Accounts Receivable in detail

Enlarge screenshot

Credit memos

Credit memos, also called credit notes, may be issued to a buyer who wishes to return previously purchased merchandise. In FinancialForce Accounting, you can create a credit note automatically by converting directly from the corresponding sales invoice. This saves you time and reduces the possibility of errors.

All exchange rates for a credit note are calculated using the invoice date. This ensures that where the credit note is converted from an invoice, there will be no exchange rate differences between the two documents.

Aging

You can run an aged receivables (also known as aged debt) report that allows you to check how much money your customers owe you, which of your accounts owes you the most money, and how long your balances have been outstanding.

Collections

FinancialForce Accounting helps you get paid by supporting payment by direct debit. The standard salesforce.com Accounts object has been extended to allow you to store the additional customer details, such as bank details and credit terms, required to support direct debit collections.

Direct debit payments are automatically matched to the corresponding invoices.

You can also offer your customers the option to pay using PayPal. When they receive your invoice by email, they can simply click on a PayPal button to enter their credit card details.

The format and content of your customer statements and reminder letters are fully customizable and can be sent efficiently by email.

Cash matching

FinancialForce Accounting provides simple and effective ways to match outstanding customer transactions. You can automatically allocate payments to invoices based on document references and amounts, or interactively allocate payments to invoices on screen. You can also undo a previous match.

The cash matching process supports simple or exact matches, part-payments and overpayments. It also automates the production of journals for any appropriate settlement discounts and write-offs. The application automatically generates a currency write-off when there is a difference in the exchange rate between the date an invoice was created and when payment was received from the customer.