-run totals Wilson Inc. ordered 30 circuit breakers from Elon Electric. Only 25 breakers were received; the other five were on back order at Elon. An invoice for 30 breakers was received at Wilson, recorded, and eventually paid Segregate duties between accounts payable and cashier C. Tickler file of ope n POs and receiving reports Trent Company often does not receive invoices in a timely manner and cannot record them in time to take advantage of payment discounts. Segregate duties among purchasing, receiving, and accounts payable eMatch invoice, PO, and receiving report Norma, the cashier at Scarsdale Company, has been writing. Reconcile bank account checks to herself. This fraud has gone undetected for y ears. 9- do not pick this answer The AP clerk prepares a list of proposed payments that is based h on due dates and vendor payment terms. Many of these payments are not approved by the cash disbursements clerk i. due to lack of funds . procedures for rejected inputs Independent authorization to make payment Access to change controls in software is restricted. Beth, a clerk in accounts payable at Elise Company, has a cousin who owns a small office supplies company. Beth's cousin .Review of a cash budget periodically sends invoices to Beth for office supplies that Elise Compare input data with master data (e.g., vendor master data) never ordered or received. Beth creates a one-time vendor record and records the invoice. Once recorded as a payable, the invoice gets paid Westover Corp. often loses discounts on payments to vendors because of cash flow problems. Allie, the AP clerk at Fuller Company, has grown tired of resolving discrepancies among vendor invoices, POs, and receiving reports. To make his life easier and to reduce rejects she changed the AP invoice program to allow large variances. Several electronic invoices were misrouted to an organization. The invoices were received, input, and paid, but the organization had never purchased anything from the vendors that were paid On a weekly basis, Pete, the cash disbursements clerk at Dalton Co mpany, prepares a batch o himself, and sends the batch to the treasurer for approval. Pete f payments, including som e to QUESTION 10 1. Required: Download the spreadsheet for this problem HERE and perform the following tasks: Explore Excel's AutoFilter function: At the bottom of the table, in cell C79 enter the words "Total (sum" and in cell D79 enter the SUM function to total all amounts in column D. Sum totals all rows, whether or not visible. What is the sum? [a] QUESTION 11 At the bottom of the table, in cell C80 enter the words "Total (subtotal)"and in cell D80 enter "SUBTOTAL" function to sum all the amounts in column D. Subtotal only sums visible rows, so when use it with autofilter, get totals for just those rows. What is the subtotal at this point? [a] QUESTION 12 Use AutoFilter to display all purchases from suppliers in Zipcode 85110. What is displayed in cell D80? HNT: Click on Data menu and select filter to get the little arrow boxes What is displayed in cell D80? [a] What is the dollar amount in purchases from suppliers in both Zipcodes 85111 and 85116? [a] HRNT: What is displayed in Cell D80? The Subtotal and Auto-Filter functions used in conjunction allow us to customize groupings quickly, without changing any of the raw data. QUESTION 14 Use the AutoFilter and Sort functions to identify the following warning signs of potentially fraudulent supplier invoices: How many invoices were paid to suppliers that only have initials for the name? Hint: Sort by supplier names in alpha order to show many variants for DFR. [a] QUESTION 15 Fraud Investigation: How many different suppliers have the same PO Box for an address? [a] Hint: Click "begins with" P to find PO Boxes, then sort by PO Box number will see several names with same PO box QUESTION 16 QUESTION 16 a. How many invoices are just below a threshold requiring approval; for example, invoices below $1,000? [a] Hint: Use autofilter with that command to show just the subset. QUESTION 17 Hbw many invoices numbers are duplicated from the same supplier? [a] HNT Sort by invoice number Below is a narrative for the "Make payment" process of the accounts payable/cash disbursements process described in Chapter 13 Narrative Description The payment process begins with the periodic preparation of a list of payments that might be made at this time. The selection of items for this list is based on payment due dates and terms that may indicate a discount can be taken for a payment at this time. The proposed list is reviewed and amended to add additional invoices that are not due for payment yet but that can be consolidated with other payments being made to a vendor Proposed payments may be removed from the list if there are insufficient funds or if payments to a vendor are on hold. The process of preparing the disbursement, which is equal to the amount of the invoice less any discount taken. The payment is recorded by: Marking the invoice as paid on the accounts payable master data. Making an entry in the cash disbursements event data store. Sending payment data to the general ledger where an entry is made to reflect the payment. Required: Using the the narrative description above, identify the words that belong in items 1 to 8 of this Data Flow diagram. 