Finance and collections

Customer invoices bill eligible quantity after the applicable title event. Accountant prepares the invoice with its dealer, currency, rate, period, net amount and tax. Finance Manager independently approves the frozen document before posting. Partial shipments can produce partial billing, but an invoice must not claim the whole order repeatedly.

Cash receipts record actual customer money, including the portion still unapplied. Cash applications allocate a bounded amount to an eligible invoice. Bank statement lines supply external evidence for reconciliation; a locally prepared instruction or a payment message is not a bank settlement.

• Receivable. Posted customer invoices and credits retain due dates, outstanding amounts and original sources.
• Payable. Supplier invoices match accepted receipt quantity, and payment runs carry reviewed release.
• Close. Tasks, revaluation and journals explain the entity’s balance at a period cutoff.

Accountant prepares bills, cash applications, payment runs, bank matches and journals. Finance Manager handles invoice, payment, refund, revaluation and period decisions. A separate approval record identifies who decided and which revision or amount it covered. Corrections link back to the original posting.

Define the entity chart of accounts, posting profiles, tax treatment, currencies and period calendar. Agree the source of exchange rates and the evidence required for a bank match. Choose the authorized bank account and supplier beneficiary review path. Set the amount authority and the person who can independently release a payment.

The original receipt remains visible when part of it is applied. The remaining unapplied amount should not vanish into another customer’s balance. For supplier settlement, a released payment remains distinct from accepted or settled external money. Finance should rehearse an uncertain instruction and a returned payment before relying on a payment run.

Dispatch part of an accepted dealer order, establish the eligible title quantity and prepare the matching invoice. Check the net and tax total and obtain Finance Manager approval. Post it in an open period. Receive a partial customer payment, apply only available unapplied cash, and verify the invoice outstanding amount. A repeated receipt event must not create another cash balance or application.

Then match a supplier bill to its accepted receipt and include it in a payment run. Inspect the protected beneficiary and wait for bank settlement evidence. Before closing the period, reconcile open receivables, payables, inventory, transit and bank lines through assigned tasks. A task needing review should remain visible at the cutoff.

• Invoices awaiting approval — Prepared customer invoices for Finance Manager review.
• Payments awaiting release — Supplier payment runs awaiting authority.
• Period close work — Open and review-required tasks at the entity cutoff.

Follow invoice, cash and close and review return corrections.