The Accounts Receivable module is fully integrated with the Order Entry and Invoicing module with posting transferred immediately. Integration with Bank Reconciliation is an optional feature. Types of Accounts Receivable transaction handled are: Invoices, Credits, Journals and Customer Claims.
The processing of receipts using AR Batches provides a greater control in managing daily receipts. The daily receipts are validated against the total payments received in cash, cheques, credit card, and vouchers which are all controlled by an active batch.
Both Balance Forward/Brought Forward and Open Item customers are catered for on this Open Item system. For Balance Forward accounts, the cash and discounts may be allocated to one or more of the aged balances. Allocation of one Cheque to multiple accounts is catered for as is a Head Office account structure where multiple sales accounts are merged into one financial account.
Cash payments may be entered either as allocated to invoices or to customer balances. Partial allocation is allowed and settlement discounts are accommodated for prompt payments. Auto, semi or manual allocation against the oldest invoice with partial allocation is permitted. Various Payments Types are available including Drafts and Letters of Credit.
Continuous processing at the end of the month is provided for, by allowing the processing of next month transactions prior to the close off of the current month. This provides considerable assistance in reducing end-of-month bottlenecks.
The system has a range of inquiries into both customer balances and transactions. An Aged Trial Balance in both summary and detail is provided, as well as Statements, which will be tailored to suit your particular stationery.
User defined Standard Letter formats can be setup and either generated manually when required or the system can generate the contents of selected Letter Formats using data extraction and based on overdue balance criteria.
A two-stage cut-off is provided to isolate movements within two different periods. The first period relates to financial reporting requirements and generally will agree with sales/inventory close off. This is reflected in the ‘period’ entry field in cash entry. Reporting of balances by this cut-off is through the debtor’s dissection report.
A second collection period may be used to drive inquiries, statements and reports. It is determined by the ‘Document date’ of any transactions going through debtors, and will align with the calendar month end. The accounts receivable function would be monitored based on this cut-off.
The Accounts Receivable module is automatically integrated with the Claims Control module thereby providing the company’s credit control department with the necessary tools to register monitor and approve/reject customer credit claims. It also provides management with various reports highlighting main problem areas.
Dunning Letters in AR are created using the feature in Customer Relationship Management where we create letters to customers using the preset templates that links to a pre-defined word document.
