An accounts receivable list should consider several tasks related to the account such as validation, invoicing, adjustments and internal controls, notes the Houston Chronicle website. Accounts receivable represents sales not yet collected, and terms for payment can vary.Continue Reading
An accounts receivable checklist aims to confirm that obligations on the books are genuine and reflect amounts shown on the balance sheets. In addition, a list task should reflect the allowance for bad debts associated with the accounts receivable balance. Regarding validation, confirm that a customer data file is maintained and current. It is important to regularly compare customer data with the master file. Accountants should also reconcile invoice numbers, dates and associated amounts. An accounts receivable list also contains an action item regarding confirmation letters sent to customers.
Invoice amounts should match the period of the accounts receivable entry. The same logic applies to any subsequent credit memos or adjustments to balances. Moreover, returned goods must accurately apply to the accounts receivable in terms of both amount and period. Segregating accounts receivable duties is another list item. Personnel authorized to issue credit memos should be different than the personnel receiving and process payments. Management should also have a list item to specify the policy related to bad debt expenses.Learn more about Accounting