Accounts Receivable is one of the most important aspects of a business. Once a sale is made (unless it’s cash, of course), you are reliant on your accounting software to help you track revenue as well as cash flow. Acumatica makes managing accounts receivable a pretty seamless process.
Once a deal is made and proper paperwork signed, the sales team creates a sales order invoice, leaving it in the “balanced” status.
Unlike payables, invoices cannot be released (posted) from the invoice screen. They must be posted from one of two areas. I have a recurring task on my to-do list daily to check for any invoices that need to be posted and/or sent to the customer.
I use our Financial Dashboard to keep an eye on accounts receivable:
From the dashboard, you can see that there are 8 overdue invoices.
Click on the arrow under the 8 to see the invoices that are overdue.
If you do not have a dashboard created, you can also look at the AR Aged Past Due report under Receivables.
At this point, follow your company’s collection procedures for any overdue invoices.
Any phone calls or correspondence concerning receivables should be kept in the customer’s ACTIVITIES tab.
Sometimes it’s necessary to place customers on Credit Hold (always follow your company’s collection procedure). Once a customer is placed on credit hold, Acumatica prevents any new invoices from being created for that customer.
If you want to tell Acumatica when to place a customer on credit hold, follow these steps:
Let Acumatica take care of tracking accounts receivable, so you don’t have to.
March 27, 2023
Learn about the top 5 features of Scissortail HCM from an experienced Office Manager and how they have revolutionized her HR processes. From recruitment to compensation management, find out how Scissortail HCM has made her job easier and more efficient.
March 22, 2023
Discover how Scissortail TLM is revolutionizing employee management with customizable add-ons, geofencing, and mobile app features that leverage the latest technology trends in HR industry. Optimize your HR processes and stay ahead of the curve.
March 21, 2023
Discover the impact of Daylight Saving Time (Daylight Savings) on employee pay, including tips for handling shifts that cross midnight, state laws, and job duties. Learn what you need to know to ensure compliance and avoid legal issues.
March 21, 2023
Make performance reviews easier for your HR department and managers with Scissortail HCM. Learn tips and strategies for effective performance reviews and how frequent check-ins can improve employee success.