BMGT 326 - EXAM 3 - KEY TERMS

BMGT 326 - EXAM 3 - KEY TERMS - Chapter 11 accounts...

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Chapter 11 accounts receivable Created as sales returns, bad debt write-offs, estimated doubtful accounts, or similar adjustments are processed. accounts receivable (AR) adjustments events data Created as sales returns, bad debt write-offs, estimated doubtful accounts, or similar adjustments are processed. accounts regularly The customer can be used as a means of controlling the billing process. By sending regular customer statements, we use the customer to check that invoices were valid and accurate. automated clearing house (ACH) One of the earliest and most prominent methods for EFT in which the collector’s bank account is credited and the payer’s account is debited for the amount of a payment. balance-forward system Accounts receivable records consist of a customer’s balance, categorized as current and past-due, and current account activity includes items such as current charges, finance charges for past-due balances, and payments. billing/accounts receivable/cash receipts (B/AR/CR) process An interacting structure of people, equipment, methods, and controls designed to create information flows and records that support repetitive work routines of the credit department, cashier, and accounts receivable department and assist in the preparation of internal and external reports. cash receipts event data The data created when customer payments are recorded, which contains the details of each payment as reflected on the RA accompanying a payment. check for authorized prices, terms, freight and discounts Shipping notice input validity and input accuracy: We see prices, terms, freight, and discounts being calculated during the billing process using authorized data in the enterprise database. This will ensure that the invoices will be accurate as to these elements and will reflect criteria approved by management (validity). credit card A method of payment whereby a third party (such as a bank), for a fee, removes from the collector the risk of noncollection of the account receivable; also known as a charge card. debit card A form of payment that authorizes the collector to transfer funds electronically from the payer’s bank account to the collector’s bank account. electronic bill presentment and payment (EBPP) B2C systems that use a Web site to post customer bills and to receive their electronic payments. More timely billing and cash receipts at a reduced cost Electronic invoice presentment and payment – B2B space, biller may not be in position to require that vendors pay using a particular method. electronic funds transfer (EFT) A variety of procedures for transmitting cash funds between entities via electronic transmission instead of using paper checks. float
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BMGT 326 - EXAM 3 - KEY TERMS - Chapter 11 accounts...

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