How will u handle accounts receivable?
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accounts receivable is current asset of the company.
Accounts receivable is the amount to be received from the
customer / party for the sale or services provided.
it should show the details of the party from whom it is to
be received.
u should be checking for what period the balance of each
party is outstanding which will help to track the collection
procedure.
| Is This Answer Correct ? | 37 Yes | 3 No |
Answer / saroj
Account receivable need to be posted in the dr side of a
cash book.In balance sheet we have to post it in the asset
side.
(For doing all these account work people need to spend 2-4
years so companies should not recruit Bsc or others
students except finance student.)
| Is This Answer Correct ? | 37 Yes | 14 No |
Answer / trupti r. mahindrakar
Accounts recevable is the income earned but not yet
recevied so, we will open a Debtors A/c for those
trnsection & will credit the amount as the cash received.
| Is This Answer Correct ? | 25 Yes | 5 No |
Answer / mr. roshan dahal
Accounts Receivable : How to handle it is the question not
the accounting part only ?
First of all every one knows its a current Assets and shoul
be on Dr. Side of Balance Sheet, TB, Cash book ,etc.
but the most important thing is how to handle it ?
1.Check whether Receivable posted is of correct amount or
not ?
2.Whether all the company policies against such receivables
is followed or not ?
such period of credit, Interest rate etc.
3.for every bill to him all the statuatory charges to be
collected from him is added or not (e.g excise , Vat ,
Service Tax)
4.on receipt of balances whether the party has deducted TDS
or not if deducted then collect the TDS certificate.
5.Make sure that Debtors shuld not face any inconvenienc
on our partas the are our customer .
if u found if there any mistakes in my answer do suggest me
@ kshankingfishersmailbox@rediffmail.com i will be highly
pleased .
| Is This Answer Correct ? | 24 Yes | 4 No |
Answer / vikrant
Debtors management is not an easy task. Is it that easy to
answer the question How will u handle Accounts Receivable?
with only explanation of Accounting Treatment?
First of all in Question it is not mentioned whether u
relate to creation of Accounts Rceivable (Invoicing) or
Receipt of payment from Customer or Ageing Analysis (MIS)
or Audit part or Providing for bad Debts and Provisions
thereof or mentioning Sticky O/s , major Debtors in Audit
Reports or Variance Analysis wrt individual amts. of Debtor
over the year.
You may specify what of the above is required to be
answered in your quetion, in absense of the same i am
giving General Accounting Treatment which is of basic
level, just to understand the funda.First of all Most of
the people know here that after raising a bill / Invoice
the same is shown as Current Asset in balance sheet. (I am
giving Just an example)
Debtors' A/c Dr.
To Sales A/c
On Collection u take Bank/Cash receipt as the case may be
Bank A/c Dr.
To Debtor's A/c
The period between Raising of Invoice (Accruing Sales)
and Realisation (Collection of payment) is the one which is
called Credit period given to our Customers(voluntarily or
involuntarily :-)) and the Quantom is reflected by the term
Debtors(In Total for Balancesheet and
Customerwise,Periodwise in Debtor's Ageing etc.)
The key to managing debtors in short (AFAIK) is below
points.
1) Pass Invoicing entries accurately in Customer Ledger.
2) Collection entries to be passed accurately(customerwise
especially)
3) Ageing Analysis to be calculated periodically.
4) Sticky O/s to be given special attention.
5) Provide for sticky O/s in Books
6) Write off Bad Debts for Unrealisable o/s
7) Debtor's confirmation for Balances to be taken as part
of Statutory Audit or voluntarily as the case may be.
This was just some of many points, in case i have forgotten
something very important, pl. reply by suggestions.
| Is This Answer Correct ? | 17 Yes | 0 No |
Answer / nivedita paunikar
Accounts receivable is the amount to be received from the
customer / party for the sale or services provided to them.
it should be recorded in the bebit side of cash / bank book.
| Is This Answer Correct ? | 29 Yes | 17 No |
Answer / neelam
account Receivable means income which was earned but not
yet received in that yr. which is also called as accrued
income the entry for that accounts receivable was as follows
account recevable (accrued income) a/c-Dr
to particular a/c -cr
| Is This Answer Correct ? | 20 Yes | 9 No |
Answer / devendra korapati
Receivable Should be recorded in assat side in current
asset.
receivable is a credit sales in business.
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / shivaraman
accounts recivable is an asset to to the comapny . a person
he liable to pay to the firm come under the preview of
accounts recivabel.
handling is simple , at the time of rendering goods/service
to the outside party say s.debtor it is dualy recorded in
the books and if there is any balance is outstaning its is
still pending in the accounts and also at the time of
entering the amount credit period is also mentiond say 14
day 30,45 etc when the maturity date arrive dept inform to
the concerned debtors by oral or by mail, after checking
the invoice and amount
| Is This Answer Correct ? | 3 Yes | 0 No |
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