AIS Reviewer Midterm

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THE REVENUE CYCLE 6. Shipping information is sent to Billing.

Billing
compiles and reconciles the relevant facts and
Journal Vouchers/Entries How do we get them? issues an invoice to the customer and updates
the sales journal. Information is transferred to:
Billing Department prepares a journal voucher: a. Accounts Receivable (A/R)
Accounts Receivable xx b. Inventory Control
Sales xx 7. A/R records the information in the customer's
account in the accounts receivable subsidiary
Inventory Control Dept. prepares a journal voucher: ledger.
Cost of Goods Sold xx 8. Inventory Control adjusts the inventory
Inventory xx subsidiary ledger.
9. Billing, A/R, and Inventory Control submits
Cash Receipts prepares a journal voucher: summary information to the General Ledger
Cash xx dept., which then reconciles this data and posts
Accounts Receivable xx to the control accounts in the G/L.

Sales Return Journal Entry


Revenue Cycle Databases
G/L posts the following to control accounts:
Master files
❖ customer master file Inventory-Control xx
❖ accounts receivable master file Sales Returns and Allowances xx
❖ merchandise inventory master file Cost of Goods Sold xx
Accounts Receivable-Control xx
Transaction and Open Document Files
❖ sales order transaction file Manual Cash Receipts Processes
➢ open file sales order transaction 1. Customer checks and remittance advices are
❖ sales invoice transaction file received in the Mail Room.
❖ cash receipts transaction file a. A mail room clerk prepares a cash
prelist and sends the prelist and the
Other Files checks to Cash Receipts.
❖ shipping and price data reference file b. The cash prelist is also sent to A/R and
❖ credit reference file (may not be needed) the Controller.
❖ salesperson file (may be a master file) 2. Cash Receipts:
❖ Sales history file a. verifies the accuracy and completeness
❖ cash receipts history file accounts receivable of the checks
reports file b. updates the cash receipts journal
c. prepares a deposit slip
Manual Sales Order Processing d. prepares a journal voucher to send to
1. Begins with a customer placing an order G/L
a. The sales department captures the 3. A/R posts from the remittance advices to the
essential details on a sales order form. accounts receivable subsidiary ledger.
2. The transaction is authorized by obtaining credit a. Periodically, a summary of the postings
approval by the credit department. is sent to G/L.
3. Sales information is released to: 4. G/L department:
a. Billing a. reconciles the journal voucher from
b. Warehouse (stock release or picking Cash Receipts with the summaries from
ticket) A/R
c. Shipping (packing slip and shipping b. updates the general ledger control
notice) accounts
4. The merchandise is picked from the Warehouse 5. The Controller reconciles the bank accounts.
and sent to Shipping.
a. Stock records are adjusted.
5. The merchandise, packing slip, and bill of lading
are prepared by Shipping and sent to the
customer.
a. Shipping reconciles the merchandise
received from the Warehouse with the
sales information on the packing slip.
c. posting a cash payment received to a
customer's account (cash pre-list)
Control Sales Processing Cash
Activity Receipts Segregation of Functions Three Rules

Transactions Credit check Return Remittance 1. Transaction authorization should be separate


authorization policy list (cash from transaction processing.
prelist) 2. Asset custody should be separate from asset
record- keeping.
Segregation of Credit is separate Cash
duties from processing: receipts are 3. The organization should be so structured that
inventory control is separate the perpetration of a fraud requires collusion
separate from from AR between two or more individuals.
warehouse; AR and cash
subsidiary ledger is account; Sales Order Processing
separate from AR
● credit authorization separate from SO
general ledger subsidiary
ledger is processing
separate ● inventory control separate from
from the warehouse
general ● accounts receivable sub-ledger
ledger (GL) separate from general ledger control
account
Supervision Mail room
Cash Receipts Processing
Accounting Sales orders, sales Remittance ● cash receipts separate from accounting
records journals, AR advices, records
subsidiary ledger, checks, ● accounts receivable sub-ledger
AR control (general remittance separate from general ledger
ledger), inventory list, cash
subsidiary ledger, receipts
Supervision
inventory control, journal, AR
sales account (GL) subsidiary 1. Often used when unable to enact appropriate
ledger, AR segregation of duties.
control 2. Supervision of employees serves as a deterrent
account, to dishonest acts and is particularly important in
cash the mailroom.
account

