Friday, July 27, 2007

What strategies should the gift shop implement to ensure proper accounting for cash receipts from online sales? -

A small gift shop has just launched a new Web site where customers can purchase products. The Web site��s e-commerce software systems automatically generate daily sales reports and forward the reports to the gift shop��s accountant. The gift shop uses an online e-cash processing company, which deposits cash receipts to the gift shop��s bank account automatically. What strategies should the gift shop implement to ensure proper accounting for cash receipts generate from online sales?

Make sure you reconcile the cash deposits with the e-commerce software report.

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