Overview
CASH ACCOUNTS RECEIVABLE:
Features:
- The sales order remains
in the computer until it is completely delivered and completely paid
- All deposits and
payments collected are balanced to the daily deposit slips
- Finance discounts,
finance rebates, and under or over payments are accounted for and
summarized for the general ledger
- Layaway payments are
processed as additional deposits, NOT as accounts receivable
- All deposits or
additional payments are stored in a payment history file by customer
name
- Each customer’s sale
shows up on an aging report and the computer determines (based on
payments received and deliveries made) whether the customer has a
balance due
- The aging report also
controls cash flow by pointing out old sales that have not been
delivered
- Ability to transfer
payments between sales orders
- Ability to print
customer statements clearly, indicating deposits being held against
undelivered merchandise
- Monthly bank deposit
report (by bank and day)
- Optional “Paid and
Taken” system for “taken” sales items
- Special report for
“outside financed” sales orders
Benefits:
- The computer
establishes the accounts receivable balances on each sales order which
reduces clerical time, increases accuracy, establishes better control
and helps to prevent theft
- Further reduction in clerical
time and accounting services is achieved due to the computer accounting
for small balance write-offs, finance discount and rebates, bank deposit
reconciliations, general ledger distributions, ease in correcting
misapplied payments and preparing customer statements
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