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TRADE RECEIVABLES

Receivables: claims against the company in the form of money or the company. OR
claim against the other party, that party to pay a sum of money / services within the time period specified.

Group receivables:
a. Accounts Receivable (Accounts Receivable)
receivables from the sale of goods or services
classified as a component of current assets in the Balance Sheet
b. Notes Receivable (Notes Receivable)
Giving credit to customers is supported by a formal loan document or Promissory Notes (Promissory Note)
Notes written promise to pay a certain amount in a certain period
c. Other Receivables
Loans to employees, affiliates, interest receivable, taxes receivable, etc.

Internal Control over Accounts Receivable:
• Separate the employee or the function that handles sales transactions (operations) of the "Function Accounting for Accounts Receivable"
• Employees who handle accounting receivable, should be separated from the function of receipt of bills receivable
• All credit transactions, granting discounts and offs of accounts receivable, subject to approval from the authorities.
• Receivables should be recorded in the books of additional receivables (Accounts Receivable Subsidiary Ledger)
• Companies should make a list of receivables by age (Aging Schedule).



Assessment and Reporting
Reporting Destination: Accounts receivable valued at the amount expected to be received.
Receivables are not expected to be collected, recorded as an expense or cost.

examples of presentation: Accounts Receivable xxx
Allowance for doubtful accounts (xxx)
Accounts Receivable Net xxx

Doubtful
failure of the company to obtain payment from its customers.

Operating expenses arising from the failure to obtain the results of the debt Bad Debts Expense (Uncollectible Accounts Expense / Expense account Doubtful / Bad-Debt Expense).

Recording Methods:
1. Allowance Method / Indirect Elimination Methods (Allowance Method)
The Company determines the amount of uncollectible accounts based on the estimated or estimation.
Methods:
a) Based on Percentage of Sales.
calculating bad debts expense, based on% of net credit sales
Example:
PT. Kurnia has jredit net sales in 2009 amounted to Rp. 320 million. -, Based on the experience of previous years, management determined that 0.5% of net credit sales will be uncollectible. The balance of accounts receivable after adjustment at 31 December 2009 amounted to Rp. 22.3 million. -. Calculate the amount of uncollectible receivables taksiram and make a journal!
b) Based on Age Analysis of Accounts Receivable (Aging Schedule)
each of the accounts receivable are analyzed and categorized according to the length of the outstanding receivables
The longer a receivable is outstanding, the less likely it is collectible.
Example:
Here is a list of accounts receivable owned by PT Kurnia during 2009.
Rp (Millions)
No. Debtor Name Age Receivables (days) Total
 1-30 31-60 61-90 91-120 121-180 181-365> 365
1 PT. Supreme Truth 500,000 250,000 250,000 1,000,000
2 PT. Eternal 500,000 600,000 250,000 150,000 1,500,000
3 Stores LLC 250,000 100,000 200,000 100,000 650,000
4 CV. Bayangkara 1,000,000 1,000,000
5 Firm Bambang & Co 750 000 750 000
6 PT. Roha Dosni 100,000 100,000 200,000
7 PT. Merdeka 3.28 million 3.28 million
8 PT. Forward 500,000 500,000
9 PT. Image 0
10 PT. Margorejo 200,000 200,000
11 PT. Sympathy 350 000 350 000
12 PT. Garuda 50,000 50,000
13 PT. Pigeons 15,000 15,000
14 PT. Space 50,000 50,000
15 PT. Lubuk 675,000 325,000 135,000 100,000 1,235,000
16 PT. Pelita 340 000 340 000
17 515 000 515 000 Heru Nani Firm
18 PT. Torch 375 000 375 000
19 PT. Sukma 240 000 240 000

 Total 7,800,000 2,300,000 800,000 550,000 400,000 250,000 150,000 12,250,000
 The percentage of 1% 3% 5% 10% 15% 20% 50%

Calculate the total estimated uncollectible receivables and make journal!


Removal of Receivables
Occurs when the receivable is determined to be not collectible.
Example:
Dated January 10, 2010, one of the debtors PT Kurnia, namely PT. Space by the number of accounts of Rp. 50,000,000, was decided to be eliminated due to PT. Space has been declared bankrupt. Make Removal Journal claims!

If known at the date of January 15, 2010, turned out to PT Angkasa then can pay off debt, make a journal!

2. Direct Elimination Method (Direct Write-Off Method)
Recording of bad debts will only be done if the accounts receivable of the debtor are certainly not collectible anymore

Akunt debit Bad Debts Expense
Akunt crediting Accounts Receivable
This method is used when:
a. Difficulty in assessing the Company's uncollectible amount is reasonable
b. Most of the sales made with cash
c. Total receivables constitute a relatively small part in Current Assets
d. The number of customers a bit, and based on the experience of previous years, no receivables were uncollectible.


Receivables Recording Procedures
Card Receivables,
other accounting records relating to changes in accounts receivable. The accounting records are:
journal of sale
Journal sales returns
journal of public
Cash receipts journal

Understanding the function of journals and journal
Journal sales returns, used to record a reduction in accounts receivable due to sales returns.
General ledger, used to record the reduction of accounts receivable due deleted.
The cash receipts journal is used to record the reduction in accounts receivable due to redemption.
Example 2 column card receivables

The direct method (direct write-off method).
Method (indirect write-off method or methods of backup / allowance method).

The direct method (direct write-off method)
  According to the direct method of any accounts receivable that have been decided to be abolished charged directly next to debit the expense accounts receivable deletion or loss for doubtful accounts (bad debt expenses) as opposed to in the next credit account directly credited to accounts receivable.
journal:
Loss Expense Accounts Receivable XX XX
(Take note receivable Removal A direct method)
Examples of transactions from the sweet shop
journal
Load losses Rp.3.000.000 receivables, -
Loss reserves Rp.3.000.000 Receivable, -
   (establishment of loss reserves receivables Sweet shop)
Loss reserves Rp.3.000.000 Receivable, -
Trade receivables Rp.3.000.000, -
          (removal of receivables store Manis)