Accounts Receivable Getting Started

Accounts Receivable is the customer's Financial Account. A running balance of individual debit and credit transactions is maintained, while an 'Active', 'Suspended' or 'Terminated' status reflects its operational condition.

What Comes First

To start using Accounts Receivable configure the System to support your business model. In the following table, find the configuration modules related to Accounts Receivable. 

Sub-module	Type	Classification	Navigation	Dig In
Accounts Receivable Classifications	Configuration		CONFIGURATIONFINANCE APPLICATIONACCOUNTS RECEIVABLESET UP CLASSIFICATIONS	Accounts Receivable
Accounts Receivable Definitions	Configuration		CONFIGURATIONFINANCE APPLICATIONACCOUNTS RECEIVABLESET UP BUSINESS DEFINITIONS	Accounts Receivable
Accounts Receivable Banks and Bank Account Types	Configuration		CONFIGURATIONFINANCE APPLICATIONACCOUNTS RECEIVABLESET UP BANK ACCOUNT TYPES CONFIGURATIONFINANCE APPLICATIONACCOUNTS RECEIVABLESET UP BANKS	Accounts Receivable
Accounts Receivable Payment Preferences	Configuration		CONFIGURATIONFINANCE APPLICATIONACCOUNTS RECEIVABLESET UP PAYMENT PREFERENCES	Accounts Receivable
Accounts Receivable Presentment Preferences	Configuration		CONFIGURATIONFINANCE APPLICATIONACCOUNTS RECEIVABLESET UP PRESENTMENT PREFERENCES	Accounts Receivable

Step 1: Setting Up Accounts Receivable Classifications

First, configure Accounts Receivable Classifications.

Accounts Receivable Classifications are used to separate Accounts Receivable into categories which can be later used by various System processes, for filtering.

Step 2: Setting Up Accounts Receivable Definitions

Secondly, you must configure an active Accounts Receivable Definition 

Accounts Receivable Definitions is the set of business rules used to control the behaviour of Accounts Receivable throughout their Life Cycle.

Through the Definition you can:

• Define the business rules related to:
  • Allocation Principle: the principle used to allocate credit transactions against debit transactions, which can be 
    • FIFO
      or
    • Against Item & FIFO
  • Credit Terms: The terms that define the allowed Credit Ratings and Credit Rating values to be set on Accounts as well as the Due Date rules which define how the due date of Invoices is calculated.
• Optionally, define allowed attributes and process automation to be used on Accounts Receivable:
  • Account Name Generation Method: Define whether the account name should be generated automatically and how to generate it.
  • Billing Address Rules: Define whether the Billing Address is mandatory.
  • Allowed Preferences: Define which of the following pre-configured preferences can be used by Accounts Receivable.
    • Classifications
    • Payment Preferences
    • Presentment Preferences
    • Banks & Bank Account Types

Step 3: Accounts Receivable Banks, Bank Account Types, Presentment and Payment Preferences

Configure the following modules for additional functionality and categorisation:

• Accounts Receivable Banks: Create the Banks that can be used as information in Accounts Receivable Payment Preferences, if the Payment Preference is classified as a direct debit.
• Accounts Receivable Bank Account Types: Create the Bank Account Types that can be used as information in Accounts Receivable Payment Preferences, if the Payment Preference is classified as a direct debit.
• Accounts Receivable Payment Preferences:  Define the preferred method of paying any outstanding amount. Payment Preferences may hold information which is needed to integrate to Third Party Systems and perform the Payment (e.g. Payment Gateway) bank account information in the case of direct debits or bank transfers.
• Accounts Receivable Presentment Preferences: Define the preferred method for sending bills to the customer owning the account and to export the bills or integrate them with Third Party Systems.

Do it Yourself!!