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Shelly is having to review her A/R for her practice. She has a patient who earlier...

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Accounting

Shelly is having to review her A/R for her practice. She has apatient who earlier in the year was written off as a bad debt. Thatpatient has now paid on the bad debt and she now has to record it.Shelly wants to minimize these types of transactions and is lookinginto better ways the company can perform direct write-offs.

1. Share and describe some ideas Shelly can use to minimizethese types of transactions.

2.Describe some advantages and disadvantages of makingimprovements to your accounts receivable.

Considering the need to plan for the operating cash needs ofthe practice, discuss how your plan could improve on thecollections process.

Answer & Explanation Solved by verified expert
4.3 Ratings (680 Votes)
1 Share and describe some ideas Shelly can use to minimize these types of transactions The best and most suggested way to minimize these transactions is to create a provision for bad debts Move the bad and doubtful debts to provision for bad debts account and keep it there for a period of time until we are sure that we cant collect it We can move the balance    See Answer
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Transcribed Image Text

Shelly is having to review her A/R for her practice. She has apatient who earlier in the year was written off as a bad debt. Thatpatient has now paid on the bad debt and she now has to record it.Shelly wants to minimize these types of transactions and is lookinginto better ways the company can perform direct write-offs.1. Share and describe some ideas Shelly can use to minimizethese types of transactions.2.Describe some advantages and disadvantages of makingimprovements to your accounts receivable.Considering the need to plan for the operating cash needs ofthe practice, discuss how your plan could improve on thecollections process.

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