Accounts receivable (AR) are the balance of money due to a firm for goods or services delivered or used but not yet paid for by customers. Accounts receivable are listed on the balance sheet as a current asset.
Receivables Process Flow
Create Bank Deposit: Bank deposits are funds put into your bank account by a cash or check deposit or an electronic transfer.
Apply Payments - A payment that reduces the amount remaining to be paid on a specific debit item, instead of merely reducing the total amount owed on the account.
Process Lockbox Deposit Imports - The Lockbox Processing screen allows you to bulk apply payments.
Print Payment Application Register - The Payment Application Register lists all the Payments that were applied to Invoices / On-Account / Un-Applied during the specified criteria.
Print Customer Aging - The Customer Aging Report displays the balances that are due from customers, sorted by date interval or aging period.
Writing Off Invoices - The Key-Off function allows you to write off / clear Invoices, Payments, and On-Account funds from the Customers balance.
Post Receivables to Ledger - In order for Receivables activity such as Invoices, Deposits, Payments, etc... to show within the General Ledger financials, it is necessary to perform the Posting process.Applying from On Account