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Accounting Best Practices, Fifth Edition by Steven M. Bragg Englewood, Colorado

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18–4 Collection Policies for Best Practices (Chapter 7)

  • The collections staff has primary responsibility for receivable collection, but may call on the assistance of the originating salesperson if normal collection techniques prove ineffective.

  • Senior management shall collectively review and adjust the corporation’s product and services pricing policy at least annually.

  • The collections staff can write off individual invoice balances of up to $___, not to exceed $___ in total per customer during a ___ month period, with no additional approval.

  • The credit manager must approve all credit requests exceeding $____ prior to issuance of a final, firm sales quote.

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