3. 1. 4. 2. S. 7. 5. 9. Match the system failures in the first column with a control plan that would best prevent the system failure from occurring Some of the control plans could be used more than once, and some may not be used at all. a.Reconcile run-to-run totals Wilson Inc. ordered 30 circuit breakers from Elon Electric. Only 25 breakers were received; the other five were on back order at Elon. An invoice for 30 breakers was received at Wilson, recorded, and eventually paid Segregate duties between accounts payable and cashier C. Tickler file of ope n POs and receiving reports Trent Company often does not receive invoices in a timely manner and cannot record them in time to take advantage of payment discounts. Segregate duties among purchasing, receiving, and accounts payable eMatch invoice, PO, and receiving report Norma, the cashier at Scarsdale Company, has been writing. Reconcile bank account checks to herself. This fraud has gone undetected for y ears. 9- do not pick this answer The AP clerk prepares a list of proposed payments that is based h on due dates and vendor payment terms. Many of these payments are not approved by the cash disbursements clerk i. due to lack of funds . procedures for rejected inputs Independent authorization to make payment Access to change controls in software is restricted. Beth, a clerk in accounts payable at Elise Company, has a cousin who owns a small office supplies company. Beth's cousin .Review of a cash budget periodically sends invoices to Beth for office supplies that Elise Compare input data with master data (e.g., vendor master data) never ordered or received. Beth creates a one-time vendor record and records the invoice. Once recorded as a payable, the invoice gets paid Westover Corp. often loses discounts on payments to vendors because of cash flow problems. Allie, the AP clerk at Fuller Company, has grown tired of resolving discrepancies among vendor invoices, POs, and receiving reports. To make his life easier and to reduce rejects she changed the AP invoice program to allow large variances. Several electronic invoices were misrouted to an organization. The invoices were received, input, and paid, but the organization had never purchased anything from the vendors that were paid On a weekly basis, Pete, the cash disbursements clerk at Dalton Co mpany, prepares a batch o himself, and sends the batch to the treasurer for approval. Pete f payments, including som e to QUESTION 10 1. Required: Download the spreadsheet for this problem HERE and perform the following tasks: Explore Excel's AutoFilter function: At the bottom of the table, in cell C79 enter the words "Total (sum" and in cell D79 enter the SUM function to total all amounts in column D. Sum totals all rows, whether or not visible. What is the sum? [a] QUESTION 11 At the bottom of the table, in cell C80 enter the words "Total (subtotal)"and in cell D80 enter "SUBTOTAL" function to sum all the amounts in column D. Subtotal only sums visible rows, so when use it with autofilter, get totals for just those rows. What is the subtotal at this point? [a] QUESTION 12 Use AutoFilter to display all purchases from suppliers in Zipcode 85110. What is displayed in cell D80? HNT: Click on Data menu and select filter to get the little arrow boxes What is displayed in cell D80? [a] What is the dollar amount in purchases from suppliers in both Zipcodes 85111 and 85116? [a] HRNT: What is displayed in Cell D80? The Subtotal and Auto-Filter functions used in conjunction allow us to customize groupings quickly, without changing any of the raw data. QUESTION 14 Use the AutoFilter and Sort functions to identify the following warning signs of potentially fraudulent supplier invoices: How many invoices were paid to suppliers that only have initials for the name? Hint: Sort by supplier names in alpha order to show many variants for DFR. [a] QUESTION 15 Fraud Investigation: How many different suppliers have the same PO Box for an address? [a] Hint: Click "begins with" P to find PO Boxes, then sort by PO Box number will see several names with same PO box QUESTION 16 QUESTION 16 a. How many invoices are just below a threshold requiring approval; for example, invoices below $1,000? [a] Hint: Use autofilter with that command to show just the subset. QUESTION 17 Hbw many invoices numbers are duplicated from the same supplier? [a] HNT Sort by invoice number