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Accounts Receivable

Accounts receivable is one of a series of accounting transactions dealing with the billing of customers who owe money to a person, company or organization for goods and services that have been provided to the customer. In most business entities this is typically done by generating an invoice and mailing or electronically delivering it to the customer, who in turn must pay it within an established timeframe called credit or payment terms.

An example of a common payment term is Net30, meaning payment is due in the amount of the invoice 30 days from the date of invoice. Other common payment terms include Net45 & Net60 but could in reality be for any time period agreed upon by the vendor and client.

While booking a receivable is accomplished by a simple accounting transaction, the process of maintaining and collecting payments on the accounts receivable subsidiary account balances can be a full time proposition. Depending on the industry in practice, accounts receivable payments can be received up to 10 - 15 days after the due date has been reached. These types of payment practices are sometimes developed by industry standards, corporate policy, or because of the financial condition of the client.

On a company's balance sheet, accounts receivable is the amount that customers owe to that company. Sometimes called trade receivables, they are classified as current assets. To record a journal entry for a sale on account, one must debit a receivable and credit a revenue account. When the customer pays off their accounts, one debits cash and credits the receivable in the journal entry. The ending balance on the trial balance sheet for accounts receivable is always debit.

Business organizations which have become too large to perform such tasks by hand (or small ones that could but prefer not to do them by hand) will generally use accounting software on a computer to perform this task.

Associated accounting issues include recognizing accounts receivable, valuing accounts receivable, and disposing of accounts receivable.

Accounts receivable departments use the sales ledger.

Other types of accounting transactions include accounts payable, payroll, and trial balance.

Since not all customer debts will be collected, businesses typically record an allowance for bad debts which is subtracted from total accounts receivable. When accounts receivable are not paid, some companies turn them over to third party collection agencies or collection attorneys who will attempt to recover the debt via negotiating payment plans, settlement offers or legal action. Outstanding advances are part of accounts receivables : If a company gets an order from its customers with advance agreed in payment terms. Since no billing is being done to claim the advances several times this area of collectible is not reflected in Accounts Receivables. Ideally, since advance payment is mutually agreed term, it is the responsibility of the accounts department to take out periodically the statement showing advance collectible and should be provided to sales & marketing for collection of advances. The payment of accounts receivable can be protected either by a letter of credit or by Trade Credit Insurance.

Companies can use their accounts receivable as collateral when obtaining a loan (Asset-based lending) or sell them through Factoring (finance). Pools or portfolios of accounts receivable can be sold in the capital markets through a Securitization.

 

Click Here to Submit Your Account

If we don't recover your money, you owe absolutely nothing! 

If we do collect you owe us the following: 
30% of the amount collected on accounts under 1 year in age. 
40% of the amount collected on accounts over 1 year in age. 

Submit 10 or more Business to Business accounts with balances over $1,000.00 on your initial placement and your rate will be 20% no matter what the age of the accounts are!
*Accounts MUST be in business at time of placement.


Questions? Call 1-877-661-7047 and speak to an associate RIGHT NOW!

 

 

  
 



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Accounts receivable is one of a series of accounting transactions dealing with the billing of customers who owe money to a person, company or organization for goods and services that have been provided to the customer. In most business entities this is typically done by generating an invoice and mailing or electronically delivering it to the customer, who in turn must pay it within an established timeframe called credit or payment terms.

Below you will find a list of the cities within Alaska where we offer collection agency services:

A
Adak
Akhiok
Akiak
Akutan
Alakanuk
Aleknagik
Allakaket
Ambler
Anaktuvuk Pass
Anchorage
Anderson
Angoon
Aniak
Anvik
Atka
Atqasuk
B
Barrow
Bettles
Bethel
Brevig Mission
Buckland
Buster
Burbank
C
Central
Chefornak
Chevak
Chignik
Chuathbaluk
Circle
Circle Hot Springs
Clark's Point
Coffman Cove
Cold Bay
Cordova
Craig
D
Deering
Delta Junction
Dillingham
Diomede
E
Eagle
Eek
Egegik
Ekwok
Elim
Emmonak
F
Fairbanks
False Pass
Fort Yukon

