Key AR Best Practices to Ensure Accurate Period-End Close

Input to the detailed accounts receivable subsidiary ledger must be based on valid customer billing records and remittances. Procedures must be established to ensure the accurate and timely recording of billings, remittances, billing adjustments, and posting of receipts. The detailed accounts receivable subsidiary ledger must be reconciled (contents are known and status is current) to the General Ledger monthly and any differences researched and resolved. The reconciliation detailed…