Daily Accounts Receivable Procedures
This Help File Page was last Modified on 01/01/2012
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Daily Accounts Receivable Procedures This Help File Page was last Modified on 01/01/2012 |
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Daily Accounts Receivable Procedures This Help File Page was last Modified on 01/01/2012 |
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| I. | Enter New Sales |
| 1. | Sales are best entered as they occur. |
| • | This is not only important for new installations, but also for paid service calls. |
| • | The promptness of receiving the bill for service is important. |
| • | When the bill arrives close to the time that the service was provided, it ensures that the Subscriber still remembers the quick resolution of their problem, and so is likely to pay promptly. |
| 2. | To enter new sales, Press F2 to locate the appropriate Account in the Subscribers Form, then Click the Sales Icon on the Subscribers Form's Receivable Quick Access menu. |
| • | Include as much detail as possible - to ensure that the Subscriber will clearly understand the charges. |
| • | Use the Memo for each Detail Line Item, and the Comments section for a general comment about the Invoice as a whole. |
| II. | Print Invoices |
| 1. | At the end of the day, use the Invoices selection, located in the Reports menu's Accounts Receivable sub-menu, to print all of the unprinted Invoices for the day. |
| 2. | Once you have chosen all the Invoice Printing parameters, request to View the Invoices to ensure that this is the way you want the Invoices printed. |
| 3. | Close the View, and answer No to the Did All The Invoices Print Correctly? question. |
| • | If the Invoices do not appear as desired: |
| • | Close the View. |
| • | Answer No to the "Did the Invoices Print Correctly?" question. |
| • | Re-select the options to correct the problem then Preview again. |
| 4. | If they appear as you wanted, Check the Save Settings? box so that your Invoices will be printed in a consistent manner from one printing to the next. |
| 5. | Then Print the Invoices. |
| III. | Post Receipts |
| 1. | Receipts should be posted daily! |
| • | There is no sense in "holding checks until we have enough to record". |
| • | From a security standpoint, Receipts from Subscriber should be recorded on the day they are received. |
| 2. | Use either the "one at a time" posting method with the Subscribers Form's Receipts selection or, for rapidly entering multiple Receipts, use the Receipt Posting process. |
| • | The advantage of the Receipt Posting process is that the appropriate Invoices are automatically Allocated as these Receipts are posted. |
| IV. | Allocate Receipts |
| 1. | If you used the Subscribers Form's Receipts method, you must also Allocate these Receipts, either as a process when you post the Receipts or later using the Allocate Form. |
| V. | Deposit Receipts |
| 1. | Receipts should be Deposited daily! |
| 2. | Each day's Receipts should be assigned a unique batch number - by default - the date's day number. |
| • | Refer to Making a Bank Deposit for the recommended procedure. |
| VI. | Contact Past Due Accounts |
| 1. | Regularly, print an Accounts Receivable Report for Past Due Accounts. |
| 2. | Making Collection Calls may not be everyone's favorite past time, but regular, staged, follow-up with Subscribers having Past Due Invoices is the most effective method of getting those payments. |
| VII. | Perform any Scheduled Periodic Procedures |