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Accounting
Policies, Procedures & Forms
ABR31M

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This Sample Package contains:

A: Overview of the Sample Package (1 page)


B: Table of Contents (11 pages)
C: Policy, Procedure, and Form Set (7 pages)
Dear Friend:

Thank you for downloading this sample content from the Accounting Policies, Procedures & Forms.

Bizmanualz delivers an acclaimed knowledge system of manuals, training and support services to small-
and mid-sized firms seeking more effective management compliance and controls over their key
business functions and processes.

Over the last decade, Bizmanualz has helped thousands of companies, in the United States and abroad,
implement best practices through pre-written policies and procedures manuals. Written by expert authors
and editors, these manuals are general enough to fit most business situations. And, since all content is
provided in Microsoft Word files, you can easily edit and customize the policies and procedures to fit
your own specific needs.

The following 18 pages of this sample package contain a complete table of contents and a complete
policy, procedure and form(s) set. This policy for Account Collections exemplifies the content, writing
style and format of the full manual. The Account Collections Policy is located in the manual under Tab
7: Revenue Procedures.

If you have any questions after reading this sample package, please feel free to contact us. You may call
us at 1-800-466-9953 (toll free, US only) or at 314-863-5079, send an email to sales@bizmanualz.com,
or contact us online from our website (www.bizmanualz.com). Thanks again.

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Chris Anderson
Managing Director, Bizmanualz

Accounting TERMS & DEFINITIONS


Policies, Procedures & Forms Manual: A system of approved policy statements
US$ 595.00 and corresponding procedural guidelines and
supporting forms that direct an organization toward
This manual includes: its operational goals.
• 38 pre-written policies & procedures Policy: A stated course of action with a defined
• 54 accompanying forms purpose and scope to guide decision-making under
• Sample Accounting Manual and a Guide to a given set of circumstances within the framework
Embezzlement Prevention of corporate objectives, goals and management
philosophies.
Each policy/procedure in the manual includes:
• Policy Procedure: A series of prescribed steps followed
• Purpose in a definite regular order which ensure adherence
to the guidelines set forth in the Policy to which the
• Scope
Procedure applies
• Responsibilities
• Definitions Activity: An action, element or decision
• Procedure representing a prescribed step in the Procedure
• Activities, references & forms where applicable. process.
Task: A detailed component of an Activity
What’s in the Shipment: specifying required behavior to complete the
1. Three-Ring Binder with over 580 pages of printed activity.
material, organized by colored tabs.
2. CD-Rom with all content in MS-Word files – fully Form: A pre-formatted document containing
editable and customizable. instructions and place-holders for data entry to
monitor progress through a particular Procedure
and to ensure proper recordkeeping.

Prices are subject to change without prior notice


Accounting Policies, Procedures & Forms www.Bizmanualz.com

Accounting Policies, Procedures & Forms


Table of Contents

Introduction................................................................................................................Tab 1

Manual Preparation...................................................................................................Tab 2

Accounting Manual....................................................................................................Tab 3

PROCEDURES

General & Administrative.........................................................................................Tab 4

G&A101 Chart Of Accounts


Activities
1.0 Design Of Accounts
2.0 Description Of Accounts

Forms
G&A101 Ex1 Account Codes

G&A102 Files And Records Management


Activities
1.0 Filing System
2.0 Record Retention And Long-Term Storage
3.0 Record Destruction

References
A. Health Insurance Portability Accountability Act (HIPAA)
B. Age Discrimination In Employment Act (ADEA)
C. Americans with Disabilities Act (ADA)
D. Civil Rights Act of 1964
E. Employee Retirement Income Security Act (ERISA)
F. Employee Polygraph Protection Act
G. Equal Pay Act
H. Executive Order 11246
I. Fair Labor Standards Act (FLSA)
J. Family and Medical Leave Act (FMLA)
K. Immigration Reform & Control Act (IRCA)
L. Occupational Safety & Health Act (OSHA)
M. Rehabilitation Act of 1973
N. Right To Financial Privacy ACT
O. Guide to Record Retention Requirements
P. IRS Revenue Procedure 98-25 Records Retention
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Forms
G&A102 Ex1 Master File Guide Index
G&A102 Ex2 Records Retention Periods

