The ability to quickly review the customer receipt allocation to invoice for error or intentional misallocation is an essential tool for ensuring the accuracy of customer statements as well as the detection of fraud. In my view this is an essential internal control tool. I have recently had to review 3 months of cash allocations due to the detection of fraud which with the right report could have been achieved within a day. The reality was 3 days work having to click down on each statement line where if the statement line showed the allocation the entire statement could have been reviewed in substantially less time.
Sean Miller
supported this idea
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The ability to quickly review the customer receipt allocation to invoice for error or intentional misallocation is an essential tool for ensuring the accuracy of customer statements as well as the detection of fraud. In my view this is an essential internal control tool. I have recently had to review 3 months of cash allocations due to the detection of fraud which with the right report could have been achieved within a day. The reality was 3 days work having to click down on each statement line where if the statement line showed the allocation the entire statement could have been reviewed in substantially less time.