Access Physical access to Physical Accounting Records


inventory; access to access to
accounting records cash; 1. With a properly maintained audit trail, it is
above access to possible to track transactions through the
accounting systems and to find where and when errors
records
were made:
above
a. pre-numbered source documents
Independent Shipping Cash b. special journals
verification department, billing receipts, c. subsidiary ledgers
department, general general d. general ledger
ledger ledger, e. Files
bank
reconciliatio
n Access Controls
1. Access to assets and information (accounting
records) should be limited.
Authorization Controls 2. Within the revenue cycle, the assets to protect
1. Proper authorization of transactions are cash and inventories and access to records
(documentation) should occur so that only valid such as the accounts receivable subsidiary
transactions get processed. ledger and cash journal should be restricted.
2. Within the revenue cycle, authorization should
take place when:
a. a sale is made on credit (authorization)
b. a cash refund is requested
(authorization)
Independent Verification a. Real-time - entry of customer order,
1. Physical procedures as well as record-keeping printout of stock release, packing slip
should be independently reviewed at various and bill of lading; update of credit file,
points in the system to check for accuracy and inventory file, and open sales orders file
completeness: b. Batch - printout of invoice, update of
a. shipping verifies the goods sent from closed sales order (journal), accounts
the warehouse are correct in type and receivable and general ledger control
quantity account
b. warehouse reconciles the stock release
document (picking slip) and packing slip Advantages of Real-Time Processing
c. billing reconciles the shipping notice 1. Shortens the cash cycle of the firm by reducing
with the sales invoice the time between the order date and billing date
d. general ledger reconciles journal 2. Better inventory management which can lead to
vouchers from billing. inventory control, a competitive advantage
cash receipts, and accounts receivable 3. Fewer clerical errors, reducing incorrect items
being shipped and bill discrepancies
Automating the Revenue Cycle 4. Reduces the amount of expensive paper
1. Authorizations and data access can be documents and their storage costs
performed through computer screens.
2. There is a decrease in the amount of paper. Reengineered Cash Receipts
3. The manual journals and ledgers are changed to 1. The mail room is a frequent target for
disk or tape transaction and master files. reengineering.
4. Input is still typically from a hard copy document 2. Companies send their customers preprinted
and goes through one or more computerized envelopes and remittance advices.
processes. 3. Upon receipt, these envelopes are scanned to
5. Processes store data in electronic files (the tape provides a control procedure against theft.
or disk) or prepare data in the form of a 4. Machines are open the envelopes, scan
hardcopy report. remittance advices and checks, and separate
6. Revenue cycle programs can include: the checks.
a. formatted screens for collecting data 5. Artificial intelligence may be used to read
b. edit checks on the data entered handwriting, such as remittance amounts and
c. instructions for processing and storing signatures.
the data
d. security procedures (passwords or user Point-of-Sale Systems
IDs) 1. Point of sale systems are used extensively in
e. steps for generating and displaying retail establishments.
output a. Customers pick the inventory from the
7. To understand files, you must consider the shelves and take them to a cashier.
record design and layout. 2. The clerk scans the universal product code
8. The documents and the files used as input (UPC). The POS system is connected to an
sources must contain the data necessary to inventory file, where the price and description
generate the output reports. are retrieved.
a. The inventory levels are updated and
Computer-Based Accounting Systems reorder needs can immediately be
detected.
1. CBAS technology can be viewed as a 3. The system computes the amount due. Payment
continuum with two extremes: is either cash, check, ATM or credit card in most
a. automation - use technology to improve cases.
efficiency and effectiveness a. No accounts receivables
b. reengineering – use technology to 4. If checks, ATM or credit cards are used, an
restructure business processes and firm on-line link to receive approval is necessary.
organization 5. At the end of the day or a cashier's shift, the
money and receipts in the drawer are reconciled
Reengineering Sales Order Processing Using to the internal cash register tape or a printout
Real-Time Technology from the computer's database.
1. Manual procedures and physical documents are a. Cash over and under must be recorded
replaced by interactive computer terminals.
2. Real time input and output occurs, with some
master files still being updated using batches.
Reengineering Using EDI PC-Based Accounting Systems
1. EDI helps to expedite transactions. 1. Used by small firms and some large
2. The customer's computer: decentralized firms
a. determines that inventory is needed 2. Allow one or few individuals to perform entire
b. selects a supplier with whom the accounting function
business has a formal business 3. Most systems are divided into modules
agreement controlled by a menu-driven program:
c. dials the supplier's computer and places a. general ledger
the order b. inventory control
3. The exchange is completely automated. c. payroll
a. No human intervention or management d. cash disbursements
e. purchases and accounts payable
Reengineering Using the Internet f. cash receipts
