Duities of a Accounts Receivable Department in Your Company

Whether you’re running a small business or starting a new business, the accounting department in your company is essential to your business success. Your department handles the both processes, accounts payable and accounts receivable. It is one of the most important part of accounting, It can cause you endless troubles, woes, loss of money.

So need to hire a professional company or employee, who can do the below mentioned duties on time. Here they are:

• Posts customer payments by recording cash, checks, and credit card transactions.
• Posts revenues by verifying and entering transactions form lock box and local deposits.
• Updates receivables by totaling unpaid invoices.
• Maintains records by microfilming invoices, debits, and credits.
• Verifies validity of account discrepancies by obtaining and investigating information from sales, trade promotions, customer service departments, and from customers;
• Resolves valid or authorized deductions by entering adjusting entries.
• Resolves invalid or unauthorized deductions by following pending deductions procedures.
• Resolves collections by examining customer payment plans, payment history, credit line; coordinating contact with collections department.
• Summarizes receivables by maintaining invoice accounts; coordinating monthly transfer to accounts receivable account; verifying totals; preparing report.
• Protects organization's value by keeping information confidential.
• Updates job knowledge by participating in educational opportunities.
• Accomplishes accounting and organization mission by completing related results as needed.