Control Documents
List the 4 Control documents listed in this presentation
Delivery Invoice, Credit Memo, Daily Receiving Clerk's Report and Purchase Order
What is Padding?
Overbuying stock meant to used by the business and taking the excess for personal use
List 2 strategies to combat breaches in Receiving controls?
Manager random checks, Evaluation form, Code of Ethics and Computerized systems
What is Credit memo short for?
Credit Memorandum
State one importance of the Purchase Order
Helps to avoid duplicate order
Helps keep track of orders
Serves as a checklist for invoices that need to be paid
Kickback
Which strategy serves as a guiding framework for decision making process in the restaurant
Code of ethics
What is Receiving control?
Receiving control is the term used to describe the systems, processes, and procedures that guarantee that materials and items received by business are precisely recorded, examined, and accounted for.
List 4 components on an Invoice
Logo, name of business, invoice #, addresses of both businesses, quantity, description, individual price, total price, date, signature slot, item number
Which breach deals with falsifying business records and manipulating prices to pocket the excess
Collusion
Which strategy uses technology to help with issues in Receiving controls?
Computerized systems
What is the Daily Receiving Clerk's Report?
The Daily Receiving Clerkâs Report is a document that records data from each invoice of that given day in appropriate columns on the report.
On the Credit Memorandum shown earlier what was the reason for it being drawn up
Underpayment
Other than being a breach of proper receiving control what else is employee embezzlement a breach of in the business?
Its a breach of trust
Evaluation helps i_____y inefficiencies and areas where i_________y have been wasted
Indentify, Inventory
State the steps in the Receiving process
1. Verify specifications
2. Acknowledge receipt of goods
3. Do record keeping
4. Facilitate storage of the items
5. Send documents to supporting departments