1. Typically, no formal business agreements exist g. sales order
as they do in EDI.
2. Most orders are made with credit cards. PC Control Issues
3. Mainly done with e-mail systems, and thus a 1. Segregation of Duties - tend to be inadequate
turnaround time is necessary and should be compensated for with increased
a. Intelligent agents are needed to supervision, detailed management reports, and
eliminate this time lag. frequent independent verification
4. Security and control over data is a concern with 2. Access Control - access controls to the data
Internet transactions. stored on the computer tends to be weak;
methods such as encryption and disk locking
CBAS Control Considerations devices should be used
1. Authorization - in real-time systems, 3. Accounting Records - computer disk failures
authorizations are automated cause data losses; external backup methods
a. Programmed decision rules must be need to be implemented to allow data recovery
closely monitored.
2. Segregation of Functions - consolidation of
tasks by the computer is common THE EXPENDITURE CYCLE: Part I
a. Protect the computer programs
b. Coding, processing, and maintenance Goals of the Expenditure Cycle
should be separated. The goal of providing needed resources to organization
3. Supervision - in POS systems, the cash can be broken down into several objectives:
register's internal tape or database is an added 1. purchase from reliable vendors
form of supervision 2. purchase high quality items
4. Access Control - magnetic records are 3. obtain best possible price
vulnerable to both authorized and unauthorized 4. purchase only items that are properly authorized
exposure and should be protected 5. have resources available when they are needed
a. Must have limited file accessibility 6. receive only those items ordered
b. Must safeguard and monitor computer 7. ensure items are not lost, stolen, broken
programs 8. pay for the items in a timely manner
5. Accounting Records - rest on reliability and
security of stored digitalized data A Manual Purchases System
a. Accountants should be skeptical about 1. Begins in Inventory Control when inventory
the accuracy of hard-copy printouts. levels drop to reorder levels
b. Backups - the system needs to ensure 2. A purchase requisition (PR) is prepared and
that backups of all files are contínuously copies to sent to Purchasing and Accounts
kept Payable (A/P)
6. Independent Verification - consolidating 3. Purchasing prepares a purchase order (PO) for
accounting tasks under one computer program each vendor and sends copies to Inventory
can remove traditional independent verification Control, A/P, and Receiving
controls. To counter this problem: 4. Upon receipt, Receiving counts and inspects the
a. perform batch control balancing after goods.
each run a. A blind copy of the PO is used to force
b. produce management reports and workers to count the goods.
summaries for end users to review
5. A receiving report is prepared and copies sent to Levels of Automating and Reengineering Ordering
the raw materials storeroom, Purchasing, 1. Computer generates PR
Inventory Control, and A/P. a. Purchases manually generates PO
6. A/P eventually receives copies of the PR, PO, 2. Computer generates PO (no PR needed)
receiving report, and the supplier's invoice. a. PO not sent until manually reviewed
7. A/P reconciles these documents, posts to the 3. Computer-generated PO is automatically sent
purchases journal, and records the liability in the without manual review
accounts payable subsidiary ledger. 4. Electronic Data Interchange (EDI)
8. A/P periodically summarizes the entries in the a. Computer-to-computer communication
purchases journal as a journal voucher which is without PO
sent to the General Ledger (G/L) department.
Inv-Control or Purchases xx Expenditure Cycle Database
Accts Payable-Control xx Master Files
9. A/P also prepares a cash disbursements ● supplier (vendor) master file
voucher and posts it in the voucher register. ● accounts payable master file
10. G/L department: ● merchandise inventory master file
a. posts from the accounts payable journal Transaction and Open Document Files
voucher to the general ledger ● purchase order file
b. reconciles the inventory amount with the ● open purchase order file
account summary received from ● supplier's invoice file
inventory control ● open vouchers file
● cash disbursements file
Manual Cash Disbursements System Other Files
1. Periodically, A/P searches the open vouchers ● supplier reference and history file
payable file for items with payments due: ● buyer file
a. A/P sends the voucher and supporting ● accounts payable detail file
documents to Cash Disbursements
b. A/P updates the accounts payable Computer-Based Purchases
subsidiary ledger 1. A Data Processing dept. performs routine
2. Cash Disbursements: accounting tasks.
a. prepares the check 2. Purchasing - a computer program identifies
b. records the information in a check inventory requirements
register (cash disbursements journal) 3. The following methods are used for authorizing
c. returns paid vouchers to accounts and ordering inventories:
payable, mails the check to the supplier a. the system prepares POs and sends
d. sends a journal voucher to G/L: them to Purchases for review, signing,
Accounts Payable xx and distributing
Cash xx b. the system distributes POS directly to
3. G/L department receives: the vendors and internal users,
a. the journal voucher from cash bypassing Purchases
disbursements c. the system uses electronic data
b. a summary of the accounts payable interchange (EDI) and electronically
subsidiary ledger from A/P places the order without POS
4. The journal voucher is used to update the 4. Other tasks performed automatically by the
