Workflow Templates: Accounts Receivable Checklist

Verify customer identification and credentials

Obtain signed credit application

Set up customer account in the accounting system

Determine credit limits and terms

Communicate payment terms and conditions to the customer

Generate accurate invoices based on sales orders

Verify invoice details with purchase orders

Send invoices to customers promptly

Track sent invoices in the accounting system

Follow up on any discrepancies or disputes

Receive and log customer payments

Apply payments to corresponding invoices

Update customer account balances

Reconcile payments with bank statements

Address any payment issues or delays

Monitor aging accounts receivable

Send payment reminders for overdue invoices

Contact customers by phone or email for overdue payments

Negotiate payment plans if necessary

Escalate unresolved accounts to collections agency

Generate accounts receivable aging reports

Analyze outstanding receivables for trends

Review bad debt and write-off accounts

Provide management with regular AR updates

Evaluate effectiveness of collections strategies

Accounts Receivable Checklist