Collect Outstanding Balances
Management of receivables includes checking whether amounts due are paid on time. If customers have overdue payments, you must decide when and how to send them a reminder. In addition, you may want to debit their accounts for interest or fees.
You can use reminders to remind customers of overdue amounts. You can also calculate interest or finance charges on reminders.
You can use finance charge memos if you want to inform customers of interest and finance charges without reminding them of overdue amounts.
Optionally, you can send a customer statement as a reminder.
There are several reports that can help you keep an overview of accounts receivable.
The following table describes a sequence of tasks, with links to the topics that describe them. These tasks are listed in the order in which they are generally performed.
| To | See |
|---|---|
Calculate interest or additional fees on overdue amounts, and issue a finance charge memo. |
|
Remind customers of overdue amounts, with or without interest or other finance charges. |
|
Print customer statements to inform customers of their account balance. |
|
Print reports that you can use to manage overdue receivables. |