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> Accounts Receivables
Accounts Receivables
1. Invoice Creation
Confirm customer details are accurate.
Ensure the correct products/services are listed.
Verify pricing is accurate and includes any discounts.
Check payment terms and conditions.
Generate and send the invoice to the customer.
2. Invoice Tracking
Log the invoice in the accounts receivable system.
Set reminders for payment due dates.
Monitor payment status regularly.
Update records as payments are received.
3. Payment Processing
Verify payment amounts against invoices.
Record transactions in the accounting system.
Update accounts receivable ledger.
Issue receipts to customers for payments received.
4. Collections Management
Review overdue accounts monthly.
Send reminders for outstanding invoices.
Establish a follow-up schedule for delinquent accounts.
Prepare collection letters for persistent overdue accounts.
5. Reconciliation
Reconcile accounts receivable balances with general ledger.
Review discrepancies and resolve them promptly.
Ensure all payments and adjustments are accounted for.
6. Reporting
Generate accounts receivable aging reports.
Analyze data for trends in collections and outstanding balances.
Prepare reports for management review.
7. Customer Communication
Maintain open communication with customers regarding their accounts.
Address any disputes or inquiries promptly.
Provide updates on payment status or issues.
8. Compliance and Documentation
Ensure adherence to accounting policies and procedures.
Maintain documentation for all transactions and communications.
Review compliance with relevant regulations and standards.
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