Accounts Receivable is responsible for billing and collecting money owed to an entity. Accounts Receivable has the following functions:
Tracks who owes the entity money and how much
Records accounting events for receivables and collections
Processes billing
Records money received
Tracks customer financial and credit history
Provides reports and inquiries into Accounts Receivable status
Accounts Receivable is fully integrated with other areas of Advantage Financial, for example:
Cost Accounting - Accounts Receivable supports billing-related transactions for grant and capital projects.
Accounts Payable - Accounts Receivable supports the interception of payments to offset overdue receivables and the refund of customer credit balances.
Many Accounts Receivable processes are automated, with the ability to forecast receivables and identify those that are overdue. Customized billing profiles for each customer ensure that proper billing is generated on schedule.