Today marks the end of the accounting period, which means the start of another accounting cycle. Just like prior accounting periods, you and your colleagues are busy like bees in preparing and gathering receipts, invoices, and other documents for your company’s annual audit. Among those documents is the Accounts Receivable Ledger Form. An Account Receivable Ledger Form is a list or tally of transactions made by clients that are yet to be paid.
What is an Accounts Receivable Ledger Form?
As described above, an Accounts Receivable Ledger is a ledger account form that lists or tallies transactions made by clients that are yet to e paid. It is one of the financial documents used in making a general ledger. An Accounts Receivable Ledger is one of the accounting forms required in the accounting process for the accounting period is done. It is also one of the documents needed in doing financial audits by organizations and businesses. Account Receivable Ledger Forms can be prepared annually or on a monthly basis.
FREE 4+ Accounts Receivable Ledger Forms in Excel | XLXS | XLTX
1. Sample Accounts Receivable Ledger Form Template
2. Accounts Receivable Ledger Form Sample Template
3. Ledger Template for Accounts Receivable Form
4. Monthly Accounts Receivable Ledger Form Template
5. Accounts Receivable Ledger Form Template
What are Accounts Receivables?
Accounts receivables are accounts made from past transactions that are yet to be paid in the future. These are accounts made by clients who availed or purchased your products and services on credit. These transactions are recorded or journalized on a general ledger account called an Accounts Receivable Ledgers. An Accounts Receivable Ledger is an accounting form that records or tallies transactions made by clients on credit. Accounts Receivables are transactions that are debited as assets in the journal entry of an Accounts Receivable Ledger at the same time, credited as revenue.
Merchants and Artisans of the old have been doing transactions on credit since ancient times. According to an article, the Mesopotamians are known to be the founders of the accounts receivable or what we now commonly know as the “buy now, pay later scheme.” Since then, the practice of making such transactions under the accounts receivable scheme evolved to what it is now today, along with the evolution of the accounting process. Accounts receivable transactions are done by owners and clients alike to stretch each other’s monetary capital and increase cash flow at a steady rate.
How to Make an Accounts Receivable Ledger Form
Now that the accounting period is here again, it’s also time for you to get busy in completing another accounting cycle, just like you did last year. So again, you begin collecting and preparing documents to support you in making a financial audit. One of these is the Accounts Receivable Ledger Form. An Accounts Receivable Ledger Form is one of the needed documents in performing the accounting cycle. This form is a list and tally of transactions made by clients on credit, which paid through deferral or by installment. To help you prepare an Accounts Receivable Ledger, here are the steps on how to make one from beginning to end.
Step 1. Collect the Needed Documents
First, collect the documents needed to prepare an Accounts Receivable Ledger. These documents are none other than sales invoices and individual account statements issued to a client upon making the transaction. Both documents display information needed for preparing an Accounts Receivable Ledger. This information includes the client’s name, product purchased, or the service availed for, invoice number, and the due date for payment. While both documents display similar information, the individual account statement, however, shows the dates of deferred payments. Despite the difference, data from both documents remains essential in making an Accounts Receivable Ledger.
Step 2. Select a Template
After collecting the needed documents such as sales invoices and individual account statements, its time to get you started in making an Accounts Receivable Ledger Form. Assuming that you don’t have an existing Accounts Receivable Ledger Form or template, all you need to do is download a ready-made template of such form. Choose a wide assortment of ready-made Accounts Receivable Ledger Form Templates included in this article. Downloading and making use of ready-made templates gives you the convenience that you need in preparing an Accounts Receivable Ledger Form quickly.
Step 3. Edit the Template
Right after downloading a ready-made template, edit the template by typing down the information from the invoices and account statements you’ve gathered beforehand. Information such as the following should be recorded in order.
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Invoice date
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Invoice number
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Customer name
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Identifying code for the item sold
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Sales tax
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Total amount billed
- Payment flag (states whether paid or not)
The information listed above should be recorded on the table included in the Accounts Receivable Ledger Form Template. Also, every single information must be written accurately in order to prevent discrepancies and errors, especially when the form is checked against the other accounting documents.
Step 4. Save and Store your Work
After you’re done editing the template, save and store it in a file folder specific Accounts Receivable Ledgers. This is done so that you can have records of past Accounts Receivable Ledgers made from the previous accounting period. Also, it allows you to check and compare the present Accounts Receivable Ledger from the ones that you will be making in the future. Plus, electronically saving and storing your finished Accounts Receivable Ledger Forms enables you to easily access the files without the hassle of searching for it manually.
Step 5. Print Copies of the Accounts Receivable Ledger Form
After saving and storing your finished Accounts Receivable Ledger Forms, you can now proceed in printing it using your office printer. Printing your Accounts Receivable Ledger Form enables you to have a hard copy from which you can use in preparing a general ledger. In turn, a general ledger, coupled with other accounting documents, assists in the preparation of a financial statement.
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