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Accounts Receivable checklist
Customer Credit Management
Review and adjust credit policies regularly
Conduct credit checks on new customers
Set credit limits based on customer creditworthiness
Invoice Processing
Issue invoices promptly after delivery of goods or services
Ensure invoices are accurate and complete
Send invoices to customers via their preferred delivery method
Payment Tracking and Allocation
Record payments received timely and accurately
Match payments to the appropriate invoices
Reconcile accounts receivable ledger with general ledger
Collections Management
Send payment reminders before payment is due
Follow up on overdue payments with phone calls or emails
Negotiate payment plans for delinquent accounts
Reporting and Analysis
Prepare regular accounts receivable aging reports
Analyze accounts receivable performance metrics
Review and report on any significant changes in customer payment patterns
Account Reconciliation
Reconcile outstanding invoices with customer statements
Investigate and resolve discrepancies
Adjust accounts for any write-offs or bad debt provisions
