Reply to two prompts in 100 words each. No sites needed, these are just thoughts on the prompts.
(Original prompt for your consideration,
On the last day of the fiscal year, a co-worker asks you to cut a check for $2,000 as a miscellaneous expense for supplies in order to complete a project for a VIP customer today. You notice the invoice looks a little different from other invoices that are usually processed. You know that by preparing the closing entries tomorrow, the miscellaneous expense will be set to zero for the beginning of the year.
- Should you write this check today and record the expense or write the check tomorrow?
- How would the company be affected if the check is written and the invoice ends up being erroneous?)
Prompt 1: In this situation, I would write the check the day that was being asked even if it was the last day of the fiscal year. As protocol, I would check the invoice to make sure it’s not erroneous. I would communicate with my co-worker and ask for an explanation of why the invoice looks different. An explanation can be that it is a new vendor. To make sure that the invoice is accurate you can also contact the vendor to reassure that it is legit. Before I would decide to turn in the check, you can always go to a manager or supervisor for approval. That way if it turns out to be fake, it won’t be your fault. Also, research of the invoice should not be rushed, you want to make sure you are doing your job correctly. If I couldn’t get clarification I would have co-workers wait and just add that check to the next fiscal year. The company would be affected if the invoice ends up being erroneous. They would be taken a loss of $2,000 plus your job can be in jeopardy for not following the correct procedure.
Prompt 2: If I were to write a check out for $2000 to complete a project for the last day of the year it would make sense to write it out for that same day and not for the following day. I would try to verify this invoice beforehand if I noticed that it didn’t look like the usual invoices. I could verify other supply invoices to see if it is the same company’s we normally use of if it a new company that we are getting these supplies from. It may be a new company if I didn’t recognize the logo on the invoice, if it is or isn’t then we will take other steps from there. If I thought it was written incorrectly I could contact the number or company on the invoice to verify the information. I would also probe with my co-worker to find out why the invoice may have been written wrong so they can help me correct it or explain to me why it looks different. If the check is written and the invoice ends up being inaccurate then the company would be at a loss of $2000 for that year.