Accounts Receivable Template is a ready-to-use template in Excel, Google Sheet, and Open Office Calc to manage customer invoices and payments.
Just insert your company name at the top and start using the template.
Additionally, you can record payments and also get invoice-wise outstanding and total accounts receivable outstanding.
Furthermore, it consists of multiple payment columns against each invoice so that you can also record part payments against invoices.
Table of Contents
As per Wiki
Accounts receivable is a legally enforceable claim for payment held by a business for goods supplied and/or services rendered that customers/clients have ordered but not paid for. These are generally in the form of invoices raised by a business and delivered to the customer for payment within an agreed time frame.
In simple terms, accounts receivable ledger consists of the list of debtors to whom we have rendered a service or supplied goods along with details like invoice number, date of invoice, date wise payments received and outstanding receivables from a particular client or all in general.
Accounts receivable handles the following functions:
In addition to the above, the accounts receivable department also verifies purchases and prepares aging analysis reports apart from customer management.
Accounts receivable is a 4 step process:
In addition to the above, the accounts receivable department coordinates with the Sales department to ensure a smooth collection of payments as well as saving the company from bad debts or long outstandings.
Account Receivable A/C – Debit
To Sales A/C – Credit
Cash or Bank A/C – Debit
Account Receivable A/C – Credit
Cash or Bank A/C – Debit
Sales Discount A/C – Debit
Account Receivable A/C – Credit
The sum of both credit amounts must be equal to the debit amount.
Sales Return A/C – Debit
Accounts Receivable A/C – Credit
We have created a simple and easy Accounts Receivable Template with predefined formulas and formating. Record date wise invoice and their respective payments and it’s done. The template shows invoice outstanding as well as total outstanding accounts receivable at any given point of time.
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Important Note: To edit and customize the Google Sheet, save the file on your Google Drive by using the “Make a Copy” option from the File menu.
Furthermore, when invoices are outstanding for longer periods, they refer to accounts receivable aging. You can download and use our ready-to-use Accounts Receivable Template With Aging.
You can download other accounting templates like Cash Book, Petty Cash Book, and Purchase Return Book.
Let us understand the contents of the template in detail.
This template consists of 2 sections: the Header section and the Data Input section.
Header section consists of the following:
Row 1 = Enter Company/Business Name. Cells A1 to K1. Merged cells.
Row 2 = Heading of the sheet. Cells B2 to K2. Merged cells. Headings can be put as Accounts Receivable Ledger or Debtors Ledger.
Row 3 = Multiple headings as numbered below:
Dat Input section consists of the following:
Row 4 = This row consists of subheadings for data input. For example, see the table below:
Invoice Date, Invoice number, Customer name, Total Amount of Bill, payment 1, and payment 2 and their respective date are details to be put while entering data.
For the Due date, you can set a function that automatically calculates several days for you and show the exact date of payment.
For this, you need to set a function like this = cell address which contains date + Number of days for allowed. Here in our sheet, it is 60 days.
Thus, the formula entered is =A5+60. Copied to all cells below by simple copy-paste, this will apply the same settings to all cells.
Moreover, it calculates the balance by deducting the total amount of invoices minus the total of all the payments. It uses the following formula: =D5-SUM(H5+J5+L5+N5+P5+R5+T5+V5+X5+Z5+AB5+AD5)
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You can classify receivable in the following 3 categories:
Yes, Accounts Receivable is an asset. It is the amount a customer owes to a business and a business can convert it into cash upon due date. Moreover, Accounts Receivable are reported as a current asset in the balance sheet.
Creditor days is the average time it takes for a business to settle its debts with its trade suppliers.
Bad debt recoveries are the payments a business receives for the written-off debt which were considered uncollectible. Moreover, you need to report these receivable under the category of Other Accounts Receivable.
Debit the Bad Debt and Credit the Allowance for Uncollectible Accounts.
Bad debt is a contra asset. It reduces the accounts receivable amount and the business reports these bad debts on the Income Statement under the Operating Expenses.
You can account for Bad Debts by any of the following two methods:
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