Accounts Receivable- What are the top 3 things that one should know? Best websites to learn the basics?
2006-09-17 14:21:04 · 2 answers · asked by Neil W 2 in Business & Finance ➔ Careers & Employment
You have to collect money money money. Maybe do bank recs, but mostly call customers and get the money in the door. That is receivables in a nutshell.
~ A controller
2006-09-17 14:26:20 · answer #1 · answered by Madonna1 2 · 0⤊ 0⤋
Your superior ;O, as you need to report to him/her
Control point of documentation. Ensuring information received is correct and reliable.
Credit term given to customers and actual collection time, so you can know which customer pay promptly and which is not, and pay attention to those not paying promptly. 95% of your effort is on that and the other 5% on the promptly one (incase 1 or 2 didn't meet the term given)
Double entry, must entered correctly. Account receivable control accounts balance must tally with the sum of all individual customers balances.
Hope can help you.
2006-09-17 22:36:02 · answer #2 · answered by Vincent 2 · 0⤊ 0⤋