A balance sheet is an accounting tool used to summarize the financial status of a business or other entity. It generally lists assets on one side and liabilities on the other, and both sides are always in balance. Assets and liabilities are divided into short- and long-term obligations including cash accounts such as checking, money market, or government securities. At any given time, assets must equal liabilities plus owners equity. An asset is anything the business owns that has monetary value. Liabilities are the claims of creditors against the assets of the business. A balance sheet is usually prepared each month, quarter of a year, annually, or upon sale of the business, in order to show the overall condition of the company.
Accounts Receivable means a debt owed by a debtor or customer to an enterprise for goods or services received. It usually represents money owed by customers in exchange for goods or services delivered to or used by them, but not yet paid for. Therefore, accounts receivable is an accounting transactions that deals with the billing of a customer for goods and services they have ordered. Income due from investments is not an account receivable. Account receivable is also known as a note receivable.
Idaho Balance Sheet Support Schedule Regarding Accounts Receivable is a financial document that provides a detailed breakdown of an organization's accounts receivable. It is an essential tool for businesses and individuals looking to analyze the financial health and liquidity of a company operating in Idaho. This schedule includes various types of support documents related to accounts receivable, ensuring accuracy and transparency in financial reporting. Keywords: Idaho, balance sheet support schedule, accounts receivable, financial document, breakdown, organization, financial health, liquidity, businesses, individuals, accuracy, transparency, financial reporting. There are different types of Idaho Balance Sheet Support Schedule Regarding Accounts Receivable, including: 1. Invoice Detail: This section of the schedule lists all the invoices issued by the organization, their corresponding customers, invoice numbers, dates, and amounts. It provides a comprehensive overview of the accounts receivable, enabling businesses to track their outstanding sales and monitor payment statuses. 2. Aging Analysis: The Aging Analysis section categorizes accounts receivable based on the length of time they have been outstanding. It typically breaks down receivables into different time periods, such as current, 30 days, 60 days, and 90+ days. This analysis helps identify potential risks and allows businesses to implement strategies to reduce overdue payments. 3. Allowance for Doubtful Accounts: This part of the schedule reflects the estimated amount of accounts receivable that may not be collected due to potential non-payment or disputes. It is crucial for businesses to maintain an allowance for doubtful accounts to ensure accurate reporting of the accounts receivable's true value. 4. Bad Debt Expense: Bad debt expense represents the amount of accounts receivable that is considered uncollectible during a specific accounting period. It is recorded as an expense on the income statement and deducted from the accounts receivable balance on the balance sheet. Properly estimating and recognizing bad debt expense is essential for accurate financial reporting. 5. Customer Credit Limits: This section outlines the credit limits set for each customer or customer group. It helps businesses assess the creditworthiness of their customers and define appropriate credit terms to minimize the risk of non-payment or excessive outstanding balances. 6. Collection Efforts: This part may include records of collection efforts made by the organization to recover overdue invoices. It demonstrates the company's proactive approach towards managing accounts receivable and recovering the outstanding amounts. In conclusion, the Idaho Balance Sheet Support Schedule Regarding Accounts Receivable is a crucial financial tool that provides a detailed account of an organization's accounts receivable. It includes various types of support schedules such as invoice details, aging analysis, allowance for doubtful accounts, bad debt expense, customer credit limits, and collection efforts. These components help businesses in Idaho assess their financial performance, manage their cash flow effectively, and make informed decisions regarding their accounts receivable.
