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Accounts receivable represents money owed by entities to the firm on
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the sale of products or services on credit. In most business entities, accounts receivable is typically executed by generating an invoice and either mailing or electronically delivering it to the customer, who, in turn, must pay it within an established timeframe, called credit terms or payment terms.
The accounts receivable department uses the sales ledger, because a sales ledger normally records:
*The sales a business has made.
*The amount of money received for goods or services.
*The amount of money owed at the end of each month varies (debtors).
The accounts receivable team is in charge of receiving funds on behalf of a company and applying it towards their current pending balances.
Collections and cashiering teams are part of the accounts receivable department. While the collections department seeks the debtor, the cashiering team applies the monies received. |
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Transaction Form Description...
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A/R Posting is where you will post the invoice of a specific customer. |
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A/R Payment Posting is where you will post the payment made by a specific customer. (Per invoice application) |
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A/R Debit Adjustment Posting is where you will post the debit adjustment. (If there is any) |
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A/R Credit Adjustment Posting is where you will post the credit adjustment. (If there is any) |
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A/R Monthly Closing is where you will close the transaction for the month. |
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A/R Yearly Closing is where in you will close all transaction for the year and then forward to the next year. |
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Report Form Description...
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A/R Accounts Aging displays all unpaid invoices and calculates the age from the date it was purchased up to this date. |
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A/R Credit/Debit Summary displays all the debit and credit adjustments posted made. |
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A/R Payment Summary display all the payment posted made. |
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A/R Sales Summary displays all posted sales invoices. |
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A/R Trialbalance Summmary displays all forwarded, debit, credit and outstanding balances of all customers. |
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A/R Statement Of Accounts display forwarded, debit, credit and outstanding balances of a specific customer. |
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Uncleared Checks Summary displays all un-cleared check payment. |
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Maintenance Form...
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A/R Customer File Setup is where you encode all information of the customer, setup also here are the discounts that are applicable to the customer. |
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Customer Purchases Lists display all products that have been purchased by the customer. |
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A/R Customer Special Price Setup is where a special selling price per item is set-up. |
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