Other Non-Current Assets

Office Management

• NON-CURRENT RECEIVABLES
• CASH VALUE OF LIFE INSURANCE
• DEPOSITS
• ORGANIZATION EXPENSE

The detailed schedule maintained of each receivable control account, and the schedule should agree with the applicable general ledger control account. The schedule includes the date of the receivable, the customer’s name, the amount and date due and should be reviewed periodically by the dealer.

A detailed schedule maintained to support the general ledger control account includes the policy number, name of insurance company, names of persons covered, terms of coverage, amount of coverage and the current cash surrender value. Each year, a written verification of the cash surrender value should be received from the insurance company, and the account balance should be adjusted to reflect the change.

A subsidiary schedule for the general ledger control account should be maintained. The schedule should include the date of the deposit, holder’s name, reason for deposit, date of refund, interest rate (if any) and the amount of the deposit.

A subsidiary schedule showing date, description and amount should be maintained and should agree with the balance in the general ledger control account. If the expense is being amortized, the schedule should also include accumulated amortization and the unamortized balance.