Accounts receivable is the process of billing customers who owe you money and recording the resulting payments received.
To begin the process, you generate invoices to send customers. You can set up terms for payment, create discounts for early payment, and charge additional fees for late payment. Most terms, fees, and discounts are established when you set up Accounts Receivable, and you can use them when creating invoices.
Once you have entered invoices, you can print them as statements and send them to customers. You can even print the mailing labels you need. You can also use the Accounts Receivable program to record incoming payments, generate customer receipts, and mail the resulting statements.
If you use accrual accounting, your ACS Accounts Receivable program interfaces with the ACS General Ledger (GL) program, posting invoices and payments to the appropriate accounts automatically to maintain your organization's ledger. The Accounts Receivable program also interfaces with General Ledger to support cash accounting, posting payments to the ledger.
Many additional reports let you list and analyze customer records, invoices, and payments. Pre-existing reports can help you perform a variety of tasks, from creating a list of birthdays to a list of total receipts for the month. You can customize the content and appearance of reports to suit your needs and save those settings for future use.
To begin setting up Accounts Receivable, see the Accounts Receivable Startup Outline.
To view the printable version of the Accounts Receivable user guide, click here.
Common Accounts Receivable Tasks
- Configuring the AR Setup Tab
- Defining Payment Codes in Accounts Receivable
- Adding Family Records in Accounts Receivable
- Adding and Editing Customer Records in Accounts Receivable
- Calculating Balances in Accounts Receivable
- Viewing Customer Invoices, Payments, and Totals
- Adding and Editing Accounts Receivable Invoices
- Adding Payments in Accounts Receivable
- Scheduling Payments in Accounts Receivable
- Printing Accounts Receivable Reports