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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.

Manage Finance Charges

Remind customers of overdue amounts, with or without interest or other finance charges.

Prepare Reminders

Print customer statements to inform customers of their account balance.

Statement

Print reports that you can use to manage overdue receivables.

Turn Over to Collections

See Also

Concepts

Set Up Receivables and Payables