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University of MississippieGrove Guides, Handbooks and Manuals American Institute of Certified Public Accountants (AICPA) Historical Collection1996Confirmation of accounts receivable; Auditing procedure

How to fill out confirmation of accounts receivable

How to fill out confirmation of accounts receivable

1. Gather all relevant information, such as the date of the accounts receivable and the amount owed by the customer.
2. Prepare a confirmation letter or form that includes the necessary details, such as the customer's name, account number, and outstanding balance.
3. Send the confirmation letter to the customer via email, mail, or secure online platform.
4. Follow up with the customer to ensure they received the confirmation request and ask them to verify and confirm the accuracy of the accounts receivable.
5. Document the customer's response, whether it is a confirmation, discrepancy, or refusal to confirm.
6. If there are discrepancies or issues, investigate and resolve them with the customer before finalizing the accounts receivable confirmation.
7. Once the confirmation is mutually agreed upon, update the accounts receivable records accordingly.
8. Keep a copy of the confirmed accounts receivable confirmation letter or form for future reference and audit purposes.

Who needs confirmation of accounts receivable?

1. Confirmation of accounts receivable is needed by businesses that want to verify the accuracy and validity of the outstanding balances owed to them by customers.
2. Accounting departments and financial managers often require confirmation of accounts receivable to ensure the integrity of their financial statements.
3. External auditors may also request accounts receivable confirmations to assess the validity of the balances reported by the company.
4. Creditors and lenders may ask for accounts receivable confirmation to evaluate the creditworthiness and repayment ability of a company.

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What is confirmation of accounts receivable?

Confirmation of accounts receivable is the process of verifying the amounts owed to a company by its customers.

Who is required to file confirmation of accounts receivable?

Companies or entities that have accounts receivable on their balance sheet are required to file confirmation of accounts receivable.

How to fill out confirmation of accounts receivable?

Confirmation of accounts receivable is typically filled out by sending a confirmation letter to customers requesting them to verify the amount they owe.

What is the purpose of confirmation of accounts receivable?

The purpose of confirmation of accounts receivable is to ensure the accuracy of the amounts reported as receivables on the company's financial statements.

What information must be reported on confirmation of accounts receivable?

Confirmation of accounts receivable should include customer names, amounts owed, payment terms, and any disputed amounts.