G&A103 Travel And Entertainment

Activities
1.0 Travel Arrangements
2.0 Expense Guidelines
3.0 Expense Report Preparation And Reimbursement
4.0 Additional Information Resources

Forms
G&A103 Ex1 Travel Arrangements Form
G&A103 Ex2 Travel And Miscellaneous Expense Report
G&A103 Ex3 Entertainment And Business Gift Expense Report

G&A104 Management Reports

Activities
1.0 Preparation Guidelines
2.0 Daily Flash Report
3.0 Weekly Financial Report
4.0 Six-Week Cash Flow Report
5.0 Budget Vs. Actual Report
6.0 Financial Statements
7.0 Department Reports

References
A. Federal Accounting Standards Board (FASB)
B. Generally Accepted Accounting Principles (GAAP)

Forms
G&A104 Ex1 Department Reporting Summary
G&A104 Ex2 Daily Flash Report
G&A104 Ex3 Weekly Financial Report
G&A104 Ex4 Six Week Cash Flow Report
G&A104 Ex5 Budget vs. Actual Report
G&A104 Ex6 Financial Statements

G&A105 Period-End Review & Closing

Activities
1.0 Closings Preparations
2.0 Balance Sheet: Assets
3.0 Balance Sheet: Liabilities And Stockholders' Equity
4.0 Income Statement: Revenues
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5.0 Income Statement: Expenses


6.0 Financial Ratio Analysis

G&A106 Controlling Legal Costs


Activities
1.0 Arbitration
2.0 Legal Services
3.0 Legal Billings

G&A107 Taxes And Insurance

Activities
1.0 Organization Fees And Taxes
2.0 Business Activity Fees And Taxes
3.0 Payroll Fees And Taxes
4.0 Excise Taxes
5.0 Other Taxes And Credits
6.0 Tax Payments
7.0 Insurance

References
A. Trust Fund Recovery Penalty

Forms
G&A107 Ex1 Federal Tax Calendar
G&A108 Property Tax Assessments

Activities
1.0 Review Of Assessments
2.0 Appealing Of Assessments

G&A109 Confidential Information Release

Activities
1.0 Financial Information Requests
2.0 Personnel Information Requests
3.0 Credit Reference Inquires

Forms
G&A109 Ex1 Non-Disclosure Agreement

G&A110 Document Control

Activities
1.0 Document Distribution
2.0 Document Revision
3.0 Procedure and Work Instruction Format
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4.0 Temporary Changes

Forms
G&A110 Ex1 Request For Document Change (RDC)
G&A110 Ex2 Document Change Control

Cash.............................................................................................................................Tab 5

CSH101 Cash Drawers And Credit Cards

Activities
1.0 Opening
2.0 Transactions
3.0 Special Tender Items
4.0 Closing
5.0 Chargebacks And Disputed Transactions
6.0 Security Precautions

Forms
CSH101 Ex1 Daily Cash Report

CSH102 Cash Receipts And Deposits

Activities
1.0 Receiving Cash Drawers
2.0 Application Of Accounts Receivable
3.0 Deposit

Forms
CSH102 Ex1 Deposit Log

CSH103 Problem Checks


Activities
1.0 Unsigned Checks
2.0 Partial Payment Checks Marked "Payment In Full"
3.0 Returned Checks
4.0 Redeposited Checks

References
A. Uniform Commercial Code (UCC)
B. Bad Check Law

Forms
CSH103 Ex1 Bad Check Notice

CSH104 Wire Transfers

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Activities
1.0 Incoming Wires
2.0 Outgoing Wires

References
A. FRB Reg D: Reserve Requirements Of Depository Institutions
B. FRB Reg E: Electronic Fund Transfer Act

Forms
CSH104 Ex1 Bank Wire Instructions
CSH104 Ex2 Wire Transfer Form

CSH105 Check Signing Authority

Activities
1.0 Authorized Check Signers
2.0 Changing Check Signers
3.0 Authority Levels

