Question

""Lou is the accounts receivable clerk at a mid-sized company. Some of his responsibilities are likely to be:

(Select all that apply)
A) Allocating internal funds
B) Billing customers
C) The internal financial reporting of the company
D) Tracking customers who owe the firm money""

You can select one or more of the options that apply to Lou’s responsibilities.

Answer 1

Lou's likely responsibilities as an accounts receivable clerk include billing customers, tracking owed money, and internal financial reporting. Allocating internal funds is not typically part of this role. An accounts receivable clerk is essential for maintaining financial accuracy, as illustrated by Noel's experience in identifying a billing error.

Step-by-step explanation:

Lou as an accounts receivable clerk at a mid-sized company is likely to have several responsibilities related to the administration of incoming money and credit. His role may include:

• Billing customers for products or services delivered, which involves preparing and sending invoices.
• Tracking customers who owe the firm money to ensure that the company receives payments on time and following up on past due accounts.
• The internal financial reporting of the company by keeping accurate records of transactions related to receivables.

Selecting tasks such as allocating internal funds, on the other hand, is generally not part of the accounts receivable function. Instead, this task might be part of a financial manager or accountant's duties.

An example of the importance of accurate accounting can be seen in the scenario where Noel identified a significant billing error, saving the company from an overpayment. Utilizing different communication methods, Noel took the initiative to make sure the error was recognized and addressed promptly.