While most customers in B2B environments pay some time after delivery, leaving the posted sales invoices open for the Accounts Receivable department to close (apply) when payment is received, some sales invoices can be paid immediately, for example with PayPal. Such invoices are immediately applied as paid when they are posted and, therefore, do not appear as payments to be processes in AR. For more information, see, for example, Invoice Sales.
Reminders are used to alert customers of overdue amounts. The reminders can be setup for pre-defined level and can be setup for each customer. Additionally, Microsoft Dynamics 365 Business Central provides feature to be used in calculating finance charges, that is, interest or fees that are also included in the reminders.
- ISSUED REMINDERS:
After creating the reminders with needed modifications, if any, these can then be test printed or issued. After issuing the reminders, the data is shifted to a separate page where reminder entries are made such as of calculated interests or fees. These are then displayed at the customer ledger and the general ledger in MSD365 BC.
- FINANCE CHARGES MEMOS:
MSD365 BC allows the organizations to calculate the interest and finance charges for a customer along with informing the customer about these without mentioning the overdue payments. These can be created and modified for each customer as according to their needs.
- ISSUED FINANCE CHARGE MEMOS:
After creating the finance charge memos and modifying them as per the customers requirement, these can either be test printed or directly issued in MSD365 BC. The issued charges are posted to the customer leger as defined in the setup.
If your company is looking for ERM services in Vadodara or anywhere around the globe, drop an email to firstname.lastname@example.org and our team will be glad to set up a free demo for your brand!