Agreement Accounts Receivable With Credit Card Processing In Virginia
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§ 2.2-4800. Policy of the Commonwealth; collection of accounts receivable. This chapter establishes the policy of the Commonwealth as it relates to the accounting for, management and collection of all accounts receivable due to the Commonwealth.
To report accounts receivable, gather information about outstanding amounts owed by customers, create an accounts receivable ledger, categorize the accounts by age, prepare a report that summarizes the outstanding amounts, analyze the report, and take action to collect payments and manage the balance.
Therefore, when a journal entry is made for an accounts receivable transaction, the value of the sale will be recorded as a credit to sales. The amount that is receivable will be recorded as a debit to the assets. These entries balance each other out.
PCI compliance standards require merchants and other businesses to handle credit card information in a secure manner that helps reduce the likelihood that cardholders would have sensitive financial account information stolen.
Virginia is considered an “open border” state and does not impose collection licensing or bonding requirements for creditors, debt purchasers or collection agencies.
