Accounts receivable (AR) are amounts a company has to collect from its customers for the sold goods or services on credit terms. In the balance sheet, AR is reported as a current asset and is considered part of working capital. The management of accounts receivable is an extremely important function since the collection of outstanding receivables constitutes the single most important source of cash for all organizations selling goods or services on credit terms.
AR module fully manages your customer accounts, maintaining a complete history and receivables status of each customer. Customer balances and history are immediately updated as transactions are entered elsewhere in the system. Aged Receivable Lists and Customer Statements can be generated at any time, for any specified date, allowing instant and accurate data to improve collections and detect payment problems. It makes credit management and customer account administration effortless for the business as well as it assists in improving cash flow.
The due dates for each invoice are computed automatically and can be different for each customer. You can print the minimum payment due and custom messages on customer statements. Receivables can be aged into user-defined format as well as selectively print service charges.
AR can be used stand-alone or can be integrated with Point of Sale, Billing/Order Entry, Job Cost and Time Billing. Each of these modules pull customer data as well as information about sales departments, salespersons from AR, while also updating invoice transactions to receivables. In turn, AR can then update consolidated postings to General Ledger for the receivables side of business.
- Aged Receivables List can be run in report format.
- All account receivables account aging, balances, and history information can be quickly accessed through the inquiry reporting.
- Allows entry of Credit Notes with their own number sequence.
- Allows entry of Partial Payments.
- Calculates salesperson commissions based on sales, payments, profit and profit margin
- Can search for customers by number, name or phone number
- Contract pricing allows each customer to be assigned unique pricing for individual items
- Credit Hold Lock for any reason.
- Credit one or two salespersons with each invoice
- Defining Sales Representatives, and assigning them by Customer or by individual order.
- Drill down through customer invoice history
- Full detail Customer Account History and Unpaid Items reports.
- General Ledger can be updated with detailed or summarized data
- Handles multi-level salesperson commissions
- Handles non-Inventory Invoices, for sales not recorded through standard invoicing.
- Identifies preferred and slow-paying customers
- Integration with job cost, purchase order and contracts Systems allow automatic and efficient aggregation of receivable revenue transactions to the source documents.
- Keeps separate addresses for billing and shipping locations
- Option to age accounts with no activity or to age only past due customers
- Posts automatic service charges and can optionally take into account previous service charges
- Prints account statements in user defined formats
- Provides balance forward or open invoice methods of AR tracking
- Provides for dunning messages on statements
- Provides great flexibility in managing billing for diverse customer situations and revenue management requirements.
- Provides great flexibility in recording receivables management activities.
- Retains a complete sales history of customer activity and maintains current accounts
- Salesperson commissions can be based on primary or secondary status
- The report can be backdated to any date, and can run in various configurations based on user input.
- Tracks which payments were applied to which invoices.
- Tracks statistical data for customers, which includes:
- Total number of invoices
- Total number of payments
- Total number of service charges
- Total invoice amount
- Average invoice amount
- Greatest invoice amount
- Greatest balance amount
- Average payment days