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.
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