Accounts receivable

Video transcriptionHi, I´m Santiago and in this video, titled “Use myAbakus for accounts receivable management”, I will make a short demonstration of how to use myAbakus to make sure our customers are paying us when and how they should.

To do this I will use the same demo company we have been using for the other videos. I strongly suggest you watch the videos in the same order as they are listed on the Tour, to make sure you don’t miss out on any features available on myAbakus.

First, we go to the Income list, in Transactions, in order to see all the invoices. We may filter this list by selecting “Pending payment” from the Status filter, on the View by panel. This way we may see all invoices with outstanding balances.

If we have received a payment and have not yet entered it into myAbakus, we may do so the following way. We edit the transaction A-323, and we click on the “Pay” tab. If the invoice was paid in full upon delivery of the products or services, we select the Account where the money will go to and automatically the system will load the total amount and invoice date. In the Reference field we may enter, for example, the check number, so let’s say it is check number 3245.

If we have credit terms with a customer, we may set-up the terms period by adjusting the date to make it the expected payment date, for example, in 30 days. If the payment date is in the future, myAbakus will highlight it in yellow and will un-check the “Pay” box; it will also not include this amount on the Total below. We Save and in the invoice list we can see how, for transaction A-323, the payment is Due and in yellow, whereas transaction A-322 is Past Due and in red, because the expected payment date which was entered has already passed.

Back in the invoice list we can see how, for example, Willie Coyote owes us various invoices. If we should want to see more detail on a specific customer, we click on its name in any of the invoices, and we may see some basic information, such as the number of transactions, the time since the last one, and the amount it still owes. On the Actions panel to the right we see different tasks we can do with this customer, such as adding new transactions and viewing reports.

We click on “Record a payment”, and we see a list of all the invoices with unpaid balances. Let’s say we have received a check from the customer for 600 which must be applied to several invoices. We enter 600 on the Amount field and we see that invoices are paid, starting with the oldest one, until the amount is complete. If the check is meant to pay specific invoices we may change the payment amount in each invoice line, for example, entering 400 for one and 200 for another. We save and return to the Customers window.

After seeing that a customer owes us several invoices we may want to send him a Statement to remind of the invoices which are due and to show him how we have applied previous payments to their account. We may access this statement by clicking on the customer’s Balance. We can see, for example, the 600 payment we just entered. We can print the statement, to send it by mail or fax, or we can send it directly by e-mail.

If what we want is to see all customers with outstanding invoices at a glance, we can see this with the To Collect report. We go to Reports, and select To Collect. This report shows us the number of outstanding invoices, the days since their creation, and the total balance due. We can see the detail by clicking on the customer name. We can also access the Statement from this report, by clicking on the total Balance for each customer.

Finally, I would like to show you how to set up alerts for overdue collection from customers and payments to vendors. We go to Manage, and select Users. We then click on our name and then on “Alerts via Email”. First we select our time zone, for example, America/New York. We can see that we have several options to receive these alerts for collections and payments. We can select one or more options as we see fit for our needs.

I hope this demo was clear and useful for your accounts receivable management. Once again thank you for using myAbakus and see you soon!