Forms
CSH105 Ex1 Check Signing Authority Log

CSH106 Check Requests


Activities
1.0 Check Origination
2.0 Check Stop Payment

Forms
CSH106 Ex1 Check Request
CSH107 Bank Account Reconciliations

Activities
1.0 Bank Statement Preparation
2.0 Computerized Format
3.0 Manual Preparation And Reconciling Items
4.0 Computerized Preparation And Reconciling Items
5.0 Adjustments And Other Troubleshooting

Forms
CSH107 Ex1 Sample Bank And Book Balances Reconciliation

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Inventory & Assets.....................................................................................................Tab 6

INV101 Inventory Control

Activities
1.0 Inventory Stocking And Storage
2.0 Inventory Usage
3.0 Inventory Protection
4.0 Inventory Obsolescence
5.0 Inventory Disposal

References
A. Food And Drug Administration (FDA) Food Code

Forms
INV101 Ex1 Inventory Requisition

INV102 Inventory Counts


Activities
1.0 Inventory Types
2.0 Preparation For Inventory Counting
3.0 Period End Cut-Off
4.0 Complete Physical Count - Cost (Or "Sku") Method
5.0 Complete Physical Count - Retail Method
6.0 Cycle Count

Forms
INV102 Ex1 Inventory Count Sheet
INV102 Ex2 Inventory Tag

INV103 Fixed Asset Control


Activities
1.0 Acquisitions
2.0 Dispositions
3.0 Asset Records

Forms
INV103 Ex1 Capital Asset Requisition
INV103 Ex2 Asset Disposition Form
INV103 Ex3 Bill Of Sale

INV104 Customer Property

Activities
1.0 Receipt, Inspection And Stocking
2.0 Unsuitable Or Missing Items
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3.0 Customer Supplied Tooling And Fixtures


4.0 Intellectual Property

Forms
INV104 Ex1 Material Return Notice

INV105 Fixed Asset Capitalization & Depreciation

Activities
1.0 Capitalization
2.0 Depreciation

References
A. IRS Publication 946 “How To Depreciate Property”

Revenue.......................................................................................................................Tab 7

REV101 Sales Order Entry

Activities
1.0 Sales Representatives
2.0 Internet Orders
3.0 Credit Department
4.0 Sales Administration
5.0 Manufacturing/Shipping
6.0 Customer Service
7.0 Accounting/Billing
8.0 Changes To Orders
9.0 Additional Information Resources

Forms
REV101 Ex1 Sales Order
REV101 Ex2 Order Form

REV102 Point-Of-Sale Orders

Activities
1.0 Point Of Sale
2.0 Sales Orders And Invoices
3.0 Sales Invoices And Accounts Receivable

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REV103 Customer Credit Approval And Terms

Activities
1.0 Credit Application
2.0 Credit Investigations
3.0 Credit Approval/Rejection
4.0 Additional Information Resources

References
A. Equal Credit Opportunity Act (ECOA)
B. Truth In Lending Act (TILA)
C. Fair Credit Billing Act (FCBA)
D. Fair Credit Reporting Act (FCRA)
E. FRB Reg B: Equal Credit Opportunity Act
F. FRB Reg Z: Truth In Lending Act

Forms
REV103 Ex1 Credit Application
REV103 Ex2 Request For Credit Approval
REV103 Ex3 Credit Inquiry

REV104 Sales Order Acceptance


Activities
1.0 Document Verification
2.0 Telephone Confirmation
3.0 Order Acceptance

Forms
REV104 Ex1 Phone Confirmation Checklist

REV105 Shipment Of Goods


Activities
1.0 Shipping Inspection And Packaging
2.0 Export Shipping
3.0 Manifest Systems
4.0 Shipment Pick-Up
5.0 Additional Information Resources

Forms
REV105 Ex1 Shipping Log
REV105 Ex2 Commercial Invoice

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REV106 Invoicing And Accounts Receivable

Activities
1.0 Sales Order Routing And Review
2.0 Invoice Preparation And Posting
3.0 Distribution
4.0 Accounts Receivable

Forms
REV106 Ex1 Invoice
REV106 Ex 2 Accounts Receivable Write-Off Authorization

REV107 Sales Tax Collection

Activities
1.0 Basis Of Tax
2.0 Applicable Sales Tax Rates
3.0 Nontaxable Sales
4.0 Sales Outside Of Our Jurisdiction
5.0 Sales Tax Billing

