PPT-Revenue & Receipts Cycle

SUBSTANTIVE PROCEDURES Transactions amp Events References Learning Outcomes Understand the financial statement assertions that are applicable to transactions and events in the cycle. Presented by: Stephanie Kontour. Accounts Payable/Travel Accounting Tech. Email: . stephanie.kontour@unco.edu. Phone: 970-351-2387. IRS ACCOUNTABLE PLAN. The IRS accountable plan is nontaxable if: . There is a business connection to the expenditures. Sales to Cash Collections. Chapter 10. 1. FOSTER School of Business Acctg.320. Questions Addressed.  . What are the basic business activities and data processing operations that are performed in the revenue cycle?. Chapter 12. 12-. 1. Learning Objectives. Describe the basic business activities and related information processing operations performed in the revenue cycle.. Discuss the key decisions that need to be made in the revenue cycle, and identify the information needed to make those decisions.. Denition :Anr-cycleisdenotedby(i1i2:::ir):Example :11=(1)1cycle1212=(1)1cycle1221=(12)2cycle123321=(13)2cycle123231=(123)3cycle12344312=(1423)4cycle1234535421=(13425)5cycle12345 . Revenue validation. Agenda. Revenue Validation Overview. Revenue . Validation Process. .. Apple - App Store Configuration. Transaction Event. QA. Data Structure. Queries / Segments / Filters . Questions….. SUBSTANTIVE PROCEDURES. . - Trade Receivables. References. Learning . Outcomes. Understand the financial statement . assertions. that are applicable to the account balances, classes of transactions and events in the Revenue and Receipts cycle.. Day 3. Unearned Revenue. Payment collected but service to be done in the future. Ex: Expedia flight tickets, Ticketmaster, Gift cards, warranties on products/services, gym memberships. Revenue is allocated to the fiscal period in which it was actually earned. P.G . DEPARTMENT . OF PUBLIC ADMINISTRATION. P.G. GOVT. COLLEGE FOR GIRLS. SECTOR-11, CHANDIGARH. FISCAL DEFICIT. FISCAL DEFICIT. Difference between what the government spends and what it earns.. It is expressed as a percentage of GDP.. When goods that were ordered using a Purchase Order (PO) are physically received in the department or contractual services ordered on a PO have been performed, you should go into OMNI Financials to process a receipt for the goods and/or services. 2,0182,2424,260(DEFICIT) / SURPLUS FOR THE YEAR24,23318,0366,197RESTRICTED RECEIPTS & DISBURSEMENTSSGISAJA11,50013,500 Scholarship Donations5,0005,00020,00020,000 SAJA Reporting Fellowship Donat 201920 Mid-Snapshot1Figure 1Underlyingcash balance2Per cent of GDPFigure 2 Total payments and receipts23Per cent of GDPFigure 3 Net debt2Per cent of GDPFigure 4Underlying cash balanceFigure 5Decompo 149 Gross Sales and Use 118 above forGross Ineivieual Incone 294 acove for149Gross Corporate Income149Gross Miscellaneous 45 above forFebruary Tax Refunds Tax refunes for Fecruary were 169 The revenue cycle is the lifeblood of a healthcare organization . Without regular monitoring and adjustments, errors and inefficiencies will damage the financial stability and success of the organization, perhaps to the point of no return. . Financial Affairs. Office of the Bursar. Purpose. Establish/Document procedures for processing Revenue . receipts.. Provide accurate and secure receipting, processing, and reporting of revenue . collected..