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What is Accounts Receivable Control Account?
Account Receivable Control Account or Sales ledger control account is maintained in the general ledger used to record transactions relating to Accounts Receivable. Balances reflects the amount outstanding and due to the business by customers during credit sales. To control such Account reconciliation can be done between control accounts and total of individual customer accounts (personal accounts) in the subsidiary ledger.
Key controls to consider-
- Ensure credit rating of a customer before selling goods in credit.
- Verify contract terms before generating an invoice.
- Proofread invoices.
- Authorize credit memos.
- Restrict access to billing software to avoid theft.
- Assign the task of handling incoming payments from customers to different people.
- Review the journal entries of accounts receivable.
- After completion, invoices should be filed to get verified by internal audit staff if needed.
- Compare billings with shipping log.
- Audit the application of cash receipts.
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Accounts Receivables Control Procedures includes-
- Receivable accounts and subsidiary ledgers should be maintained separately.
- Subsidiary ledgers should be created when necessary.
- All charges, adjustments and collections related to each quarter should be recorded at the end of every three months.
- Adjustments should be made in case there is a bad debt.
- Due accounts should be reviewed and efforts should be made to collect.
- Periodic review of billing and collection transaction should be made.
- Reserve for doubtful debts must be created.
- Bills should be issued in a timely manner.
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