Accounts Receivable (AR) is a powerful function of our financial management solution. It provides a comprehensive set of tools to manage your invoicing, credit, cash management, and customer management needs. Because you can specify the creation of invoices through the order release process, you can reduce billing for a different quantity than was actually shipped. With Accounts Receivable, you know who is buying what, and who is paying their bills on time.
Enter multiple shipments for an order on a single invoice, and write unlimited comments. Invoice entry supports advance/ progress billing deposits, credit memos, and standard invoices.
Accommodate payment of invoices, order deposits, and miscellaneous application of credit memos.
Ability to record Debit Notes (Chargebacks) sent from the customer. Debit Notes may now be entered as part of the AR cash receiving process, and will then have their value applied as part of the settlement process. The Debit Notes may be related to specific invoices or remain unassigned.
The new Debit Note will remain as an open receivable until matched to a credit memo or subsequently paid. In addition, Debit Notes sent by customers can be recorded independently of the cash receipt process – for example, electronically received payments. They can then either be applied or produce an unapplied cash value.
Create and apply interest invoices to manually charge an interest amount to an overdue or late-paid invoice. Select a customer and choose the single or multiple invoice lines against which to generate the interest invoice. Additionally, finance charges on invoices can be generated against a customer’s overdue invoice balance. Users have the ability to Invoice customers when products are shipped and track payments include or exclude the impact of credit memos when calculating finance charges
Allow adjustment entry of AR transactions with a full audit trail.
Additional payment and receipt options including AR and AP future-dated payment instruments, which allow you to handle and transact in Bills of Exchange.
When an invoice is consolidated, both the Sales Analysis Report and the Sales Gross Margin Report will group lines together based on each sold-to customer.
Allows the recording of invoice details with applicable input tax while the invoice remains in the process of circulating the company for review and approval. This allows you to reclaim the input tax in a timely fashion, where such practices are allowed.
Automatically place credit holds on new customers or on those who are past due or over their credit limit.
View aging information on the screen or print it in one of several formats. Accounts Receivable offers Customer Reminder features that allow companies to track the history of their customers’ AR balances together with the option to issue them user-defined reminder letters.
Finance charge invoices can now generated against a customer’s overdue invoice balance. These finance charges are automatically calculated based on rules defined within the Finance Charge Maintenance program. The charges can also be reviewed before they are posted.
Provides the ability for a customer to maintain a list of allowed Alternate Bill-to (Alt-BT) customers, optionally with one set as a default. This will default onto the Quote/Order/Direct Invoice and can be changed by the user to a different authorized billto customer prior to posting the invoice. If no alternates have been set up then the Alt-BT customer is the sold-to customer (but using the ‘Bill-to address’ on that customer).
A manual selection option to get Invoices and Recurring Invoices is available within Invoice Entry. This allows the selection of particular or multiple invoices or recurring invoices for posting instead of selecting all available items at once.
Easily view all credit-related information surrounding a customer. The credit manager workbench provides a single point from which to manage credit status, order credit status and account management, with drilldown to all associated information.
The National Accounts (HQ Accounts) feature provides the ability to create customer relationships, either hierarchical or the more traditional parent/child type, within Accounts Receivable. This functionality allows customers within a National Account group to accept invoice payments from any customer within the relationship. The functionality also permits extensive credit checking across the National Account group with credit available to be split across levels with or without variable pooling.
Epicor Financial Management contains a feature-rich flexible Tax Engine which allows businesses to configure Epicor applications for local and international financial reporting standards, as well as unique local tax jurisdictions.
Tax tables within the Tax Engine include the ability to define or override rate effective dates.
Lists invoice totals and tax amounts by customer for codes on file.
Customize, preview, fax, and print individually or in batches.
Pay sales commissions at time of invoicing or on receipt of payment. Establish up to five sales representatives per order line.
Access sales history in a variety of report formats.
Epicor Financial Management accepts credit, debit, and purchase cards as a form of payment. This functionality processes credit card authorization and payments in real time, for accounts and single or multiple transactions. Credit card data encryption meets recognized security standards for these transactions.
You can record currency gains and losses at the time of settlement. Through this functionality, you post amounts correctly when you invoice in one currency but are paid by the customer in another currency.
The application contains two methods for handling early settlement discounts on sales and tax values. The settlement amount is taken by the customer on the AR invoice. The potential discount is then included in the tax values calculated for VAT.
Epicor supports all of the most common business practice terms and conditions within Accounts Payable and Receivable. This feature also affords great flexibility for the definition of creative receipt and payments terms within countries where this functionality is not necessarily demanded but may offer a competitive advantage. Terms and Conditions are user defined, but typically include; End of month plus n days, End of following month, Specific due dates in a month, 2% 10 days and Net 20 days.
Submit various legal reports electronically, which are based on existing reports such as the EU Sales List, Intrastat and Tax Reporting. You can then reformat generic reports to meet your local requirements.
Perform real-time queries on summary and detailed information per customer, including sales orders, invoices and quote activity to date.
Use the user friendly Invoice Tracker functionality to view customer invoices and payments in either summarized or detailed format.
Automatically create and post general ledger entries from accounts receivable transactions.
All cash receipts are automatically available for bank statement reconciliation once posted.
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