REV108 Progress Billing

Activities
1.0 Contract Types
2.0 Breakdown Of Contract Amount
3.0 Progress Claims
4.0 Release Of Holdback

REV109 Account Collections

Activities
1.0 Collection Process
2.0 Seriously Delinquent Or Unresponsive Accounts
3.0 Working With Collection Agencies
4.0 Writing Off Uncollected Debt

References
A. Fair Debt Collection Practices Act (FDCP)

Forms
REV109 Ex1 Account Collection Control Form

REV110 Customer Returns

Activities
1.0 Origination
2.0 Receiving Goods And Processing
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3.0 Returned Goods Disposition

Forms
REV110 Ex1 30-Day Satisfaction Guarantee
REV110 Ex2 Returned Goods Authorization

Purchasing ..................................................................................................................Tab 8

PUR101 Vendor Selection

Activities
1.0 Vendor Selection
2.0 Vendor Inspections
3.0 Vendor Files

Forms
PUR101 Ex1 New Vendor Notification
PUR101 Ex2 Vendor Survey Form

PUR102 General Purchasing


Activities
1.0 Order Determination And Requisition
2.0 Order Placement
3.0 Recordkeeping And Matching
4.0 Sundry Purchases

Forms
PUR102 Ex1 Purchase Requisition
PUR102 Ex2 Purchase Order
PUR102 Ex3 Purchase Order Log
PUR102 Ex4 Purchase Order Follow-Up
PUR102 Ex5 Daily Sundry Payable Log

PUR103 Project Purchasing


Activities
1.0 Purchasing Overview
2.0 Requisition For Material Order
3.0 Orders And Arrivals
4.0 Follow-Up
5.0 Receiving Procedures
6.0 Material Transfers
7.0 Sundry Purchases

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Forms
PUR103 Ex1 Order And Arrival Log

PUR104 Receiving And Inspection

Activities
1.0 Receiving
2.0 Inspection
3.0 Rejection, Discrepancies And Disposition
4.0 Stocking
5.0 Product Returns

Forms
PUR104 Ex1 Receiving Log
PUR104 Ex2 Receiving and Inspection Report
PUR104 Ex3 Inventory Inspection Levels

PUR105 Shipping And Freight Claims


Activities
1.0 Shipping
2.0 Receiving
3.0 Claims Procedures
4.0 Additional Information Resources

References
A. Interstate Commerce Act

PUR106 Accounts Payable And Cash Disbursements


Activities
1.0 Documenting Accounts Payable
2.0 Recording Merchandise Payables
3.0 Recording Non-Merchandise Payables
4.0 Payment Of Accounts Payable
4.0 Manual Checks

Embezzlement Prevention ........................................................................................Tab 9

Index .........................................................................................................................Tab 10

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SOP # Revision: Prepared by:


Effective Date: Approved by:

Title: REV109 ACCOUNT COLLECTIONS

Policy: All open accounts receivable with late or delinquent payment activity will
be handled in a timely and effective manner to ensure maximum
collections and an optimum accounts receivable turnover ratio.
Purpose: To provide the actions and methods for processing late or delinquent
payments.
Scope: This procedure applies to the Credit Department involved with collection
of past due accounts receivable. The Sales and/or Shipping Departments
may be involved in reference to shipping holds or special credit
arrangements.
Responsibilities:
The Credit Department reviews all records for a customer to determine a
possible explanation for non-payment prior to commencing the collection
process.
Definition: Bad Debt consists of unpaid accounts receivable invoices that are
considered to be uncollectible.
Debt collector is any person who regularly collects debts owed to others.
This includes attorneys who collect debts on a regular basis.
Procedure:

