28 Oct Black Holes in Bookkeeping (Part 2): Accounts Receivable
In this second article of a four part series, we are discussing how accounts receivable “black holes” may impact financial reports for your small business.
Accounts receivable is the amount owed to you by your customers. When any of the following exists, your financial reporting is incorrect or you are not getting paid for your hard work:
- There is no listing that shows the date of the sale, who the sale was made to and the amount.
- There is a listing, but the total on the listing is not the same as on the Financial Statements.
- There are items on the listing that are:
- actually paid
- not paid and the customer needs a reminder call
- are not paid and won’t be paid for reasons like, the customer refuses to pay and the original invoice was changed or cancelled
If you identify an accounts receivable black hole in your bookkeeping, contact your bookkeeping service to see what they can do to fill the hole and make sure you are getting accurate financial reports. If they are not able to help, email us at firstname.lastname@example.org to schedule a telephone, or in-person, appointment with Christine to discuss.