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Accounts Receivable Checklist
Customer Onboarding
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
Invoicing
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
Payment Processing
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
Collections
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
Reporting and Analysis
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
