Common use of Account Receivable Clause in Contracts

Account Receivable. (i) reconciliation from the A/R aged trial balance to the G/L to the financial statements as of most current month end; (ii) access to summary aged trial balance reports September 2002 through most current month end and hardcopy and electronic file (Lotus, Excel, Text, or print files) of the most current month end summary aged trial balance report, if possible; (iii) summary schedule of A/R agings per the A/R trial balance reports by month September 2002 through most current month end; (iv) summary schedule reconciling beginning A/R to ending A/R per the A/R aging system by month for the period September 2002 through most current month end by major classification (i.e. gross sales, debit memos issued, A/R cash received, returns & allowances, cash discounts, bad debt write-offs, volume rebates, credit memos, etc) and access to supporting data/reports. Receivables balances should agree to aging reports and credits must be segregated from sales; (v) schedule of receivables by selling terms as of most current month end; (vi) aged schedule of foreign receivables included in the Trade Receivables Program including selling terms (Letters of Credit, Site Draft, etc.) and country of origin as of most current month end. Segregate the schedule by eligible countries receivables and ineligible country receivables. For eligible country foreign receivables please also provide a breakdown of the country balance by foreign currency invoiced; (vii) aged schedule of inter-company receivables included in the aged A/R trial balance(s) as of most current month end, if any; (viii) aged schedule of receivables from government agencies as of most current month end, if any; (ix) schedule of charge-backs and/or debit memos included in the aged A/R trial balance as of most current month end by aging category; (x) aged schedule of bankrupt customer receivables included in the aged A/R trial balance as of most current month end, if any; (xi) aged schedule of top twenty five customer A/R balances per the aged trial balance at most current month end (Customers should be grouped by ultimate parent including multiple account numbers, ship to's and subsidiaries, if necessary); (xii) aged schedules of all customers with more than 35% of their receivable balance more than 60 days past due date as of most current month end; (xiii) aged schedule of unapplied credit memos included in the A/R aging as of most current month end; (xiv) written description of the current status of significant past due accounts (> $100,000 more than 60 days past invoice date) as of most current month end; (xv) schedule of monthly activity in all accounts receivable bad debt reserve accounts for the period September 2002 through most current month end. Monthly activity should include reserve balances, write-offs, provisions, recoveries and other reserve adjustments; (xvi) written description of policies and procedures for the major accounts receivable functional areas such as credit and collections, billing, order processing, credit memo authorization, A/R systems, cash management, etc. as available; (xvii) completion of the CLC A/R questionnaire;