General Ledger
What is the main purpose of a General Ledger in film production?
To track every financial transaction in a production
What is the purpose of petty cash in film production?
To cover small, day-to-day expenses.
What does the “P” in P Card stand for?
Purchasing
What is the purpose of Accounts Payable in film production?
To track and manage outstanding payments owed to vendors.)
What is the purpose of entering an invoice number accurately?
To prevent duplicate payments and track vendor history.
Name one type of expense that would be recorded in a General Ledger.
Equipment rental, cast salary, location fee, etc
What must be attached to a petty cash envelope for it to be approved?
All Original receipts
Who is typically allowed to use a P Card on a production?
Department Heads, Key crew members, anyone authorized.
What type of document is matched to an invoice before payment is processed?
A Purchase Order (PO)
What other reference number is often entered alongside the invoice number?
PO Number
Who is primarily responsible for maintaining the General Ledger on a film set?
Production Accountant
What must be filled out in order for a Petty Cash float to be issued?
A Petty Cash Request Form
What should be listed on Lunch receipts
The names of the people who ordered on the receipt.
How can duplicate payments in Accounts Payable be prevented?
Using proper approval processes; Software won't let you enter Invoice Number twice.
Which tax code refers to purchases made in New York State
L2
What happens if a transaction is not properly recorded in the General Ledger?
It can cause budget overruns, accounting errors, and audit issues
What is the amount that Lunch limit can not exceed?
$15
Name one of the many things a gas receipt should have?
Name of driver, Car make and model, license plate number
Name the 3 approvers (signers) of invoices
1. 2nd Assistant Accountant
2. 1st Assistant Accountant
3. Key Accountant
What is the document called that has all of the stages and locations that filming takes place
Set List
What is the difference between a Tax Credit and a Rebate
Tax Credit is a discount on the taxes a film production pays and a Rebate is a check the Government issues to the production for filming.
When are all Petty Cash envelopes due?
What must location fees have attached to their receipt?
Location Permits
What is a common payment term listed on invoices?
(The most common amount of days you have to pay an invoice)
Net 30 (30 days)
What goes in the IN row on the Invoice entry screen.
Assets (A)