1. G016–Collect Payment on Open Invoice

Overview

Date:March 13, 2015 Author:Corbin Fletcher

Contents

• G016–Collect Payment on Open Invoice
  • Introduction
  • Procsses
  • Responsible Personnel
  • Definitions
  • Addational Information

Ducument ID	Release Date	Author	Version
G016-Collect Payment on Open Invoice	16/2/2015	Corbin Fletcher	v 1.0

New in version 11/2/2015.

Changed in version 1.0.1: Fundamental changes made to the structure of the document.

Tip

An SOP is not intended to answer all question a team member may have about a business process. In contrast, SOPs are intended to be a supplemental training tool, which enhances other employee training.

1.1. Introduction

This SOP will provide details needed for any team member to query our Quickbooks database and use an open invoice report to inquire with each customer who has an unpaid invoice. In some situations we will provide customers thirty day terms to satisfy their invoice; however, if thirty days passes, and we have not yet received payment, we will begin calling customers and requesting payment in full.

1.2. Procsses

1. From the QuickBooks Reports menu, select Customers & Receivables, and then Open Invoices, Run open invoice report. The report is sorted alphabetically by customer name;
2. Check the aging column. If the aging column has digit present you will need to call the customer and request they send payment as soon as possible.
3. Document your findings from each phone call inquiry with our customers and submit your finding to management.

1.3. Responsible Personnel

Any team member who is responsible for invoicing customers could be required to seek payment on unpaid invoices. This process is primarily the responsibility of one of our sales floor team members.

Team Members

Although you may not currently seek payment on open invoices, you may be asked to assist in this process, and this SOP will help you understand the steps need to complete this task.

1.4. Definitions

Open Invoice Report:

Is a Quickbooks report that shows all unpaid invoices in our quickbooks database.

Aging Column:

This column reflects a total number of days past thirty days that a customer has owed us money on an open invoice. So, if the aging column has a digit of three; this is three days past thirty days, or a total of thirty three days.

1.5. Addational Information

• In some situations, we may provide a customer thirty day terms to pay an invoice; however, if thirty days has passed and we have not received payment we will call our customers and request payment. If requested you can provide the customer a copy of the invoice to facilitate payment.

• During every work week you will need to call customers who have a digit in the aging column of the open invoice report. After each phone call you are required to document your findings and submit your document to management.

  • An example of “documenting your findings”– you could create a Microsoft Excel spread sheet and articulate the details (i.e., customer name, invoice number, etc. ) of each customer you call. Our primary concern is, when we can reasonably expect payment from the customer? And the payment status must be included in your documentation.

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