Accounts Receivable

Accounts Receivable and sales operate much the same as Accounts Payable and your purchases. Under the accrual method, you'll be entering sales as you earn them and invoice your customers. Have a simple chart that shows who owes you money each month - have a beginning balance which equals last months' ending balance. Enter any payments they've made or new charges they've incurred, and come up with an ending balance. That must equal the amount you list as AR on your books - if it doesn't, your task is to figure out where the discrepancy is.

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Expenses Paid by Cheque : Expenses Paid By Cash : Accounts Payable : Cash Discounts on Purchases : Petty Cash : Payroll : Sales & Customer Deposits : Accounts Receivable : Inventory : Deposits : Sale of Assets : Depreciation : Suspense : Month End Adjustments : Paper Trails

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This page last modified: 11 Mar 2008