Accounts Receivables

Introduction

The 1ERP Accounts Receivable (AR) module is an essential accounting component offering benefits to businesses of all sizes. It allows you to efficiently manage customer information, automate invoicing, streamline payment processing, improve cash flow management, and enhance financial reporting.

AR Module Setup

To access the 1ERP Initial Setup video demonstrating the step-by-step process for setting up General Ledger Accounts, please click on the following link: 1ERP Initial Setup Video. .It is recommended to set up the Accounts Receivable Journal accounts before utilizing the Accounts Receivable system.

Processes in AR System

Invoice Customer

The "Invoice Customer" screen provides for comprehensive invoice management:

1. Automatically: Invoices can be received automatically from subsystems such as HR Management. This integration ensures that invoices are generated and captured seamlessly from relevant processes within the system.

2. Recurring invoices can also be automatically generated and tracked through the "Recurring Invoice" screen. This feature enables the system to create periodic invoices based on predefined schedules, reducing manual effort and ensuring accurate billing for recurring services or products.

3. Manually: Additionally, invoices can be entered manually on an ad-hoc basis. This option allows for the flexibility to handle unique or one-time invoicing scenarios that may not be captured through automated processes.

It is highly recommended to import the original or imaged invoices when entering the bill information. This practice facilitates easy reference and provides necessary documentation during audits or when addressing inquiries related to the bill. By maintaining a comprehensive record of bills, including the original or imaged bill, organizations can enhance transparency, compliance, and overall financial management.

Create payments for a Invoices

Once an invoice is entered and finalized, a corresponding record will appear in the "Customer Payment" screen when the relevant Pay To bank account and customer are selected. In this screen, you have the flexibility to make partial payments for a single invoice or cover multiple invoices with a single payment by simply pointing and clicking on the respective invoices.

The "Customer Payment" screen also provides an option to enter a prepayment received from a customer without an associated invoice. By pressing the "NEW" button on this screen, you can enter the details of the prepayment. The prepaid balance for the customer will be updated and displayed every time the customer is selected.

By leveraging these features within the "Customer Payment" screen, you can effectively manage payments, track prepayments, and ensure accurate recording of customer transactions.

Collection Agent

The Collection Agent Screen in the Accounts Receivable (AR) module serves as a valuable tool for monitoring late invoices and facilitating effective communication with customers. Its primary purpose is to assist in the collection process and maintain comprehensive records of interactions related to overdue invoices.

With the Collection Agent Screen, users can easily track and manage late invoices, ensuring timely follow-up and payment resolution. It provides a centralized view of outstanding invoices, allowing collection agents to prioritize their efforts and take appropriate actions.

Moreover, the screen enables collection agents to maintain detailed records of interactions with customers regarding overdue payments. This includes recording communication logs, such as phone calls, emails, or other forms of correspondence, to keep a comprehensive history of collection activities. These records serve as essential documentation for reference, analysis, and dispute resolution purposes.

Accounts Receivable Reports

The Accounts Receivable system provides numerous reports that provide up-to-date information of all your AR related activities.

Aging Summary Report

The Aging Summary report in the Accounts Receivable (AR) module provides a concise overview of the outstanding balances owed by customers across different aging periods. This report is a valuable tool for businesses to assess the status of their receivables and gain insights into the aging of their accounts.

The Aging Summary report typically includes essential information such as customer names, invoice numbers, invoice amounts, and the corresponding aging period

Customer Statement Report

The customer statement includes important information such as invoice details, payment history, credit memos, and any outstanding balances. It provides a clear breakdown of the customer's account activity, enabling them to review their transactions and reconcile their records.