Credit Control

The CPA Solution includes functionality that supports the process for pursuing accurate and timely payments from your customers.

The cash collections process starts with a dedicated workspace, called Credit Control. This workspace lists all of your customers and can be filtered to show customers based on a number of criteria, including those with disputed invoices. The filter, shown in the following figure, can be used as a launch point to enter a particular client to see all of the details that are related to the open A/R and open/unreconciled payments that are in the system.

When choosing a client from the preceding window, you are dropped into the Cash Collection tab, where you can immediately see the open invoices and unreconciled payments (shown in green). This view also offers traffic lighting for the Number of Days Overdue, where information may be shown in RED, YELLOW, or GREEN, depending on how overdue the invoice is based on the invoice due date. In addition, you can email the Client Statement and any chosen invoices from this window. The email action automatically opens your mailbox, creates a message, and places the client’s email address from Maconomy in the email TO field. It then attaches a PDF copy of the Client Statement and each invoice that is selected for email in the table. This is a great feature for further encouraging your customers to pay in a timely manner.

Recording the cash collection activity against any particular invoice is as simple as clicking the icon to Create Collection Event Flow. When you do this, the bottom portion of the window displays a Cash Collection History tab, as shown in the following figure.

On the Cash Collection tab, shown in the preceding figure, you can walk through the collections process that has been identified and specified at the company level. This is known as an event flow (that is, what comes first, second, next, last) and is dependent on the information provided in each step. The key information that is stored here includes the Step, Result, Employee, any Notes, Planned Starting Date, and whether the individual event has actually been completed or closed.

In addition, the cash collections workflow, traffic-light target for overdue number of days, and the credit limit notification percentage can all be set at the company level within the system. This information can be found in the Credit Control Setup workspace.