Example SOPs: Accounts Receivable Clerk

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Accounts Receivable Clerk SOPs

Creating Standard Operating Procedures for your Accounts Receivable Clerk work can be difficult and take time. That’s why we’ve created these example Accounts Receivable Clerk SOPs so you can jumpstart your SOP creation process. We want to help you set up your Finance systems and processes by taking these sample SOPs and building out your own SOPs template library. By having all your Finance procedures in one place, your team will have the information they need at all times. Let’s look at some Accounts Receivable Clerk SOP examples.

Accounts Receivable Clerk SOP Examples

1. SOP: Invoice Generation and Distribution
Purpose: This SOP outlines the process of generating and distributing invoices to customers for goods or services provided. It ensures accuracy, timeliness, and proper documentation of all transactions. The scope of this SOP includes the creation of invoices, verification of billing details, and distribution through appropriate channels. The Accounts Receivable Clerk is responsible for executing this SOP, with references to the SOP on Sales Order Processing for accurate invoice generation.

2. SOP: Payment Processing and Application
Purpose: This SOP details the steps involved in processing and applying customer payments received. It ensures that all payments are accurately recorded, allocated to the correct customer accounts, and reconciled with outstanding invoices. The scope of this SOP includes the receipt of payments, verification of payment details, posting to the accounting system, and reconciliation with the Accounts Receivable ledger. The Accounts Receivable Clerk is responsible for executing this SOP, with references to the SOP on Cash Handling Procedures for proper handling of physical payments.

3. SOP: Collections and Follow-up
Purpose: This SOP outlines the procedures for collections and follow-up activities to ensure timely payment from customers with outstanding balances. It includes the identification of delinquent accounts, communication with customers regarding payment reminders, negotiation of payment plans, and escalation of unresolved issues. The scope of this SOP covers the entire collections process, from initial contact to resolution. The Accounts Receivable Clerk is responsible for executing this SOP, with references to the SOP on Customer Communication Guidelines for effective communication strategies.

4. SOP: Account Reconciliation
Purpose: This SOP provides guidelines for reconciling customer accounts to ensure accuracy and identify any discrepancies. It involves comparing the accounts receivable ledger with customer statements, resolving discrepancies, and updating records accordingly. The scope of this SOP includes regular account reconciliation, investigation of discrepancies, and updating the accounting system. The Accounts Receivable Clerk is responsible for executing this SOP, with references to the SOP on General Ledger Reconciliation for proper reconciliation procedures.

5. SOP: Bad Debt Write-off
Purpose: This SOP outlines the process for identifying and writing off bad debts that are deemed uncollectible. It ensures proper documentation, approval, and accounting treatment of bad debt write-offs. The scope of this SOP includes the identification of bad debts, assessment of collectability, approval from management, and updating the accounts receivable ledger. The Accounts Receivable Clerk is responsible for executing this SOP, with references to the SOP on Credit and Collection Policy for guidelines on determining bad debts.

6. SOP: Reporting and Analysis
Purpose: This SOP defines the procedures for generating regular reports and conducting analysis related to accounts receivable. It includes the preparation of aging reports, collection performance analysis, and identification of trends or issues. The scope of this SOP covers the generation of reports, data analysis, and presentation of findings to management. The Accounts Receivable Clerk is responsible for executing this SOP, with references to the SOP on Financial Reporting for report generation guidelines.

7. SOP: Customer Account Setup and Maintenance
Purpose: This SOP outlines the process for setting up new customer accounts and maintaining existing customer information in the accounting system. It ensures accurate and up-to-date customer records, including contact details, credit limits, and payment terms. The scope of this SOP includes customer onboarding, data entry, and regular updates to customer information. The Accounts Receivable Clerk is responsible for executing this SOP, with references to the SOP on Customer Master Data Management for data entry guidelines.

8. SOP: Dispute Resolution
Purpose: This SOP provides guidelines for handling customer disputes related to invoices, payments, or account balances. It includes the investigation of disputes, communication with customers, and resolution through negotiation or escalation. The scope of this SOP covers the entire dispute resolution process, from initial contact to resolution. The Accounts Receivable Clerk is responsible for executing this SOP, with references to the SOP on Customer Complaint Handling for effective dispute resolution strategies.

9. SOP: Credit Control and Limit Management
Purpose: This SOP outlines the procedures for assessing and managing customer credit limits to mitigate credit risks. It includes credit evaluation, setting credit limits, monitoring credit exposure, and reviewing credit terms. The scope of this SOP covers the entire credit control process, from initial credit assessment to ongoing monitoring. The Accounts Receivable Clerk is responsible for executing this SOP, with references to the SOP on Credit Evaluation and Approval for credit assessment guidelines.

10. SOP: Audit and Compliance
Purpose: This SOP defines the procedures for ensuring compliance with internal controls, regulatory requirements, and audit standards related to accounts receivable processes. It includes periodic internal audits, documentation of controls, and remediation of any identified issues. The scope of this SOP covers the entire audit and compliance process, from planning to implementation. The Accounts Receivable Clerk is responsible for executing this SOP, with references to the SOP on Internal Control Framework for adherence to control guidelines

 

Accounts Receivable Clerk SOP Templates

Looking for SOP templates for your Accounts Receivable Clerk work? We’ve got you covered. You can build out your company SOPs using the sample SOP information above (added to our template) or our team can put together a starter SOPs template based on your Accounts Receivable Clerk work. Get in touch if you’ve got questions about the quickest way to build out your Finance SOPs library.

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