[nextstopCPA]

Quick poll on how you do things at your company…Is one person able to create/input AND post journal entries to your GL? Does this create a segregation of duties issue? What if the manual journal entry has two signatues, one preparer and one approver? Thanks for your input.

FAR Passed
REG Passed
AUD Passed
BEC Passed

All aboard, this train's leaving. Next stop, TBD!

[mla1169]

At my company theres just me and one other person, she does the A/P, A/R and Payroll, I do everything else.

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[jenuno01]

When you say ‘post', does the GL system require a secondary person to release or approve the entry (i.e. the entry doesn't actually post)? Usually, no GL package will allow one person to initiate and approve their own transaction. If the same person creates and actually posts JEs to the GL, what are the back-end controls around the process? Does someone else reconcile the ledgers and sub-leders?

Class of 2012

[nextstopCPA]

@jenuno, Yes, the same person inputs the general entry into the GL system and posts it. More often than not, the information that makes up the entry originates from another department. The reason I ask is because there seems to be questions within my department on who can prepare and who can post. I didn't see a problem with the actual GL system allowing the same person to input and post as long at the entry was approved via signature (manually) by a manager. At my last company, the auditors were ok with this setup as long as the entry with support had two signers, one as reviewer and one as approver (manager). The new company seems to think differently. The ledgers are reconciled by the preparer and approved by the manager.

FAR Passed
REG Passed
AUD Passed
BEC Passed

All aboard, this train's leaving. Next stop, TBD!

[Author]

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