Accounts Receivable

Question 1

What is accounts receivable?

Answer 1

The amount owed to an agency for providing goods and services

Question 2

Account Maintenance vs. Billing?

Answer 2

Account maintenance:

• Transactions
• invoices
• deposits
• balances
• Comments

Billing:

• Customer account maintenance
• Establishing billing cycles (dates)
• Calculating monthly bills
• Printing invoices
• Tracking deposits

Question 3

Name some examples of cash receipts:

Tender types?

Answer 3

Cash receipts:

• In person payment
• online
• mail
• electronic
• Lockbox

Different tender types?

• cash
• check
• credit card
• money order
• ACH

Question 4

Best practices for receipting?

Answer 4

• Record immediately
• Provide a printed receipt
• Separating duties (to reduce fraud or theft)
• Deposit receipts daily
• Bank Recs
• Review and post work everyday