Accounts receivable are very important for each and every organization therefore different companies prepare a special schedule to maintain their accounts receivable. Accounting jobs are really rewarding jobs because fast-paced atmosphere and great demand of accounts receivable managers make it an ideal position for those who have capability to do this job. It can be ideal position and you can really get handsome amount for this work. Accounts receivable are those accounts to which companies offer credit therefore it is necessary to monitor the accounts receivable for the smooth flow of cash transactions. Accounts receivable are those customers who make purchases from the organization with the promise to pay in the future date so companies have special person to keep record of all these customers.
Tips to Maintain Accounts Receivables
Different organizations use aging schedules to maintain proper accounts receivable because it is considered convenient and for your help I am going to share some important tips to maintain accounts receivable:
- In first step, you have to decide which schedule you want for the maintenance of your accounts receivable. You can use aging schedule as in this schedule you have to write name of each patron, balance and collapse with the reference of current or past transactions.
- Open spreadsheet software as it is best way to prepare a schedule for your accounts receivable. Name your document and then save it on appropriate place.
- Give a title to your account receivable sheet at the top of the document, for instance “Accounts Receivable Schedule”. Write name of the organization and date of sheet preparation right after the title of spreadsheet.
- Your spreadsheet will be divided into different rows and columns so you have to name each column. The account receivable sheet usually features six columns from left to right so you can give them different titles such as “Name of Customer, Total Accounts Receivable, Current Balance, 1 to 30 Days Past Due, 31 to 60 Days Past Due and Over 60 Days Past Due”.
- In order to keep your accounts receivable updated, you have to check the ledge accounts of accounts receivable. It will help you to understand all transactions related to a specific account with the information of date.
- Check your ledge account and enter details of each customer under the columns according to the titles of each column. Do not forget to check the dates and policies of your organization for payment regarding each customer. Update your accounts receivable spreadsheet considering due dates for the payments.
- Fill all columns appropriately and then highlight all defaulters for your convenience. You can divide sheet in more rows and columns as per your requirements to prepare a details accounts receivable sheet. Well maintained accounts receivable will help you to smoothly maintain the accounts of your organizations.
I hope above mentioned tips will help you to maintain accounts receivables appropriately according to the requirements of your organization. Here is free Accounts Receivables Report Template,
Click here to download Accounts Receivable Report Template
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