A company needs to sell goods to customers, and there are occasions in which credit sales would take place .company would have to give time to a customer to pay an amount to settle an account. At the time of paying dues if a customer cannot pay the amount then a company has to open accounts receivable and what is involved in the credit of customer has to be found out.
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Company documents needed for accounts receivable
A company planning to give credit facility to customers should have a clear form in which customers would fill in all the details like age, address, occupation, contact phone no, bank details and so on. A company should keep all the documents that prove the details filled in the form in a safe place.
A company should have a document in which the terms and conditions of extending credit to customers are printed. Interest to be paid after due date should be stated and what all other penal charges are applicable should also be stated.
Invoicing a customer is another important step in company procedure when they extend credit to customers. Manual receivables system invoice is a standard method of giving to customers who want credit.
Computerized bookkeeping invoice system is another method used by companies to generate invoices for customers. An invoice should contain a unique invoice number along with customer details and purchase date. An invoice should also contain details about payment due date and interest that can accrue if payment is not made on that date.
Statements that support all the purchases done by the customer and the payment due can be sent to a customer when payment due date gets near, and this would help a customer to cross tally with the invoice given at the time of credit purchase. All these concepts should be understood while writing accounts receivable control procedures homework answers.
Understanding the concept the of accounts receivable clerk
Every company would have a post of accounts receivable clerk when they extend credit to customers.
The duties would include
- Monitor the credit due date and make sure that customer pay amount before the due date or on a due date.
- Make a list of customers who regularly pay credit amount and encourage a company to retain those customers.
- Once a customer pays the dues, the invoice should be changed to paid file from a receivable file.
- Accounting statements should be updated once payment is made.
- Month end statements should be issued stating the credit information to company management.
- Maintain goodwill with customers who regularly pay credit amount on time.
- Make sure that overdraft expense is kept to a minimum and that is the credit amount that is due from customers. If more customers do not pay credit amount on time, then a company can bleed red.
- Review the situation when the department gets post dated cheques having a date after than credit date.
- Make sure to take stock of situation when an excessive return of goods takes place and that too on credit purchases.
- Cheques getting dishonored when payments are made from credit sales are bad for company and accounts clerk should take steps to contact the creditor.
- Age debtors report that contains details of slow paying creditors should be kept updated always and always keep customer details updated.
- Sending demand letters after opening account receivable is the duty of clerk and customer should also be contacted for late payment.
- Debt collection agencies can be used along with stopping of further credit can be done by the clerk after consulting company management.
- Negotiate with payment plans and negotiate discount schemes can be done by accounts receivable clerk.
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