Transaction 15 states “Cheques received during the Month were Banked”.
Then it requests a printout of the deposit slip.
Each transaction up until this point has stated “cheque was received and banked with other cheques” therefore at each transaction I have allocated the account as the bank account. I don’t have any cheques to now deposit.
Do I need to go back and redo all the Transactions because the wording wasn’t clear on the assessment?
Tasks stating “Cheque was received and banked with other cheques” is not actually instructing you to bank the cheque. You must follow the procedures that are provided.
Refer to 10: Accounts Receivable procedure, which clearly states the process of receiving payments.
You will need to fix the transactions that are receiving payments to follow procedures.
I agree with Bethany that the statement of the previous cheque transaction, Transaction 7 is misleading, as it states “This cheque was received and banked with other cheques”. At this point it isn’t clear if that means that the cheque ” was received and WAS banked (ie prepare bank deposit on same day), or if it WILL BE banked with other cheques (prepare bank deposit on a later day)” In the policies and procedures weekly banking of cheques is done, but no given day is specified. It only becomes more clear at Transaction 15 that the transaction 7 cheque is banked with another cheque on 12/month.
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