Accounts Receivable manages the recording of sales on credit or cash, issuing invoices to customers and statements of outstanding balances as well as tracking receipts of customer payments.
Sometimes as small businesses are looking to grow and expand they may start selling goods and services on credit. We can help your business manage the recording of sales on credit, issuing invoices to customers, preparing the statement of outstanding balance and tracking receipts of customer payments.
We are providing insight into payment cycles and credit terms by presenting a detailed picture of Accounts Receivable aging. We’ll help you stay up-to-date with customer payments, amounts due from customers and sales and use tax preparation.
Depending on the type of business you are in, you might have to pay sales and use tax. Sales and use tax applies to retail sales, leases, as well as the sale of selected services. At the time of sale, you have to collect sales tax for the product or service sold and later on submit the payment to the state you live in.
- When goods and services are sold on credit, an invoice is created and sent to the customer who in turn has 30, 60, 90 days to pay.
- At the time the invoice is created, an accounts receivable is recorded on the balance sheet which in turn is reduced when payment is received from the customer.
- Customer Setup
- Create and send invoices to customers
- Apply cash received
- Provide Accounts Receivable Aging report
