ACCOUNTS RECEIVABLE - 7814
(Revised: 04/2022)
An accounts receivable subsidiary ledger, and/or file, is maintained for receivables as circumstances warrant. A separate section is maintained for each applicable receivable account on an open item basis. When a file is used, a copy of each invoice is placed in the file when prepared and is removed and transferred to a closed file when paid. When a ledger is used, each debtor’s account is debited when amounts become due and credited when payments are received. See SAM Section 8294, Reconciling and Reporting Receivables.
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