Reporting and Operations
Receivables
Originally Posted: April 30, 2023
Topics:
Size of Organization:
Medium
- Compare all check logs for cash receipts to the amounts applied to receivables. This will be done by an individual separate from those processing cash receipts and accounts receivable.
- Require the operational staff to approve all non-cash credits to receivables and bad debt expense.
- Send monthly statements and follow up on past due balances.
- Periodically review the outstanding balances for collectibility.
- Review the accounts receivable aging summary and compare it to the trial balance.