The functions of the accounts receivable The functions of accounts receivable in accounting are as follows: 1.Recording Sales: Accounts receivable records the amount of money owed to a business by customers for goods or services sold on credit. It serves as a record of credit-based sales made by the business. 2.Payment Tracking: Accounts receivable tracks… Read More »
write-off affect net income and net account receivable A write-off is an accounting entry made to remove an asset or liability from the balance sheet, typically because it has become worthless or is unlikely to be recovered. In the case of a write-off of accounts receivable, the impact on net income and net accounts… Read More »
The services offered by bookkeeping firms Bookkeeping Firm: Bookkeeping firms typically offer a range of services related to managing a company’s financial records. Here are some of the services commonly offered: Bookkeeping: This involves maintaining accurate and up-to-date financial records for a company, including recording transactions, reconciling accounts, and producing financial statements. Accounts payable and… Read More »