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Thursday, 21 June 2012 11:17

 

Accounts Receivable Systems

 

          An accounts receivable system is a system that is totally integrated and is a consistent sub-system of general ledger systems. It is designed to generate computerized invoices through to the receipting of generated invoices.

          Most accounts receivable systems have the ability to generate a variety of reports such as ledger prints, retention reports, age analysis reports, cash expected reports, and account analysis reports.

          Selecting the right accounts receivable system for a particular business is not easy since there are no perfect systems. Every system has its strengths and weaknesses. Selecting any accounts receivable system always involves some compromises on the part of the business.

          These systems, which are often sold in modules, quickly became popular since they promised the integration of various operations of a company that were previously considered to be completely unrelated. These systems generally take one or two years to implement and are catching on rapidly.

          The accounts receivable system of a company's business system allows the application and tracking of receivables and collections. Using this module allows for important information to be stored for an unlimited amount of customers and transactions. It also helps accommodate the efficient processing of customer payments and adjustments.

          Most accounts receivable systems consist of two major functions - Debtors Control Function and Receipting Function.

          Debtors Control Function includes accounts receivable data entry, which also includes invoicing, and accounts receivable processing.

Receipting Functions include receipt data entry and bank deposit reports.

          Some examples of accounts receivable systems are Administrative Billings and Collections (ABCO), ABCO Online Inquiry (ABCOINQ), BLCO Online Inquiry (BLCOINQ), Direct Premium Remittance System (DPRS), Program Billings and Collections (BLCO), Program Billings and Collections System with Graphical User Interface (BLCO-GUI), Personal Computer Billings, and Collections System (PC-BLCO).

          Each of these systems has its own uses. For example, ABCO is used for automatic handling of a variety of bills which once recorded, are monitored constantly until the collection takes place through an automated system.

 

DPRS, on the other hand, is a centralized system for collecting premiums from eligible non-Federal enrollees who choose to participate in the Federal Employees Health Benefits Program.

BLCO is used to issue bills for inspection services and process all collections.

 

 

 

 
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