What are GAAP Accounts Receivable?
Accounts Receivable represent revenues earned and billed during one fiscal period for which the confirming cash is not collected until a later fiscal period. For example, if a department provides services on June 16, 2004 (FY2004) it would process an FY2004 RE to record a receivable in MMARS. All FY2004 RE’s should be posted by July 9. Otherwise, the department will have to take extra steps to communicate with the Revenue Bureau to report receivables for GAAP, and process the corresponding Revenue transaction. When the payment is received, e.g., on July 19, an FY2005 CTdocument would reference the RE.
Related Questions
- Accounts Receivable - The department of a large company whose function is to send bills to companies that owe money. Theres more to it than that, but who cares?
- What are examples of sponsored billings that will be created in the Accounts Receivable Shared Service Center?
- What are GAAP Accounts Receivable?
