How to Prepare a Schedule of Accounts Receivable
Accounts receivable occur when a company sells goods or services on credit. Customers can usually pay their outstanding bill over a short period of time. Businesses report these transactions as an asset, since the receivable represents a potential benefit for the company. Accountants will often prepare a receivables report to help manage these accounts. A common accounting report for this information is an aging of accounts receivable. All open accounts from customers owing money appear on this report. Each open account has a specific age associated with it, such as 30, 60, 90 or 120 days old.
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Instructions
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Review the accounts receivable journal. Mark all customer accounts that are 30, 60, 90 or 120 days old.
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Write column headers on the accounts receivable aging report. These should include customer name, date the account opened, current for receivables opened in the last 30 days and headers for receivables 30, 60, 90 or 120 days old.
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List the net amount owed by each customer by their name. Net amounts are the original credit amount less any payments to the account.
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Sort the report by the customer's last name. Owners and manager can then search the report by customer to determine who has the oldest outstanding receivables.
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Save the report in a file for reference at later time periods.
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Tips & Warnings
Computerized accounting software will often include a default accounts receivable aging report. Companies can usually make slight customizations to include any information desired by owners, managers or accountants.
