Accounts Receivable provides for the entry and maintenance of customers, currencies, credit terms, tax codes, installment billing plans, contact management groups, invoices, credit memos, finance charges, adjustments and cash receipts. Data entry is accelerated with pre-populated information retrieved from the customer data, system and entity configuration settings, as well as applicable sales orders and invoices. Customer and group credit restrictions are enforced at all stages of order and invoice management to ensure credit sensitivity. In cash receipts entry, customer payments are accepted, credit memos can be applied to invoices, and finance charges can be accepted or reversed.
Invoices are updated to Accounts Receivable, or held in an edit file for verification and updated at a later time. Finance charge invoices are always posted to this edit file so they can be reviewed before appearing on the customer's statement. Multi-Currency capabilities are available throughout Accounts Receivable transactions.
Once updated to Accounts Receivable, the information can be changed, such as the invoice date, due date, discount, and payment terms prior to posting the invoice payment.
Aging date ranges, typically 0-30, 31-60, 61-90, and 90+, are optional and may be defined by a specific site. Flexible aging ranges facilitate meaningful reports for those responsible for credit and collections and monitoring performance.
Automated Credit Control functions define credit terms by customer or group where total credit allowance can be shared among a defined set of distinct customers based on common trade terms or a common paymaster. Assigned credit limits are automatically applied throughout Order Management and Accounts Receivable with automatic credit terms enforcement (hold) and reporting together with the ability to allow release by exception.
Sales orders can be processed at the line level with or without applying sales and use tax and/or value add tax. Applicable tax codes and rates may be defined and assigned in relation to specific customers, tax jurisdictions, government tax collection and reporting requirements.
Invoices may be printed on demand or via a pre-defined automated process on a scheduled basis. Invoice printing and distribution can be completely automated with invoice delivery via multiple methods including email with document attachment and fax.
Finance charges can be generated automatically or entered manually. Finance charges may be applied as invoices updating Accounts Receivable and General Ledger, or as memo charges for inclusion on generated customer statement but excluded from actual transaction posting.
Accounts Receivable invoices may be linked directly to a project cost element and task. Entry of invoice adjustment, credit memo application or other value transactions can post directly to the linked project cost.