general ledger. computer:
5. The accounts payable control account is a. updates the inventory subsidiary file
reconciled with the subsidiary summary. from the receiving report
b. calculates batch totals for general
Computer-Based Accounting Systems ledger update
CBAS technology can be viewed as a continuum with c. closes the corresponding records in the
two extremes: open PO file to the closed PO file
● automation - use technology to improve d. validates the voucher records against
efficiency and effectiveness valid vendor files
● reengineering - use technology to restructure 5. Tasks performed automatically by the computer:
business processes and firm organization a. the system scans for vouchers currently
due
b. prints checks for these vouchers
c. records these checks in the check
register
d. batch totals are prepared for the general General Internal Controls
ledger update procedure 1. Organization controls
a. segregation of duties
Advantages of Real-Time Data Input & Processing 2. Documentation
Over Batch Processing 3. Asset Accountability Controls
❖ Shortens the time-lag in record-keeping; hence, 4. Management Practices
records are more current 5. Data Center Operations Controls
❖ Eliminates much of the routine manual 6. Authorization Controls
procedures, such as transcribing information 7. Access Controls
onto paper documents
❖ Eliminates much of the storage and shuffling of Manual Authorization Controls
paper documents 1. Purchases of inventory should be authorized by
❖ Reduces data entry correction procedures the Inventory Control department, not by
purchasing agents
2. Accounts Payable authorizes the payments of
Control Sales Cash Receipts bills, not the cash disbursements clerk, who
Activity Processing writes the checks
How do these controls change a CBAS?
Transactions Inventory AP authorizes
authorization control. payment. Computer-Based Authorization Controls
1. Authorizations are automated.
Segregation of Inventory Separate AP
duties control separate subsidiary a. programmed decision rules must be
from purchasing ledger, cash debugged
and inventory disbursements, 2. Automating inventory in EDI and JIT
custody. AP and general a. faulty inventory model can lead to
subsidiary ledger over-purchasing or under-purchasing
ledger separate functions. 3. Cash disbursements may automate check
from the
printing and signing.
general ledger.
a. programming logic must be flawless
Supervision Receiving area. b. automated signing only below a dollar
threshold
Accounting AP subsidiary Voucher
records ledger, general payable file, AP Traditional Segregation of Duties
ledger, subsidiary
❖ Warehouse (stores)
purchases ledger, cash
requisition file, disbursements ❖ Inventory control
purchase order journal, general ❖ Accounts payable
file, receiving ledger cash ❖ General ledger
report file. accounts. ❖ Requisitioning
❖ Purchases
Access Security of Proper security ❖ Purchases returns and allowances
physical assets. over cash. Limit
Limit access to access to the ❖ Cash disbursements
the accounting accounting
records above. records above. Manual Segregation of Functions
❖ Custody of the asset, inventory, by the
Independent AP reconciles Final review by Warehouse must be separate from
verification source cash recordkeeping for the assets by the Inventory
documents disbursements.
Control.
before liability is Overall
recorded. reconciliation by ❖ Custody of the asset, cash, by Cash
General ledger general ledger. Disbursements must be kept separate from
reconciles Periodic bank recordkeeping for the asset by A/P.
overall accuracy reconciliation by How do these controls change in a CBAS?
of process. controller.
Computer-Based Segregation of Functions
1. Extensive consolidation by the computer of
tasks traditionally segregated
a. computer programs authorize and
process purchase orders
b. computer programs authorize and issue
checks to vendors
Computer-Based Access Controls
Manual Supervision 1. Magnetic records are vulnerable to both
1. Within the expenditure cycle, supervision is of authorized and unauthorized exposure and
highest importance in the Receiving department, should be protected
where the inventory arrives and is logged in by a a. must have limited file accessibility
receiving clerk. Need to minimize: b. programs must be safeguarded and
a. failures to properly inspect the assets monitored
b. theft of the assets
How do these controls change in a CBAS? Manual Independent Verification
1. A/Payable dept. verifies much of the work done
Computer-Based Supervision within the expenditure cycle.
1. Automation often leads to a collapsing of the a. PR, PO, receiving reports, and
traditional segregation of duties. suppliers' invoices must be checked and
a. requires greater supervision verified by A/P.
2. Supervision takes on new aspects as 2. G/Ledger dept. verifies:
technology advances. a. the total obligations recorded equal the
a. electronic monitoring total inventories received
3. Supervision because more difficult as the b. the total reductions in accounts payable
workplace becomes more sophisticated. equal the total disbursements of cash
a. employees may have advanced IT How do these controls change in a CBAS?
training
Computer-Based Independent Verification
Manual Accounting Records 1. Automating the accounting function reduces the
1. Must maintain adequate records for: need for verification by reducing the chances of
a. accounts payable fraud and error in the expenditure cycle.
b. vouchers payable 2. However, the need for verification shifts to the
c. checks computer program and the programmers where
d. general ledger fraud and error may still be present.
e. subsidiary ledgers
How do these controls change in a CBAS?
THE EXPENDITURE CYCLE: Part II

