Revenue Cycle Processes Terms
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Created by:
kosdaisy on April 6, 2010
Subjects:
business processes, account information systems, accounting
Description:
Terms in accounting information systems relating to the revenue cycle process
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19 terms
Terms | Definitions |
|---|---|
 balance-forward processing | a customer's remittances are applied against a customer's outstanding balance rather than against individual invoices |
| bill of lading | the invoice received from a carrier for shipments |
| blanket order | a single order that calls for several shipments to the same customer over a specific time period |
| credit memo | a form used to document reductions to a customer's account due to sales returns or sales allowances |
| customer audit | procedure in which the customer acts as a control over the initial documentation of a transaction |
| cycle billing plan | the processing of accounts receivable is subdivided by alphabet or account number in order to distribute the preparation of statements over the working days of the month |
| factoring | the selling of accounts receivable at a discount to a collection agency |
| float | the time between the signing of the payment check by the customer and the moment the firm has use of the funds |
| goods issue notice | documentation that is forwarded to the billing function to evidence a shipment to a customer |
| imprest techniques | a control technique in which an item is held account to a specified total amount |
| inquiry | A document similar to a quotation that does not contain delivery information |
| invoice | the document that informs a customer of charges for goods or services rendered |
| lock-box deposit system | customer remittances are sent directly to a bank and are credited to a company's outstanding balance |
| open-item processing | a customer's remittances are applied against individual invoices rather than against the customer's outstanding balance |
| professional shoppers | people hired to purchase goods in a retail environment for the specific purpose of observing the recording of transactions |
| quotation | a document sent to a potential customer to inform him or her of product prices, product availability, and delivery information. |
| remittance list | a listing of customer remittances that is prepared for control purposes |
| sales order | a document prepared to initiate the shipment of goods to a customer |
| shipping advice | synonym for goods issue notice |
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