1.0 Collection Process


1.1 No matter how careful customers are screened prior to credit approval, slow pay
or delinquent accounts will occur from time to time. Once an account becomes
past due by even a few days, the collection process should commence
immediately. Studies have shown that the sooner the collection process starts
then the more likely that the debt will be collected.
1.2 Prior to commencing the collection process, the following should be reviewed by
the assigned Credit Department Representative:
• Verify that after the sale the Invoice was immediately sent out, along with a
copy of the Purchase Order, to the correct billing address. Sometime Purchase
Orders will be sent by one contact, for delivery to a second contact, with bills
to be sent for payment to originate from a third contact. Therefore, make sure
the billing contact noted on the Purchase Order correctly receives a copy of
the invoice along with a copy of the Purchase Order. This is frequently the
cause for the delay of payment for many Invoices.
• Make certain that the Company has not received the customer's payment or
applied it to the wrong account. Verify that a Returned Goods Authorization
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has not been issued. These seem obvious, but it can avoid an uncomfortable
situation in wrongly accusing the customer of delinquent payments.
• Verify with the Customer Service Department that the customer has received
the product(s) and that they are satisfied.
• Review the customer's past payment activity. Determine if they are chronically
late and what their response has been to any other overdue notices to
determine payment patterns or trends.
1.3 Upon review of the above, the Credit Department Representative should then
proceed with the collection process by completing an REV109 Ex1 ACCOUNT
COLLECTION CONTROL Form. This form will assist in planning and tracking
the collection effort. Depending on the amount and the customer situation, the
representative can choose to follow-up with collection letters, telephone calls or
both.
Record all actions taken (late payment notice, telephone call, etc.) with a date on
an ACCOUNT COLLECTION CONTROL Form filed in the customer folder.
All customer agreements and explanations should be noted. If payment has not
reached the Company by the expected date, immediate follow-up action should be
taken with another collection call or letter. The longer an overdue account is
ignored, the longer the customer will ignore it, too.
1.4 Telephone communication will often speed up the collection process. Credit
representatives, when speaking with a delinquent account, should observe a few
tips or principles.
• Identify yourself and the Company and state the reason for calling. Be direct
and use a controlled, confident voice. Concentrate on listening to the
customer and don't rush through the call.
• Get the Facts - The most powerful tool is knowledge. During the phone
conversation, try to gain as much insight into the situation as possible.
Remember, the goals and objectives are to:
‰ Collect the money!
‰ Identify reasons for non-payment
‰ Settle on an agreement for clearing the debt, including special payment
plans and exact dates when a check will be sent.
• Never argue, accuse or be condescending - Verbally fighting or talking down
to the customer will only serve to produce negative feelings and may hamper
the collection effort. The ultimate purpose is to secure payment, and this is
best accomplished without becoming defensive or irritated.
• There are several common objections, complaints and excuses used to elude
payment. Study the following examples to learn the most effective responses
to the most frequently used ploys.

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"I didn't get the invoice." - Respond by verifying the debtor's name and
address, and then review the account information with them.
"The check is in the mail." - Extend your thanks, then ask for a check
number, amount, date posted and address to which it was mailed.
"Your payment is being processed." - Ask when the payment will be
ready for the mail. Determine the process that the payment undergoes
after it leaves your contact's desk.
"I need proof of delivery." - Give the customer the name of the person
who signed the delivery slip.
"The computer is down." - When do you expect it to be up? Can we get
a manual payment?
"I'll pay you when we get paid." - Respond calmly, but make a direct
request for payment, such as When can I expect payment?"
"I have no money" - Create a payment plan. Be flexible and consider
alternatives offered by the customer. Work toward making the plan
acceptable to both of you.
1.5 Many people find it difficult to confront customers regarding delinquent
payments. Just keep in mind that it is the customer, who should feel
uncomfortable in this situation.

1.6 If customers stop paying, their phone has been disconnected, and you cannot find
them, consider using these resources to locate these debtors and their assets:

• City directories
• Post office (for a forwarding address)
• A customer’s employer
• Department of motor vehicle license and registration records
• "In case of emergency" contact, references or closest relatives listed on a
credit application
• Old files and correspondence
• The Internet (i.e. http://www.isleuth.com/peop.html)
• Skip-tracing services or private investigator
• Credit bureau reports
• Neighbors
• Directory assistance

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2.0 Seriously Delinquent or Unresponsive Accounts


