Making Customer Payments Work for Your Business in QAD
Posted on: August 23, 2021 | By: Chloe Cope | QAD Financials
In any business, there is a need for a system to open and settle customer accounts. However, the makeup and size of company may necessitate different systems with varying levels of complexity. QAD’s Enterprise Edition Accounts Receivable module provides a couple of programs that allow users to apply customer payments with varying levels of complexity. This blog will walk through these tools and explain their distinct capabilities.
Customer Payment Create
Customer Payment Create is most applicable for less complex business customer portfolios (implying that your customer sold-to records and your customer bill-to records are generally the same). This program works with only a single bill-to address, and will allow the user to create, modify, view, and delete customer payments, and find invoices using the following open invoice document attributes:
- Customer code
- Business Relation code
- Invoice reference
- Business Relation Corporate Group name
- Purchase Order
- Sold-to code
The payment itself will be limited to a single bill-to address within the open transactions, and pre-payments or deductions can be applied within the program.
When using Customer Payment Create, Customer Payment Statuses must be configured, and Payment in Process accounting will be used.
Banking Entry Create
For more complex portfolios, Banking Entry Create provides generally the same functionality as Customer Payment Create. The differences in functionality are the following:
- Banking Entry Create will allow the selection and settlement of multiple bill-to addresses from a single payment.
- Banking Entry Create integrates with Process Incoming Bank Files, which is a program that enables the automated clearing of accounts using a bank file of payments.
- Banking Entry Create will eliminate the requirement for Customer Payment Status Code configuration, thus eliminating the requirement of Payment in Process accounting.
When choosing which program to use, weigh key factors such as the business vertical, customer portfolio, and business organization to determine the best path for your business.
If you are interested in learning more about customer payments in QAD and/or maximizing the use of your QAD system, contact us here to find out how we can help you grow your business. You can also email us at email@example.com or call (312) 345-8810.
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