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
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There are lots of procedures involved for accounts receivable control procedures homework answers. Students may not have understood the subject clearly in the class due to less interaction with faculty.
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