The following is a step-by-step guide to the most effective AR process, including credit management, invoicing, and documentation. The revenue standard provides guidance on presentation of assets and liabilities generated from contracts with customers.Accounts receivable is an asset account that tracks the money due to a business from clients or other debtors. Get paid faster with these 11 effective email templates for collecting your accounts receivable. Streamline your collections process today! What is the accounts receivable process? Today we're actually going to be talking about writing off and cleaning up your your accounts receivable and and your invoices. There are five steps needed to satisfy the updated revenue recognition principle: Identify the contract with the customer. The customer has been billed and will pay at a later date. An asset, accounts receivable, has been created.