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Accounting Report: Evan Jones, Owner Of Every Electricals

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Accounting Report By Gurbaj Singh Sandhu Evan Jones, Owner of Every Electricals, you could make some changes to your accounts receivable subsystem by adding some of the following elements, some of which you already have added. Purpose of credit checking potential customers = The Purpose of credit checking potential customers is to make sure that the people will pay back any debt which they owe. This is done by checking the customer's credit history. By doing a credit history check of customers, you will find out who is reliable, expected and more likely to pay the money back. This will help Every Electrical, to find reliable people that will pay back fast and reduce the risk of bad debtors and debts. Authorization of Transactions = …show more content…

By keeping important documents such as receipts or invoices, it will help prevent any theft or loss for Evan and can ensure accuracy of documents for Every Electrical. If they miss documents, they will know because the sequence of numbers may have gaps meaning something suspicious happened, because we want all the sequence of numbers to match together. By doing this, you can see if you have all the documents and nothing suspicious is happening within Every Electrical. Purpose of sending statements to accounts receivable = The Purpose of sending statements to accounts receivable is to provide each of Every Electricals customers with a summary of their outstanding balances. By sending statements to accounts receivable, it reminds the customer of how much they owe. Evan should send remainders weekly or monthly to people with debts that are still current. But if they are longer than two months, he should call the person, for example, Geyser City Stationary has not paid their $966 for 3+ months. Evan should send him a letter, message or even call him to remind him to pay his debt so you will not have a big outstanding …show more content…

Every customer will have their own account which will state the amounts they have paid and owe every electrical. Every Electrical does this which is extremely useful because it shows all the transactions which have happened previously and shows the money that people owe to Evan. For example, for D Patel his opening balance is $670 and then pays $370 on the 11th and now owes Evan $300. This is helpful because it shows everything that has happened and how much each individual owes

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