Financial Guide for SMEs - SME Corporation Malaysia

Financial Guide for SMEsAccounts PayableAre there procedures that ensure any direct shipments tocustomers are properly billed to them?YES/NODo you verify that the trial balance of accounts payablematches with the general ledger control account?Are expense reimbursement requests submitted properly andapproved before payment?Goods ReceivedAre all materials inspected for condition and independentlycounted, measured, or weighed when received?YES/NOAre receiving reports used and prepared promptly?Are receiving reports subjected to the following:• Pre-numbering and accounting for the sequence of allnumbers?• Copies promptly provided to those who perform thepurchasing and accounts payable function?• Controlled so that liability may be determined for materialsreceived but not yet invoiced?EmployeesAre all employees’ job references checked?YES/NOAre individual personnel fi les maintained?Is access to personnel files limited to a person who isindependent of the payroll or cash functions?Are wages, salaries, commission and piece rates approved?Is proper authorisation obtained for payroll deductions?166chapter 7-13 p79-181 Eng.indd 1668/15/11 5:03:10 PM