Workplace-Related Issues

Accounts Receivables and Bad debts

Part 1 Response

Three things that can be integrated into QuickBooks to help businesses to limit the level of accounts receivable turning into bad debts would be customizing them to send regular alerts on overdue debts near their maturity within the company’s credit policy timelines. Also by making the system limit the amount a customer can own on credit based on the products pricing model will help and make the system generate regular reports on spot cash customers (Fordham, & Hamilton, 2019). By having the system send regular alerts on overdue debts reaching their maturity, the company will initiate the process of sending an invoice to the affected customers facilitating payment. When the system has limits on the number of goods that can be advanced, it reduces the amount of money owed and makes it easier for the customer to pay their due to get higher limits. When the system generates regular reports on spot, cash buyers it will make the billing officer easily follow those customers with debt but are now buying on cash hence raising demand invoices to them.

Part 2 Peer Response -Jennifer

Hello Jennifer, using reports and sales invoices generated by QuickBooks can indeed help the company monitor accounts receivables from becoming bad debts. Also, your sentiments that creating a customized report that is synchronized with accounts receivables will monitor the outstanding customers’ balances. Finally, your observation that by using invoices that are customized one can know with certainty the outstanding customers’ balances and issue demand invoices promptly is very correct. Therefore, the QuickBooks software can be very instrumental in running the company’s accounting department since the integrated options can help to monitor debts.

References

Fordham, D. R., & Hamilton, C. W. (2019). Accounting information technology in small businesses: An inquiry. Journal of Information Systems, 33(2), 63-75.

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