Accounts Receivable Excel Templates

Reach out to the accounts payable officer at the buyer company to check they have received their monthly statement. It is also recommended to phone the responsible person within the accounts payable division of the buyer company before and after issuing the invoice. This encourages buyers to pay on time, improving your cash flow. You may also consider providing a discount to early or immediate payments to further incentivize companies to pay as soon as possible. Continual late payments across a number of companies can create a cash flow problem in future. This checklist will help you check your client is able to pay, informs them of the necessary steps for payment, and covers best practices for accounting for the incoming payments.

There is a simple account receivable aging chart you can see as summary of your current company receivables. Can I use this checklist template within the Financial Cents application? In fact, that’s the better way to use and maximize this template. In Financial Cents, you can create a project from this checklist template, making it easy for you and every member of your team to get work done. Financial Cents also gives you a great overview of all client work and projects so you never miss another deadline. Our Accounts Receivable Reconciliation checklist template was carefully created to help you and your firm accurately complete the process.

  • These printed materials can be used for securing against technical failures.
  • On top of the table you can see the total amount of the receivables for those periods.
  • Moreover, you need to report these receivable under the category of Other Accounts Receivable.
  • This is a jumpstart on frameworks requiring standardization and streamlined communication.
  • You have a few options when it comes to keeping tabs on your daily bookkeeping checklist.
  • For services, you bill the client for the value of the services you provided.

An invoice request form is a document that is given to a business partner to request an invoice for goods or services received. Businesses often experience that customers forget or delay payment. Therefore, an invoice request form is prepared to request an invoice prudently. In addition to the above, the accounts receivable department also verifies purchases and prepares aging analysis reports apart from customer management. Any bookkeeper knows one of their key responsibilities is recording accounts payable invoices daily. Similarly, you can prepare customer-wise, credit period-wise, due date-wise, outstanding-wise, and days outstanding-wise reports.

Neglecting Balance Sheet Account Reconciliation

When we take time to look around, we suddenly see the importance of developing a formalized credit policy. This document outlines six easy steps to developing a world class credit policy and collections action plan to help you gain significant advantages in your business. To facilitate the steps outlined above, an accounts receivable template format will include some core sections.

Thus, it is necessary for a business to collect payments timely and reduce bad debts. Making Aging reports helps us to monitor long outstanding invoices which ensures timely follow-ups for collection with clients. Moreover, it helps us the business to design their credit policies. This free resource includes a ton of the most popular accounting templates including monthly bookkeeping, weekly accounting analysis, client onboarding procedures, and common tax return forms. The Accounts Receivable Checklist Template from Vitalics is an Excel file that you can easily modify to fit your business. This form will help guide you in monthly and annual reminders of what controls should be implemented as well as followed with your accounts receivable internal controls.

What are the 2 Methods to Record Bad Debts?

Kindly note that to run the above macro, the columns headings in both the sheet must be same. You really presented it in a format that makes it easy to read and follow. Also, check out our ebook, The Ultimate Guide to Business Process Automation, to learn more about how you can boost the efficiency of your business. Onboarding new employees in any area requires a clear process focused on fitting the new hire into the company’s culture and operations.

Financial Department Requests

A lot of accounting work is knowing what the necessary process is and being able to follow it effectively. The processes we have listed here range from onboarding accounting staff to invoicing clients, to bank reconciliation and end of year reporting. Carefully investigate and address any discrepancies you encounter during the reconciliation process. To streamline these tasks, leverage accounting software or tools that can automate reconciliation processes, reducing the risk of human error. Correctly posting closing entries in the general ledger ensures your financial statements provide an accurate snapshot of your organization’s financial position at the end of the month.

Accounting Workflow Software That Lets You Rest Easy

Included on this page, you’ll find an accounting journal template, accounts payable template, accounts receivable template, and more. As your business grows, so does the number of transactions and accounting processes you need to manage, including more manual AR work. Turning to alternative options like AR tracking software makes good business sense when you reach this point.


For the Due date, you can set a function that automatically calculates several days for you and show the exact date of payment. Reviewing the cash position regularly helps prevent any future financial issues. For example, if you know your client only has a certain amount of cash on hand, you can be more careful about how it is spent. Maintaining financial records requires a high degree of accuracy and attention to detail. You can hire us for our services on Fiverr or directly contact us at

Travel Itinerary Template

Our Accounts Receivable Reconciliation checklist template was carefully created to include all the necessary steps needed to accurately complete the process. You can also customize it to fit your firm’s needs and share it with your team members. An income statement, or profit and loss statement, provides a look into the financial performance of a company over a period of time.

If you are a US based company, refer to the FTC to check your terms adhere to the necessary legal documents. Use the subchecklist to record each of these fields is included on the application. I think that I will be able to manage my business accounting with the help of this article. Find out how to integrate Process Street with the apps you use every day, like Quickbooks for generating invoices or Freshbooks for organizing expenses.







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