The Accounts Receivable system offers a complete, easy to use procedure for keeping records of customer's purchases and payments and controlling collections, sales, credit authorization and adjustments. The advantages of this system are: Credit and collection departments know the status of each account at all times.
Mar 27, 2020 · Method I: Create a new G/L account as a balancing account. Let’s say that the new G/L account is called “Suspense Account.”. The sub-ledger balances will be brought over in this manner: For each invoice on the Customer AR: Debit Accounts Receivable/Customer Ledger, Credit Suspense Account. For each invoice on the Vendor AP: Credit ...