Elements and Performance Criteria
- Review accounts receivable process
- Receipts entered into accounts receivable system are checked for accuracy, consistency and thoroughness
- Incorrect entries are identified and accurately recorded according to type and source of receipt
- Discrepancies between monies owed and monies paid are identified and investigated according to organisation policy, procedures and guidelines
- Receipts entered into accounts receivable system are amended according to established procedures
- Identify bad and doubtful debts
- Debtors ledger is regularly reviewed in accordance with organisation policy and guidelines to identify outstanding monies an further information, if required, sought from relevant sources
- Bad or doubtful debt status is verified through liaison with debtors
- Reporting procedures and appropriate documentation for bad and doubtful debts is completed in accordance with organisation policy and guidelines
- Review compliance with terms and conditions and plan recovery action
- Clients in default of trading terms are correctly identified according to organisation operating procedures and contacted promptly and courteously to make satisfactory arrangements to pay monies outstanding
- Monies owing that constitute breaches of organisation credit policy are actioned in accordance with organisation policy and procedures
- Previous activities and communication with clients are thoroughly reviewed to establish adequacy of follow-up procedures, and whether all usual organisation recovery avenues have been exhausted
- Plans to pursue debt recovery or to initiate legal action are developed with measures to collect monies completed in accordance with organisation policy, guidelines and timelines
- Prepare reports and file documentation
- Distribute creditors invoices for authorisation
- Remit payments to creditors
- Prepare accounts paid report and reconcile balances outstanding