Computer-Based Accounting Records Manual Payroll System


1. Accounting records rest on the reliability and 1. Personnel dept. uses personnel action forms to:
security of stored digitalized data. a. activate new employees
a. Accountants should be skeptical about b. change the pay rate of employees
the accuracy of hard-copy printouts. c. change marital status and/or number of
b. Backups - the system needs to ensure dependents
that backups of all files are continuously d. terminate employees
kept 2. Production employees fill out two forms:
2. Most automated systems still have a lot of paper a. job tickets - account for the time spent
documents. by the worker on each production job
a. This is good for audit trail purposes but b. time cards - used to capture the total
is often inefficient. time worked each pay period for payroll
b. As the system becomes increasing calculations
paperless, maintaining an audit trail *must be signed by a supervisor
becomes more difficult. 3. Cost Accounting dept:
a. uses the job tickets to allocate labor
Manual Access Controls costs to WIP accounts
1. Access to: b. summarizes these charges in a labor
a. inventories (direct) distribution summary which is forwarded
b. cash (direct) to G/L dept.
c. accounting records (indirect) 4. Payroll dept receives personnel action forms
How do these controls change in a CBAS? and time cards.
a. Uses them to:
i. prepare the payroll register
ii. enter the information into the
employee payroll records
iii. prepare paychecks
iv. send paychecks to Cash a. accounting records, such as time cards
Disbursements and a copy of which can be altered
the payroll register to Accounts b. unsigned checks.
Payable 6. Independent Verification:
5. Accounts Payable dept: a. verification of time cards
a. prepares a cash disbursements voucher b. distribution of paychecks to authorized
for the total amount of the payroll employees
b. sends copies to the Cash c. verification of accuracy of payroll
Disbursements and G/L depts. register by A/P dept.
6. Cash Disbursements dept: d. G/L dept. reconciles the labor
a. reviews and signs the paychecks and distribution summary and the payroll
forwards them to a paymaster for disbursement voucher
distribution to the employees
b. writes a check for the payroll and Computer-Based Payroll Systems
deposits it into the payroll imprest Payroll is well-suited to batch processing and sequential
account files.
7. G/L dept. makes the following journal entries: Most employees on the master file receive paychecks
a. From the Labor Distribution Summary periodically.
WIP (Direct Labor) The computer program performs the detailed
Factory Overhead (Indirect Labor) record-keeping, check-writing, and general ledger
Wages Payable functions.
b. From the Distribution Voucher
Wages Payable Reengineered HRM Systems
Cash 1. Payroll can be reengineered as a part of human
Fed. Inc. Tax Withholding resource management (HRM).
Payable 2. IT can process a wide range of
State Inc. Tax Withholding personnel-related data, including:
Payable a. employee benefits
FICA Withholding Payable b. labor resource planning
Other Withholding Payables c. employee skills and training
8. G/L dept. makes a journal entry to transfer the d. pay rates, deductions, and pay checks
cash from the operating bank account to the e. Evaluations
payroll imprest account:
Cash - Payroll Imprest Account Reengineered HRM Systems...
Cash - Operating Account differ from automated manual and batch/sequential file
systems because:
operations depts. transmit transactions to data
Payroll Controls processing via terminals
1. Transaction authorization - the personnel direct access files are used for storage many
action form helps prevent: processes are performed real time
a. terminated employees from receiving
real-time access to personnel files required for
