Post Exchange Methods / A Manual for Exchange Stewards, Exchange Officers, Members of Exchange Councils, Commanding Officers, Being an Exposition of a Simple and Efficient System of Accounting Which Is Applicable to Large and to Small Exchanges Alike.

by Paul D. Bunker

1. Charge Accounts:—

Take retained sales slips for at least three different days and select, at random, at least five sales on each. Are these sales entered on Form 9?... Compare several consecutive sales on each day’s record with adding machine and cash register strips.... Are the totals for each of these days entered on the Steward’s daily report, Form 4?... Are these entries on Form 4 supported by clerks’ reports, Form 5, for same totals?... Are the total charge sales on Form 4 correctly transferred to the daily summary shown on Form 7?... Do they check with Form 6?... Has the Bills Receivable account in the Ledger been debited with the total shown on Form 7?... Have amounts shown on Form 7 been credited to the various departments in the Ledger?... Have all credits been entered on Form 6?... Are they charged against the various departments?... Are they credited to Bills Receivable?... Are they noted on Form 4?... In separate list, show what bills have been due the Exchange for more than one month.

2. Cash Sales:—

Take the clerks’ reports for the above selected days: are the cash sales and coupon sales shown thereon properly entered on the Steward’s daily report, Form 4?... Do Forms 4 agree with the cash register records?... Are entries on Form 4 correctly transferred to the cash book?... Are totals of department columns in cash book correctly posted to the accounts of the respective departments in the Ledger?...

3. Coupon Sales:—

Do the total coupons sales shown on Form 4 for the selected days agree with the cash register records for these days?... Are entries on Form 4 correctly posted to Form 26?... Are total coupon sales for each department shown on Form 26 credited to these departments in the Ledger?... Are total coupon sales debited to Check Account in the Ledger?... Are coupon books on hand safely stored?... Are they correctly accounted for?... What value of coupons issued during the month of which there is no record?... Are total coupons issued during the month correctly credited to Check Account in the Ledger?... Are they properly debited against Bills Receivable, Credit Coupons?... Is there any ground for believing the stated value of coupons outstanding to be erroneous?... Any complaints from men that they are erroneously charged for coupons?... Is total cash received for coupons (shown in cash book) credited in Ledger to Bills Receivable, Credit Coupons?... Deduct from the total coupons entered on all Forms 25 the amounts shown in cash book as received for coupons; is the remainder properly supported by unpaid Forms 19?... Have these unpaid amounts been properly entered on Forms 25 for next pay day?... What efforts made to collect payments on coupons past due?...

4. Stock Records:—

Perform or check the following operations on the record of Stock Transactions, Form 27, at selling price:—To inventories at first of month add all stock received during the month, subtract from this the inventory at the end of the month. The remainder should equal the total sales from the respective departments during the month. Any marked discrepancies should be brought to the attention of the Council immediately. (Initials)... Check several copies of Form 28 against corresponding invoices and against Purchase Record; do they agree?... Are these values correctly transferred to Forms 17, BOTH at cost and at selling prices?... Are these Forms 17 correctly transferred to Form 27?... Are totals on Form 27 properly charged against the various departments in the Ledger and on the Statement?... Are inventories entered properly in each department’s account in the Ledger?... Under whose supervision was stock taken at the last of the month?... Are results of inventory correctly noted on Statement?... Are all wastages, accidental breakages, etc., entered on the stock records and properly supported?... Are windows and doors of Exchange provided with efficient locks?... Are all civilian employees under bond?... Are the stock records kept up to date?...

5. Purchases:—

Check Purchase Record against the Cash Book; do entries correspond?... From “Total Purchases” subtract “Creditors” column in cash book; does the remainder check with the balance shown in the Bills Payable, Merchandise (or Creditors) account in the Ledger; ... with the credit balance shown on the Purchase Record?... Are all bills discounted?... If not, is there any excuse for it?... Who makes purchases?