Accounts Receivable
Companies record accounts receivables as _______ on their balance sheets.
Assets
AP is an accounting entry that represents a company's obligation to pay off what type of debt?
Short-term
What is one of the most important questions (in terms of volume) to ask someone working in collections?
Hint: What __________ in how many _____
percent; days
What are 2 bookkeeping tasks?
1) expense payments to suppliers
2) Loan Payments
3) Customer Payments for Invoices
4) Monitoring Asset Depreciation
5) Generating Financial Reports
AR Specialist
AP appears on the balance sheet under _____ _______.
Current Liabilities
What are three of the four functional roles in collections?
Collector, Collections Specialist, Debt Resolution Specialist, and AR Specialist
Where do bookkeepers typically record their data?
The General Ledger
Accounts Receivable refers to the _______ a company has or the money clients owe the company.
Outstanding Invoices
What are trade payables?
The money a company owes the vendors for inventory-related goods.
What are three of the four functional roles surrounding credit?
Credit Analyst, Loan Processor, Credit Customer Service, and Credit Specialist
Name 2 common software systems bookkeepers are usually familiar with.
QuickBooks, Freshbooks, Wave, Sage, Xero are the top 5.