AR Daily, Weekly, Monthly, Yearly Checklist

These are basic daily, weekly, monthly, and yearly checklists for AR.

Daily

_____ Print and review all journals

_____ Enter and post all transactions (invoices and credit memos) and cash receipts

_____ Review 'Process External Payments' (Transactions) and process charges to a batch code

Weekly

_____ Review customer aging report/view

Monthly

_____ Run Periodic Maintenance function to perform the following tasks: check the Perform General Periodic Process option to age all customers, update credit status, update finance charges, compare balances, and clear sales reps' period-to-date totals

_____ Calculate finance charges (Open Invoices>Calculate Finance Charges) and post finance charges (Periodic Maintenance>General Periodic Process)

_____ Reconcile bank account with cleared and not-cleared cash receipts

_____ Close the period for receivables: System Manager>Company Setup>Period Conversion. Check the box in the AR row to close the completed period and prevent data entry.

_____ Print customer statements using the Print Statements function on the Open Invoice menu for the period. (Note- if you prefer the statements NOT show items paid during the prior month, run it after the periodic maintenance step)

_____ Copy new recurring entries

_____ Review commissions (Commission Detail) - prepare commissions

_____ Purge commissions (optional)

_____ Print the following reports from the Open Invoice menu:

  • The AR Aged Trial Balance (to reconcile General Ledger Accounts Receivable GL account with the totals on the report).
    • 3 places for Dates: Transaction and payment cutoff (use the GL period of month you are closing) – Aging Date: enter end of month date for all of these
    • UNCHECK print zero balance customers
    • Balance Forward Customers: this can be unchecked for most clients if you only have open invoice customers. However, if you have BALANCE FORWARD customers you must check this box. If you have both types of customer, you will need to run it once with and without this checked.
    • Pick view invoice option: HIDE or DETAIL depending on which you prefer (you may want to print one of each, one hide (very summarized), one detail)
  • The Customer Analysis Report (Management Reports menu) to identify sales and profit amounts, number of invoices and average invoice amounts for the period-to-date. Unselect last year and year to date, and addresses

_____ Reconcile GL AR balance to subsidiary balance

_____ Use ‘Process External Payments’ (Transactions) to review credit card pre-authorizations for collection

Yearly

_____ Print the following summary reports from the Management Reports menu:

  • AR Analysis Report to analyze receivables
  • Sales Analysis Report to analyze sales trends based on the last 12 months
  • Customer Activity Report to identify your top customers
  • Customer Sales Report to view sales, gross profit, and average income per customer

_____ PERIODIC MAINTENANCE: *YEAR END ONLY: Clear Sales Rep Year-To-Date totals

_____ Review ‘AR Customer Payment Method View’ to remove expired credit cards or ACH payments