The StreamV AR System automatically tracks your open customer invoice balances and it enables you to process customer payments and invoice adjustments quickly and effeciently.
The AR System allows you send invoices and statements by mail or by email, to produce reports on open invoice balances, payment and adjustment activity, amd to automatically place overdue accounts on hold when required.
The AR System is completely integrated with the other StreamV Systems and it offers a host of features designed to maximize your productivity. Some of the standard featrues that are built in to the system include.
• Integrated Email
• Integrated Imaging and Document Management
• Standard and Custom reporting options (SQL Based Queries)
• Automated export to XML, CSV or Excel files from Standard and Custom Reports
• Extensive Comment Support
• Robust Security for Comments, Images and Documents associated with customer credit and invoice detail.
The following business processes can be performed using the Accounts Receivable System. All of these tasks are described in more detail in later sections of this document.
Customer Invoices can be generated from several different systems in StreamV. These Systems include the Order Fulfillment System, The Returns Authorization System, and the Accounts Receivable System. The invoices created from the AR System include Credits and Direct Invoices, which can be used to correct invoicing errors, and Overpayments, Prepayments and Debit Memos, which are used to track under or over-applied customer payment amounts.
Sending Invoices to Customers
The Accounts Receivable System includes programs that can be used to send email or printed invoice copies out to your customers. Invoices can be emailed automatically when they are created, and Invoice documents can also be printed on demand as required. Documents can be sent directly to a defined printer for each user, or they can be previewed and then sent to any available printer.
Tracking Open Invoice Balances
The AR system automatically tracks open invoices and customer balances. Customer invoice and payment detail and transaction history are readily available from multiple Lookup programs. Aging and activity reports and standard and custom SQL based reports and queries provide you with the tools needed to analzye open invoices, and AR activity.
The Statement Printing program allows you to easily print statements to send to your customers. The Email Statements program allows you to automatically email statements to a specific contact for each company.
Applying Customer Payments
The Cash Application program supports both manual and automated payment processing. The invoice details to be paid with each check can be manually specified, or the payment detail can be imported (if your customer supplies the information in an electronic format). Pre-payment, Overpayment and Debit Memo invoices can be created during payment processing – to allow you to track un-applied, or over-applied customer payments. Checks can be applied to invoices for one company, or to multiple companies when required to handle parent and finance company processing situations.
Depositing Customer Payments
A Cash Clearing Account is used during AR Payment Processing, and a separate deposit process is used to check each batch total, and indicate when the customer payments have actually been deposited in the Bank. This gives you control of when the funds show up in your General Ledger Cash Account.
Adjusting Invoice Balances
The Invoice Adjustment program allows you to adjust AR invoice amounts to specific general ledger accounts. The Adjustment program restricts the accounts that invoices can be written off to, and it allows you to create comments and assign adjustment codes, to identify why the adjustment is being made.
Posting Sales to the General Ledger
The StreamV AR System normally posts each invoice to the general ledger as the invoice is created (this is referred to as on-line sales posting). Options also allow you to post sales in batch mode. This mode allows you to audit the invoice detail prior to adjusting the general ledger, and to reduce the amount of postings hitting the general ledger – which may be usefull in very large operations. As invoices are generated, they are immediately available for payment or other transaction processing. When the on-line sales posting option is used GL sales activity is automatically updated as each invoice is created. If the batch posting option is used, the sales activity is summarized and posted by date. This allows very large sites to control the amount of detail that is being created in the Sales, AR and other GL accounts that are updated by AR Transaction processing.
Processing Credit Requests
Credit Request Documents are used to record a customer request for a price, freight or other non-inventory credit and to forward the request to the accounts receivable department. If the Credit Request is approved, the document can be used to quickly generate a credit for the customer using the Direct Invoicing program.
Issuing Refund Checks
The Issue Refund Check process allows you to refund an open negative accounts receivable balance to a customer. The system automatically generates a refund check and closes out the negative invoice balances being refunded. The check record can be printed as it is issued, or printed by another operator from a Bank Lookup program, based on company policy.
Correcting Invoicing Errors
The Credit Invoice and Cancel Invoice options, and the Direct Invoicing program can be used to fix errors on existing invoices. The Cancel option allows you to cancel a shipment that has been invoiced but not sent out. The Credit Invoice option allows to to credit amounts for a specific invoice to back out pricing, sales tax, shipping or other errors and to automatically tie the credit memo for the invoice to the original invoice. The Direct Invoicing program can be used to rebill a customer, or to create an invoice for a customer that is not tied to a sales order.