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Detail your responsibilities in accounts receivable?

Open uri20170510 32134 7ezpi6?1494421819 jaggu asked almost 3 years ago

Hi Friends, I am Jaggu. I am preparing for CA Intermediate | CA IPCC exam. Can you explain Detail your responsibilities in accounts receivable.

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5 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Surbhi answered over 2 years ago

Accounts Receivable Clerk Job Duties: Posts customer payments by recording cash, checks, and credit card transactions. Posts revenues by verifying and entering transactions form lock box and local deposits. Updates receivables by totaling unpaid invoices. Maintains records by microfilming invoices, debits, and credits. Verifies validity of account discrepancies by obtaining and investigating information from sales, trade promotions, customer service departments, and from customers; Resolves valid or authorized deductions by entering adjusting entries. Resolves invalid or unauthorized deductions by following pending deductions procedures. Resolves collections by examining customer payment plans, payment history, credit line; coordinating contact with collections department. Summarizes receivables by maintaining invoice accounts; coordinating monthly transfer to accounts receivable account; verifying totals; preparing report. Protects organization's value by keeping information confidential. Updates job knowledge by participating in educational opportunities. Accomplishes accounting and organization mission by completing related results as needed.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 acharya answered over 2 years ago

AR accounting starts with creating the invoices to generate the income. This can include invoices generated by the accountant directly, or invoices generated by a computer system upon product sales. In local government, for example, this would include generating the invoices for specific taxes, such as property tax invoices. In a nonprofit organization, this step involves generating membership dues or categorizing donations received appropriately.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CA Sandeep Bohra answered almost 3 years ago

Dear Friend, --In accounting, accounts receivable are the monies owed to a business or organization. Called income, accounts receivable can include revenue from services, product sales, membership fees, and donations or taxes, depending upon the organization. AR accountants keep track of the income generated and organize it into the proper revenue accounts. When they use accrual systems, they monitor invoice dates and payments due. In some organizations, they might also handle collection activities. --RESPONSIBILITIES IN ACCOUNT RECEIVABLE • Keep track and process accounts and incoming payments in compliance with financial policies and procedures • Perform day to day financial transactions including verifying, classifying, computing, posting and recording accounts receivable data • Prepare bills, invoices and bank deposits • Reconcile the accounts receivable ledger to ensure that all payments are accounted for and properly posted. • Verify discrepancies by and resolve clients’ billing issues

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 jitendra etikala answered almost 3 years ago

In accounting, accounts receivable are the monies owed to a business or organization. Called income, accounts receivable can include revenue from services, product sales, membership fees, and donations or taxes, depending upon the organization. AR accountants keep track of the income generated and organize it into the proper revenue accounts. When they use accrual systems, they monitor invoice dates and payments due. In some organizations, they might also handle collection activities. **Invoicing** AR accounting starts with creating the invoices to generate the income. This can include invoices generated by the accountant directly, or invoices generated by a computer system upon product sales. In local government, for example, this would include generating the invoices for specific taxes, such as property tax invoices. In a nonprofit organization, this step involves generating membership dues or categorizing donations received appropriately. **Accounting Entries** AR accountants monitor and adjust the company's revenue accounts in both cash and accrual systems according to the type of income generated. In an accrual system, the AR accountant verifies that the AR accounts properly reflect the invoices generated. Once an invoice is created, the transaction must appear as a debit entry to the company's AR account and as a credit entry to the appropriate revenue account. It's the AR accountant's job to ensure these records are accurate. If they are not, she must make adjusting entries to correct the transaction in the system. Most businesses have multiple revenue accounts, but usually only one accounts receivable account with subsidiary detailed records and accounts that feed into it. **AR Aging** An important job of the accountant in AR is to keep track of the outstanding invoices owed to the company. Accountants use a report called "Days Sales Outstanding," which is an aging report of invoices. On this report generated by the accounting computer system or maintained by the accountant in a spreadsheet program, an accountant can tell how many days it has been since the invoice was generated. Most companies use a system that allows vendors to pay bills in 30-, 60- or 90-day periods, or they offer discounts if the invoice is paid earlier than its due date. **Deposits** When the income is received, the AR accountant might also be responsible for making the income entry into the system and submitting deposits to the banks. An entry is made against the invoice number that credits the accounts receivable and debits the bank account in an accrual system. The credit entry to AR clears the item from that account, which also stops the aging of the invoice. If the vendor paid the invoice early and received a discount, the amount of the discount is debited against a special "discount" account. All entries made into an accounting system must equate to zero. This allows accountants to track out-of-balance entries more easily. For cash systems, the entry is applied to the appropriate revenue account and cash or bank account. **Bad Debts** AR accountants also manage bad debt expenses. Some vendors might not pay their invoices, which will prevent them from receiving credit in the future. The causes include bad management, going out of business or bankruptcy. Businesses are allowed to write off these expenses to "bad debt" accounts. In these cases, the adjusting entry is made between the bad debt account and accounts receivables.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Suhag answered almost 3 years ago

**RESPONSIBILITIES IN ACCOUNT RECEIVABLE** • Keep track and process accounts and incoming payments in compliance with financial policies and procedures • Perform day to day financial transactions including verifying, classifying, computing, posting and recording accounts receivable data • Prepare bills, invoices and bank deposits • Reconcile the accounts receivable ledger to ensure that all payments are accounted for and properly posted. • Verify discrepancies by and resolve clients’ billing issues

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