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Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127

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BuyFindarrow_forward

Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127
Textbook Problem

What are the major features of a balance-forward and an open-item accounts receivable system?

Summary Introduction

To explain: The major features of a balance-forward and an open-item system.

Introduction:

B/AR/CR process:

It is an accounting process with an interacting structure of different process supporting the decision-making activities of the financial managers.

Explanation

The major features of a balance-forward and an open-item system:

Balance-forward system:

In this system the account balances are stored as current and past due balances. The current account activity including, current charges, finance charges for the past-due balances are also stored in this system. Every month, the unpaid balances currently are added to the past balances that are due. These systems are typically used by the electric and gas utility companies...

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