Performing Daily Processes in Accounts Receivable

In this lesson we will look at the two fundamental account receivable transactions, entering outgoing invoices for customers and posting simple payment receipts.

When you sell products to your customers, you obviously expect to be paid the agreed price of the items sold. The receivable claim has to be reflected in your accounting books as an open claim from the customer business partner and as an open receivable in the general ledger. This is achieved through posting an outgoing invoice which includes information about all relevant amounts, taxes, and agreed payment conditions.

When the customer receives the products purchased and the invoice, they are expected to pay the agreed amount with the terms and method (such as bank transfer, cash, check) agreed. When you receive confirmation of the payment being made, you update the system to close the customer open item with an incoming payment.

• Invoices and Credit Memos
• Outgoing Payments with Printed Forms