Accounts Receivables and Clean Up

Question 1

What is the AR list?

Answer 1

Accounts Receivable, a list of unmatched debits and credits that tells us who owes us money

Question 2

When is the AR list printed?

Answer 2

The 5th business day of every month

Question 3

Why do we use clean up procedures?

Answer 3

It is necessary to make sure that we are collecting on money owed and accurately billing the correct parties

Question 4

What are the 5 clean up tools?

Answer 4

1. Journal voucher
2. Matches
3. Transfer
4. Write off
5. Collect the money
   (6. Conversion)

Question 5

What is a journal voucher?

Answer 5

A tool used to clean up the AR (money we collected but did not earn)

Question 6

What actions can you do with the journal voucher?

Answer 6

• Write off documented overcharges
• Make income adjustments
• Do write-ons
• Reverse previous write-offs

Question 7

When do we use matching?

Answer 7

To match up balances found from misapplied payments

Question 8

What is transferring used for?

Answer 8

To change a customer number/name on an invoice

Question 9

What is a write-off?

Answer 9

When we take a hit from uncollectible balances that are properly billed and due

Question 10

Another tool you will occasionally use in clean up is the “refund check request” What is this?

Answer 10

• It is used to request that admin prepare a check refund to be mailed for money collected but not earned
• You will need the ticket number, account number that paid you, address to send the check, the amount you are refunding and why