Define: Collections
Collections means all payment forms, returns, such as insurance and rent, received or credited for a client or entity
Collections means all payment forms, returns, such as insurance and rent, received or credited for a client or entity.
Relevant Circumstances
- When monies received on behalf of a client need to be defined for accounting purposes
- If insurance, rent and other recoveries are aggregated as collections
- Where collection of receivables flows back to the principal entity