According to GAAP, revenue is recognized when the earnings process is How revenue is actually defined is a highly complex issue, but fraud is not so . He instructed the sales manager to backdate sales invoices to the prior period. 2/10 net 30, defined as the trade credit in which clients can opt to The invoice amount is $10, and 2/10 net 30 accounting is in place.
So the full amount would be due. JayH November 13, at 8: Sachin Watts January 22, at 1: Reply john March 23, at 9: For 30 days?? That you then have to pay tax on besides?
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Record Keeping All financial statements should be backed up by general ledger reports or additional schedules. You can also reduce fraud and accidental errors by using standardized forms for financial transactions whenever possible, such as purchase orders or sales invoices. These forms should be sequentially numbered so you can identify missing forms in the sequence or new forms used to backdate a previously undocumented transaction.
Verification A supervisor should periodically review all key general ledger accounts for accuracy. The supervisor must be an employee who was not involved in preparing the report. Some companies also employ internal auditors to verify the supervisor's approval. The reviewing employee must sign and date the document as proof of his approval. Supervisors should also look at relevant financial metrics to find areas that may be experiencing efficiency problems.
This may be an indication of fraud or improperly recorded transactions. References 2 Auburn University: Internal Control Frequently Asked Questions About the Author Denise Sullivan has been writing professionally for more than five years after a long career in business. She has been published on Yahoo! Voices and other publications.