Quickly implement the internal control you need as a CFO in order to comply with GAAP and Sarbanes-Oxley (SOX) Section 404 as well as prevent embezzlement, fraud, and abuse. Policies and procedures are widely recognized are key elements of internal controls by the Security Exchange Commission (SEC) and by the Public Company Accounting Oversight Board (PCAOB). Based on generally accepted best practices, these accounting and financial procedures provide the internal control you need for compliance and security. Save time by using pre-written accounting and finance policy and procedure templates.

1. SAMPLE FROM THE CFO SERIES INCLUDES A LIST OF TOPICS AND FORMS FROM FIVE DIFERENT
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CFO Procedure Manuals Series
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Includes five (5) Complete Policy and Procedure manuals:
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Finance: 36 Policies and 61 Forms
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Human Resources: 35 Policies and 48 Forms
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Job descriptions for every position referenced in the manual
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Sample from the CFO Series – Accounting Manual
Revenue Procedures Section: Invoicing and Accounts Receivable
Document ID
REV106
Title
INVOICING AND ACCOUNTS
RECEIVABLE
Print Date
mm/dd/yyyy
Revision
0.0
Prepared By
Preparer’s Name / Title
Date Prepared
mm/dd/yyyy
Effective Date
mm/dd/yyyy
Reviewed By
Reviewer’s Name / Title
Date Reviewed
mm/dd/yyyy
Approved By
Final Approver’s Name / Title
Date Approved
mm/dd/yyyy
Policy: Accounting is responsible for the timely preparation and distribution of invoices
to optimize cash flow and customer payments. Accounting will also maintain
accurate records over Accounts Receivable and abide by proper internal controls.
Purpose: To explain the methods for the preparation of invoices and accounts receivable
records processing.
Scope: This procedure applies to all product sales and services provided by the company.
Procedure:

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1.0 Sales Order Routing and Review
1.1 Shipping will immediately forward to Billing completed Sales Orders as per procedure
REV105 SHIPMENT OF GOODS along with shipping documentation and the
customer’s Purchase Order. All Sales Orders will be routed on a daily basis to ensure
prompt billing. Accounts Receivable will then prepare invoices to be mailed by the next
business day.
1.2 The SALES ORDER should already contain all pertinent billing information as part of
the company’s REV104 SALES ORDER ACCEPTANCE procedure. However, as part
of proper internal control, Billing will verify the information contained on the customer’s
purchase order or company order form with the sales order and completed shipping
documentation.
As part of this review process, the propriety and accuracy of contact information, prices,
credit terms, transportation charges, extensions, and footings will be determined.
2.0 Invoice Preparation and Posting
2.1 The next sequentially numbered REV106-1 INVOICE will be prepared from the
information from the Sales Order (see REV101-1 SALES ORDER) and will include the
invoice date, date of shipment, description of items shipped with model numbers,
quantity, selling price, and extended amounts and the customer’s shipping and billing
addresses.
2.2 Add additional fees as needed. Calculate Sales tax and add to the invoice as per
procedure REV107 SALES TAX COLLECTION. Add shipping, handling, and any other
final costs to the invoice.
2.3 Any additional fees resulting from the order but received after the order has been billed,
such as VAT, duties and Taxes, should be entered onto a new invoice and processed as
they are received. Make sure to note on the new invoice the original purchase order
number and invoice number from the original order.
2.4 Post the invoice to the Sales Journal and the Accounts Receivable ledger.
Note: In some systems this may occur automatically when the invoice is printed.
3.0 Distribution
3.1 A sequentially numbered, four part invoice is utilized by the Company and is distributed
as follows:
First and Second Copy: Mail to the Customer. The Second copy is to be returned by
the customer along with the payment to assist in properly
applying cash receipts.
Third Copy: File in the Customer File (Customer Service).
3.2 In the event of backorders, the customer should only be charged for items shipped, unless
otherwise instructed.

3. SAMPLE FROM THE CFO SERIES INCLUDES A LIST OF TOPICS AND FORMS FROM FIVE DIFERENT
MANUALS
4.0 Accounts Receivable
4.1 Accounts Receivable will receive and process payments from customers in accordance
with the CSH102 CASH RECEIPTS AND DEPOSITS procedure.
4.2 On a monthly basis, Accounts Receivable will generate an aged trial balance of
customers’ accounts with individual invoice information and days outstanding and will
forward to Credit for timely collection activities, as per the REV109 ACCOUNT
COLLECTIONS procedure.
4.3 Accounts Receivable will generate monthly statements of outstanding customers’
accounts and issue them to customers no later than 10 days after each month end.
4.4 Accounts Receivable will issue Credit Memos to customers upon receipt of approved
returns in accordance with the REV110 CUSTOMER RETURNS procedure.
4.5 A REV106-2 ACCOUNTS RECEIVABLE WRITE-OFF AUTHORIZATION will be
issued for uncollectible accounts, as determined by the Credit Manager. Accounts
written off will be transferred from the Accounts Receivable ledger to a separate write-
off ledger and control account for internal control purposes.
Forms:
 REV106-1 INVOICE
 REV106-2 ACCOUNTS RECEIVABLE WRITE-OFF AUTHORIZATION
Revision History:
Revision Date Description of Changes Requested By
0 mm/dd/yyyy Initial Release

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REV106-2 ACCOUNTS RECEIVABLE
WRITE-OFF AUTHORIZATION
Customer: Date:
Invoice No’s: Amount of Write-Off
TOTAL $
JUSTIFICATION
Summary of Collection Actions To Date:
(Include brief description of collection actions taken by accounting, other Company departments and outside
collection agency or legal, if applicable.)
Approvals:
Credit Manager: Date:
Controller: Date:

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