what do you think the life cycle of the accounts receivable should be?

what do you think the life cycle of the accounts receivable should be?

Expert Solution

Account receivable life cycle is start when we sell the product or services to customer for the earning the revenue.

In Account receivable the accountant create Invoice or statement of bill to customer which include the Selling price of product or service with taxes and the reference number of the product or name of service / product.
This Invoice or statement he send to the customer for billing and create the transaction entry in system for pending money from customer.
After the bill or invoice received customer take decision to provide full money or part of money or required deduction for failure of product or service. And as per decision he provide the money to customer.
If customer provide the full money than accountant make entry in system close the transaction.
But if the customer done any deduction than accountant have to make deduction entry and enter as loss in system.
If the customer don’t provide the amount of billing than the accountant have to knock off the entry from system and company will bear the loss for that amount.

keosha answered 1 year ago

Distinguish the accounts receivable from the revenue cycle. What are the steps in managing accounts receivable?...

Distinguish the accounts receivable from the revenue cycle. What are the steps in managing accounts receivable? Explain each step.

Do you think a cycle count should be done to verify the perpetual inventory? Explain

what do you think a small government should do to promote entrepreneurship? Or if you think...

what do you think a small government should do to promote entrepreneurship? Or if you think the government shouldn't do anything, please explain why.

Probiotics: Do You Need Them? What do you think? Do you think you should add probiotics...

Probiotics: Do You Need Them? What do you think? Do you think you should add probiotics to your diet? Why or why not? Do you think we know enough about probiotics to recommend them to the public? Site your source

What do you do at your store or think that you should do to ensure that...

What do you do at your store or think that you should do to ensure that customer service is being implemented effectively to increase sales and build a competitive advantage?

how do you monitor inventory and accounts receivable?

What is accounts receivable? What is notes receivable and how are they different than accounts receivable?...

What is accounts receivable? What is notes receivable and how are they different than accounts receivable? How do creditors decide to extend credit to their customers? What processes do credit managers use to evaluate new customers? Now explain the allowance for doubtful accounts and provide examples.

What do you think the primary role of the government should be?

EthicsWhat do you think the primary role of the government should be?Is it just to protect your liberties from other people inhibiting your rights? The government should focus on keeping other people from interfering in your self-actualization. This is a focus on negative rights. Think the Bill of Rights which is not about what the government can do for you, it is about how the government and others should leave you alone. This is the position of the right.Is it...

What items do you think should be in a partnership contract?

Do you think employers should have to match employees FICA taxes? Do you think employers should...

Do you think employers should have to match employees FICA taxes? Do you think employers should be responsible for paying unemployment taxes on its employees? In order to receive your full points, your discussion should be thorough and you must reply to another student's discussion. Make sure that you state the classmate's name to whom you are replying. Also, this should be a thorough discussion. Typically one sentence is not a discussion.

Question