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History of Accounting
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The German banker Jakob Fugger
and his principal accountant, M. Schwarz,
registering an entry to a ledger.
(1517)
The background shows a file cabinetindicating the European cities
where the Fugger Banker conducts business.
From the biography of M. Schwarz; Herzog-Anton-Ulrich-Museum,
Braunschweig, Germany
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Inflows
Outflows
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Luca Pacioli
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ASSETS Claims on
those Assets
=
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ASSETS
Owner(s)
Debtholders
=
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ASSETS
Equity
Liabilities
=
RevenueExpense
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BUSINESSACTIVITY
DEBIT ENTRY CREDIT ENTRY
DEBITS = CREDITS
Mistake
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BUSINESSACTIVITY
DEBIT ENTRY CREDIT ENTRY
DEBITS = CREDITS
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Checks and Balances
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Checks and Balances
BUSINESSACTIVITY
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…everyone else has to be
checked up on.
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Checks and Balances
BUSINESSACTIVITY
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Checks and Balances
BUSINESSACTIVITYACTIVITY
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Segregation of Duties
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Segregation of Duties
Segregate Authorization from Execution
Segregate Custody from Recordkeeping
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CustomerSales Rep
NegotiatesSale
Obtain andenter
Sales Order
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Sales Manager Customer
Yes
No
Sets Selling Prices
Price List
CreditApplication
Credit Manager
CreditCheck
Credit Approved?
Sets up Customer
CreditApplication
CreditApplication
CustMaster File
Outside CreditSources
ProductMaster File
Sales Rep
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Sales Manager
Sets Selling Prices
Price List
Customer
CreditApplication
Credit Manager
CreditCheck
Credit Approved?
Yes
No
CreditApplication
Sets up Customer
CreditApplication
CustomerMaster File
Outside CreditSources
ProductMaster File
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No
Sales Manager
Sets Selling Prices
Price List
CustomerSales Rep
NegotiatesSale
StandardPrice?
Yes
Obtain andenter
Sales Order
CustomerMaster File
Sales Mgr Approval?
Yes
No
ProductMaster File
Credit Limit?
Credit Manager
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No
Sales Manager
Sets Selling Prices
Price List
CustomerSales Rep
NegotiatesSale
StandardPrice?
Yes
Obtain andenter
Sales Order
CustomerMaster File
Sales Mgr Approval?
Yes
No
ProductMaster File
Credit Limit?
Credit Manager
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No
Sales Manager
Sets Selling Prices
Price List
CustomerSales Rep
NegotiatesSale
StandardPrice?
Yes
Obtain andenter
Sales Order
CustomerMaster File
Sales Mgr Approval?
Yes
No
ProductMaster File
Credit Limit?
Credit Manager
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No
Sales Manager
Sets Selling Prices
Price List
CustomerSales Rep
NegotiatesSale
StandardPrice?
Yes
Obtain andenter
Sales Order
CustomerMaster File
Sales Mgr Approval?
Yes
No
ProductMaster File
OrderAcknowledgement
Credit Limit?
OpenSalesOrders
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Internal Controls• Segregation of Authorization from Execution• Independent Verification
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No
Sales Manager
Sets Selling Prices
Price List
CustomerSales Rep
NegotiatesSale
StandardPrice?
Yes
Obtain andenter
Sales Order
CustomerMaster File
Sales Mgr Approval?
Yes
No
ProductMaster File
OrderAcknowledgement
Credit Limit?
Credit Manager
OpenSalesOrders
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OpenSalesOrders
Warehouse
PrintPickingTickets
PickingTicket
(2 copies)
Pick,PackMdse
PickingTicket
(2 copies)Shipping
Enter ShippingData
OpenSalesOrders
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Internal Controls• Segregation of Authorization from Execution• Independent Verification• Segregation of Custody from Recordkeeping
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CofGS
Bill of Lading(1 copy)
PickingTicket
(2 copies)Shipping
Enter ShippingData
OpenSalesOrders
PickingTicket
(1 copy)
Carrier’s Driver
Signed CopyBill of Lading
PickingTicket
(1 copy)
Billing
PrintInvoices
Invoice
Customer
Sales Summary
Sales Manager
A/RFile
Sales
Inventory
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Internal Controls• Segregation of Authorization from Execution• Independent Verification• Segregation of Custody from Recordkeeping• Use of Documents• Serial Numbering of Documents• Use of Logs and Checklists• Use of Technology (computers)
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Requisitioner
Manager
VP
Purchasing
Vendor Receiving A/P
Bank Reconciliation
Bank
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Requisitioner
Manager
VP
Purchasing
Vendor Receiving A/P
Bank Reconciliation
Bank
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Requisitioner
Manager
VP
Purchasing
Vendor Receiving A/P
Bank Reconciliation
Bank
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Requisitioner
Manager
VP
Purchasing
Vendor Receiving A/P
Bank Reconciliation
Bank
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Requisitioner
Manager
VP
Purchasing
Vendor Receiving A/P
Bank Reconciliation
Bank
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Requisitioner
Manager
VP
Purchasing
Vendor Receiving A/P
Bank Reconciliation
Bank
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Requisitioner
Manager
VP
Purchasing
Vendor Receiving A/P
Bank Reconciliation
Bank
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Requisitioner
Manager
VP
Purchasing
Vendor Receiving A/P
Bank Reconciliation
Bank
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Requisitioner
Manager
VP
Purchasing
Vendor Receiving A/P
Bank Reconciliation
Bank
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Requisitioner
Manager
VP
Purchasing
Vendor Receiving A/P
Bank Reconciliation
Bank
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Requisitioner
Manager
VP
Purchasing
Vendor Receiving A/P
Bank Reconciliation
Bank
X
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Requisitioner
Manager
VP
Purchasing
Vendor Receiving A/P
Bank Reconciliation
Bank
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Tapes
Tapes
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Tapes
Tapes
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Tapes
Tapes
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Mail Clerk
Vendor Invoices
Accts Payable Clerk
Add totals
Vendor InvoicesTape
Accounts PayableData Entry Clerk
Enter Invoicesto Daily
Payables batchFile
Invoices withBatch Report Payables Daily
Batch File
Totals Match?
Invoices withBatch Report Update Payables
Transaction File
Payables File
Tape
Invoices withBatch Report
Tape
Payables FileDrawer by
Batch#
To Page104
NO YES
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Weekly Payroll
Hiring Process
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Internal Controls
• Prevent• Detect• Correct
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Segregate Duties
• Custody from Recordkeeping• Authorization from Execution
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Segregate Duties
• Custody from Recordkeeping• Authorization from Custody• Authorization from Recordkeeping• Initiation from Conclusion• Inbound from Outbound• Debit from Credit
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Checks and Balances
BUSINESSACTIVITY
Authorization from Execution
Recordkeeping from Custody
Initiation from Conclusion
Inbound from Outbound
Debits from Credits
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