How to Maintain Customer Default Information
16) Click the “Maintain” and select the “Default Information” then select the “Customers” the following wizard will be displayed.
17) In the above customer default window we can see the following tabs
a. Payment Terms
b. Accounting Aging
c. Custom Field
d. Finance Charged
e. Pay Method
1. Payment Terms:-
i. C.O.D means (Cash on Delivery) when ratio button of C.O.D is selected it means that we are receiving the amount on delivery of goods. In this credit limit is not involved.
ii. Now the second “Prepaid” is selected which means that we have given the amount of goods/services in advance and credit limit is not involved in this case.
iii. The 3rd option is “Due in number of days” In this wizard we also give detail information about the “Credit Limit” such as when we write that 2/10, n/30 it means that we have to pay the amount in 30 days of the same month. If the amount is paid in 10 days then 2% discount is allowed thereon. In the “Credit Limit” you have to put that amount which you allow to give on credit. If the credit limit amount exceeds the system shows the amount so exceeds.
iv. The next option relates to “Due on day of next month” meaning thereby that the “Credit Limit” allowed is to be paid on any future date of the next month. Similar to “Due in number of days” any credit limit is also fixed in this case which can be availed by the debtor if so required. Once a credit limit is fixed by the creditor it will be applicable on all the customers.
v. The last option is “Due at end of month” in this case the payment is to be paid within the same month but discount can be availed by the debtor as per terms given.
2. Accounts Receivable Aging means the amounts owed to the company by its customers, and the length of time the amounts have been outstanding. The aging report categorizes receivables as "current," "30 days," "60 days," "90 days," and "120 days and over." The purpose of this report is to show the business owner what receivables need to be dealt with more urgently because they have been overdue longer. The aging repot is prepaid on the basis of invoice date or due date.
3. Custom Field under this caption the 2nd addresses and contact numbers of the borrower alongwith other relevant information are given. Any changes in the contact number or address of the borrower are recorded to have quick contact with him.
4. If we have exceeded the limit of days then we have to pay the extra charged per day as they pass. For that matter we select the 1st option “Charge Finance Charges” but if do not take notice on that matter we have to pay extra charges over the charges to the company. For that matter we select the 2nd option that is “Charges Interest on Finance Charges” .
5. In the “Payment Method” the mode of payment is recorded. Up to 10 methods of payment can be recorded that the business accepts.
