Cash Receipts Features and Functions
Customer payments must be received in a timely fashion, recorded properly, and deposited into the bank as quickly as possible. This section deals with each of those processes.
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Credit Payments to O/S Finance Charges
This question tries to determine how the system is going to help the user apply credit payments received subsequently. The process could be entirely manual, or the system could assume the user wants to pay the finance charges for each invoice being paid. If the system does apply payments automatically, users should have the ability to override the selections.
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Variable Payment Terms
Users should determine if application of cash receipts is an important factor, not just in selecting a software product, but as a business decision.
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Less than Full Payment
Customers will not always pay the full amount of an invoice, and the question boils down to the method used to handle this class of payment. Users can note these classes of transactions in a manual system by writing on the ledger card itself. The method adopted in an automated environment can vary, depending upon the product.
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Automatic Write Off of Small Amounts
The system can recognize when it makes no sense to maintain a small balance on the books and write it off automatically without the users having to do so.
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Cash Receipts (General)
There are any number of ways cash receipts can be recorded. This series of questions identifies some of the options during the cash receipt process.
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Accounts Receivable Features and Functions
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