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19 terms

Revenue Cycle Processes Terms

Terms in accounting information systems relating to the revenue cycle process
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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