Accounts Receivable

Basic Function


To ensure all receivables are accounted promptly with the correct value of the transactions, currency and make sure the collections (Receipts) against invoices, are done on time according to the terms and conditions after settling of the debit notes and credit notes of any claims between the company and the customer.

Duties & Responsibilities

• Ensure all the master data for each customer is being updated with relevant information.


• Creating new customers in the system after getting proper request/approval from S&M.


• Maintaining the credit limits for all customers, modify, and revise upon proper approval obtained by S&M from management.


• Verify the sales orders are created according to the approved price matrix of each quarter duly approved by the management.


• Verify the invoices are printed promptly by the commercial section of S&M as per the terms of the sales order.


• Account for any sales expenses, rebates, commissions properly for each customer, and by each invoice in the system on the accrual basis.


• Send advise to treasury department after approval for the payment of any accrued expenses to the agents for such commission,


• Provide credit notes or debit notes to the customers after verification of the source document (duly approved) requesting such a debit note or credit note.


• Monitoring the outstanding balance not exceeding the credit limit and advice in advance to S&M as a proactive measure (however system blocks for any new order if credit limit exceeds)


• Providing analysis and advice for the exception sales orders requested by S&M in case of exceeding credit limit or default in payment on the due date.


• Monitoring over dues of each customer and sending reminders to the customer for collecting receipts.


• Obtain the required assistance from S&M for the collection efforts and if required escalate the case to the higher level for default collections.


• Preparing required documents in coordination with commercial department as required by SO terms (LC, CAD, etc.) to send to the bank after signed by authorized signatories.


• Keep track of all possible credit control process and escalate any risks to the appropriate level.


• Keep all the documents properly filled for any future reference, for any litigation, or for submitting to credit insurance company.


• Maintain the customer balances clear by assigning/settling advance receipts, the credit notes, credit notes, and receipts with the respective invoices on time.


• Make periodical reconciliation at least each quarter with customer accounts.


• Keep good communication and relationship with customers to keep coordination and information exchange.
  

Reports

• Aging analysis of customer balances are to be prepaid on a monthly basis to see aged outstanding, overdue payments, unassigned debit or credit notes, etc to take appropriate action


• Reconciling on monthly basis the customer balances with the GL and get it signed by the immediate supervisor for audit requirements.


• Provide all the required information to the external auditors on time and for internal audits from time to time as requested.


• Obtaining balance confirmation from customers on a quarterly basis and reconcile in case of any difference. Similarly, provide balance confirmation in case of customer needs.


• Provide any reports, statements, or information as required for S&M, management, or for internal departmental use as and when required.