2.1 When an account becomes more than 60 days past due, the immediate target of
securing prompt payment should take on a greater sense of urgency. The Credit
Manager should review the account with sales to determine if the customer's
business is valued.
If their business is valued, the following strategies may be used to collect
payment:
• Restrict any further credit until the past due amount is paid in full.
• Withhold delivery of products or services already ordered. The harsh reality
of having inventory/supplies curtailed often can spur a delinquent account into
action.
• Invoke a "COD-plus" system. Deliver merchandise on a COD basis with an
additional amount added to the cost of the order to cover past unpaid balances
2.2 If all other avenues for collection of the account have been exhausted, the Credit
Manager should determine and authorize the use of an outside collection agency.
2.3 All uncollectible accounts will be reviewed by the Credit Manager for disposition.
Reference procedure REV106 INVOICING AND ACCOUNTS RECEIVABLE.

3.0 WORKING WITH COLLECTION AGENCIES

3.1 Collect all material records for the debt in question and send them to the
collection agency. The agency will require a copy of the invoice, credit
application (if available), proof of delivery, and/or any other correspondence that
may help them collect the debt.

3.2 Record the date the debt was sent to collections in the accounts receivable file.
3.3 If payments are received after the debt has been sent to collections, then notify the
collection agency immediately in order to stop any further collection efforts. The
agency will take their fee for any debt that has been collected once it has been
registered by the agency.
3.4 If all other avenues for collection of the account have been exhausted, the owner
and/or store manager should consider further legal action.

4.0 WRITING OFF UNCOLLECTED DEBT


4.1 Write-off any debts remaining uncollected or that are returned from the collection
agency and record as a bad debt expense and deduct from accounts receivable.
4.2 If any payments are received after being written-off from accounts receivable,
then receive them in as income and recovery of bad debt.
4.3 If bad debt is a recurring problem then consider setting up a reserve account or
allowance for bad debt at the beginning of the year. Also, look into tightening up

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the credit process and restrict credit granted to customers as outlined in REV103
CUSTOMER CREDIT APPROVAL AND TERMS.
References:

A. Fair Debt Collection Practices Act (FDCP)


The FDCP requires that debt collectors treat consumers fairly and prohibits
certain methods of debt collection. Personal, family, and household debts are
covered under the Act. This includes money owed for the purchase of an
automobile, for medical care, or for charge accounts. Business debt is not
included.
Debt collectors may not 1) harass, oppress, or abuse the debtor or any third parties
they contact. 2) Use any false or misleading statements when collecting a debt.
For example, debt collectors may not:
• Use threats of violence or harm;
• Publish a list of consumers who refuse to pay their debts (except to a
credit bureau);
• Use obscene or profane language; or
• Repeatedly use the telephone to annoy someone.
• Falsely imply that they are attorneys or government representatives;
• Falsely imply that the debtor may have committed a crime;
• Falsely represent that they operate or work for a credit bureau;
• Misrepresent the amount of the debtor’s debt;
• Indicate that papers being sent to the debtor are legal forms when they are
not
• Indicate that papers being sent to the debtor are not legal forms when they
are.
• Give false credit information about the debtor to anyone, including a credit
bureau;
• Send the debtor anything that looks like an official document from a court
or government agency when it is not.
• Use a false name.
• Collect any amount greater than the debtor’s debt, unless the debtor’s state
law permits such a charge;
• Deposit a post-dated check prematurely;
• Use deception to make the debtor accept collect calls or pay for telegrams;
• Take or threaten to take the debtor’s property unless this can be done
legally.
• Contact the debtor by postcard.
• Say the debtor will be arrested if they do not pay the debt;

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• Say they will seize, garnish, attach, or sell the debtor’s property or wages,
unless the collection agency or creditor intends to do so, and it is legal to
do so.
• Say they will take actions, such as a lawsuit against the debtor, when such
action legally may not be taken, or when they do not intend to take such
action.

Revision History:

Revision Date Description of changes Requested By


0 11/06/02 Initial Release

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REV109 Ex1 ACCOUNT COLLECTION CONTROL FORM

Account Name: Date Customer Reply or


Action Taken
Address:

Contact(s):
Telephone #'s:

Payment Terms:
Comments:

Running
Date Date Total
Invoice Due Amount Paid Due

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