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Accounts Receivable Management in 3 Steps

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Wednesday, Aug 09, 2017

Tracking open invoices, customer payments and aging is extremely important to determine the company’s financial health, but being able to keep up with each one of the client’s past due bills is not an easy task to perform manually! Komet is all about process automation, so next time you think about account management, keep these 3 options in mind:

Payment Terms

For a company with thousands of customers, it can be extremely difficult to keep track of the payment terms for each one. Also, why should the accounting department have to remember that? Within Komet, each company configures which payment terms will be allowed company-wide (i.e.: Net 30, 60, 90) to then assign each customer their own term. Right on the Aging/Statement screen, you can click on the customer to view their term and verify if there are any open credits to possibly apply to open or overdue invoices. Additionally, there is an option to require a payment before shipping any orders should you need to do so for a specific customer.

Aging Statements

But being able to view the payment terms isn’t enough! You need to know what is pending for payment in general. Your company may have some flexibility here (especially for certain customers) but you never want to lose track of which invoices have the most aging and therefore must be evaluated first. Through Komet, you can generate an aging report from a certain date to see which invoices are the most past due. Aging reports can be downloaded as an Excel or PDF file for easy filtering options.

Finance Charges

So, what happens with the invoices that are past due? There is an option to automatically charge an additional fee to customers with invoices that have been pending for payment after a certain amount of time. You can set up this extra charge as a percentage and can also choose to do so manually. Whenever the system identifies the charge needs to be processed for overdue payments, it will generate an additional Financial Charge invoice for the corresponding customer with the amount of the fee needed to be paid.

Finance charge exceptions: If you don’t want to charge a given customer, you may enter 0%, however, if you enter an invalid number or none, the system will apply the charge set up to company level by default. This setting is activated by location for multilocation companies.

Do you have any questions about how to use these features? Contact us at support@kometsales.com!

Originally published Wednesday, Aug 09, 2017

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