 

 

 

G
Galena
Gambell
Golovin
Goodnews Bay
Grayling
Gustavus

H
Haines
Holy Cross
Homer
Hoonah
Hooper Bay
Houston
Hughes
Huslia
Hydaburg
J
Juneau
K
Kachemak
Kake
Kaktovik
Kaltag
Kasaan

Kenai
Ketchikan
Kiana
King Cove
Kivalina
Klawock
Kobuk
Kodiak
Kotlik
Kotzebue
Koyuk
Koyukuk
Kupreanof
Kwethluk
L
Larsen Bay
Levelock
Lower Kalskag
N
Napakiak
Napaskiak
Nenana
New Stuyahok
Newhalen
Nightmute
Nikolai
Nome
Nondalton
Noorvik
North Pole
Nuiqsut
Nulato
Nunam Iqua
Nunapitchuk

O
Old Harbor
Ouzinkie
P
Palmer
Pelican
Petersburg
Pilot Point
Pilot Station
Platinum
Point Hope
Port Alexander
Port Heiden
Port Lions

Q
Quinhagak
R
Ruby
Russian Mission
S
St. George
St. Mary's
St. Michael
St. Paul
Sand Point
Savoonga
Saxman
Scammon Bay
Selawik
Seldovia
Seward
Shageluk
Shaktoolik
Shishmaref
Shungnak
Sitka
Skagway
Soldotna
Stebbins
T
Tanana
Teller
Tenakee Springs
Thorne Bay
Togiak
Toksook Bay
U
Unalakleet
Unalaska
Upper Kalskag
V
Valdez
W
Wainwright
Wales
Wasilla
White Mountain

 

 

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A  collection agency is a business that pursues payments on debts owed by individuals or businesses. Most collection agencies operate as agents of creditors and collect debts for a fee or percentage of the total amount owed.

Some agencies, sometimes referred to as "debt buyers", also purchase debts from creditors for a fraction of the value of the debt and pursue the debtor for the full balance.
Creditors typically send debts to a collection agency in order to remove them from their accounts receivable records; the difference between the amount collected and the full value of the debt is then written off as a loss.

First Party Agencies

Some agencies are departments or subsidiaries of the company that owns the original debt. First party agencies typically get involved earlier in the debt collection process and have a greater incentive to try to maintain a constructive customer relationship.
Because they are a part of the original creditor, first party agencies are not subject to some of the laws which govern collection agencies.

These agencies are called "first party" because they are part of the first party to the contract (i.e. the creditor). The second party is the consumer (or debtor).

Third Party Agencies

The term collection agency is usually applied to third party agencies, called such because they were not a party to the original contract.

The creditor assigns accounts directly to such an agency on a contingency fee basis, which initially costs nothing to the creditor or merchant except for the cost of communications.

The collection agency makes money only if money is collected from the debtor (often known as a "No Collection - No Fee" basis). The agency will take a percentage of the amount collected as its fee, which can range from 30% to 50% depending on the type of debt (though more typically the fee is 30% to 40%).

Another option for creditors is to sell their debts to the fast growing debt buying industry. This allows the creditor to generate immediate revenue from their accounts receivables, save infrastructure costs associated with managing collection agencies, and avoid the possible legal liability and public relations risks associated with debt collection.

Collection account

Collection account is the term used to describe a person's loan or debt which has been submitted to a collection agency through a creditor.
The term is not used on debts with only original creditors.

The collection account normally appears on the credit report of a person (debtor) who has had one or more accounts referred to collection agencies, within the last seven years.

The name of the collection agency, and the amount of money a person owe, will be listed in the report. Also, in some cases, the agency's contact information is listed.
If a debtor pays off a collection account, the item will not be removed from the credit reports - it will simply be marked "Paid."

To begin immediate collection action, simply complete the form above and click the
"Submit To USA Credit Recovery" button. We'll begin working on your collection immediately. Should we require statements or invoices, we'll contact you. Should you have any questions, please do not hesitate to contact us at 1-877-661-7047.