checks
direct inquiries
b. wage rates from being improperly
changed for current employees
Key Features of Reengineered HRM
2. Segregation of Duties - timekeeping and
1. Personnel - can make changes to the employee
personnel functions should be separated
file in real time
3. Supervision - need to monitor employees to
2. Cost Accounting - enters job cost data either
ensure they are not "clocking in" for one another
daily or in real time
4. Accounting Records - audit trail includes:
3. Timekeeping - enters the attendance file daily
a. time cards
4. Data Processing - still uses batch processing
b. job tickets
and prepares all reports, the checks, and
c. disbursement vouchers
updates the general ledger
d. labor distribution summary
e. payroll register
The Fixed Asset System (FAS)
f. subsidiary ledger accounts
Fixed Assets - property, plant, and equipment used in
g. general ledger accounts
the operation of a business
5. Access Controls - need to prevent employees
from having improper access to:
Objectives of FAS Computer-Based Fixed Asset System-Disposal
❖ Acquire fixed assets in accordance with Computerized FAS automatically:
management approval and procedures ❖ post adjusting entries to the fixed asset control
❖ Maintain adequate accounting records of asset account in the general ledger
acquisition, cost, description, and location ❖ record losses or gains associated with the
❖ Maintain depreciation records for depreciable disposal transaction
assets in accordance with acceptable method ❖ prepare journal voucher records
❖ Provide management with information to help it
plan future fixed asset investments FAS Controls
❖ Properly record the retirement and disposal of 1. Authorization - should be formal and explicit
fixed assets because of high cost of FAS:
a. acquisitions
Asset Acquisition b. changes in depreciation methods
1. Begins when a dept. manager determines that 2. Supervision - threat of misappropriation
an old fixed asset needs to be replaced or that a requires constant management oversight:
new fixed asset is warranted a. theft - secure physical locations of
2. A purchase requisition is filled out. assets
a. May require an authorizing signature for b. misuse - monitor on-the-job activities
items over a pre-specified limit 3. Independent Verification - internal auditors
3. FAS dept. performs record-keeping functions. should periodically verify FAS records:
a. the reasonableness of factors used in
Asset Maintenance decisions (useful life, discounts,
● Involves adjusting FAS subsidiary account budgeting model)
balances as assets depreciate b. location, condition, and fair value of the
● Depreciation calculations are internal fixed asset records in the subsidiary
transactions that the FAS system bases upon a ledger
depreciation schedule. c. the programming logic for automatic
● Physical improvements must also be recorded calculations (depreciation)
to increase the subsidiary account balance and
depreciation schedule.

Asset Disposal
❖ At the end of an asset's useful life (or earlier
disposition), the asset must be removed from
the records and depreciation schedule
❖ Disposals require disposal request forms and
disposal reports as source documents.

Computer-Based Fixed Asset System-Acquisition


❖ Receipt of assets are digitally recorded in the
system, along with information such as its useful
life, depreciation methods, etc.
❖ Ledgers are automatically updated

Computer-Based Fixed Asset System-Maintenance


Computerized FAS automatically:
1. calculate current period's depreciation
2. update accumulated depreciation and
book-value fields in the subsidiary records
3. post total depreciation to the affected general
ledger accounts
4. record depreciation transactions by adding
records to the journal voucher file

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