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Account receivable subsystem

OVERVIEW:
All your receivables information is at your fingertips.

The online, integrated Mitrol Account Receivable subsystem does more than simply manage your cash and credit facilities. It supports multiple company, multiple country and multiple currency accounting.

You benefit from:

  • Real-time credit checking
  • Integration with the
    Mitrol Sales Order Management System
  • Multi-company processing
  • Multi-currency processing
  • Inter-company accounting
  • Exception processing and control
  • Interest invoicing
  • Multi-user flexibility

The real-time Account Receivable Subsystem puts information about your outstanding receivables, payments, ledger balances, credit history and customer payment history at your fingertips.



As part of the Mitrol family of integrated fourth generation software products, the Mitrol Accounts Receivable subsystem allows you to enter information once, for use by all your systems.

For example, a customer calls your manufacturing plant office and places an order. The order is entered into your Sales Order Processing System. The customer's credit is checked and the credit record shows all activity across all your companies and subsidiaries for complete credit exposure. When the customer pays the invoice, your operator can check open invoices to determine which invoice is being paid. Finally, the account receivable ledger information automatically updates the Mitrol General Ledger for company-wide reporting and analysis.

The Mitrol Account Receivable Subsystem provides the following real-time facilities:

  • Invoice processing
  • Payment processing
  • Interest invoicing
  • Automatic integration with the General Ledger
  • Multi-user flexibility
  • International currency support
  • Exception processing and control
  • Customer statistics
  • Comprehensive support
  • Account receivable forecasts

Updating is done real-time, and the system validates all entries so that discrepancies can be corrected immediately. You can query for outstanding receivables, payments, ledger balances, individual invoices and other management information on-line. You can also request reports, claims and interest invoicing calculations online. It is easy to apply cash online. You simply enter the customer number, payment amount and invoice number. If you do not know the exact customer number, you can enter part of the customer name, and the system displays all names that begin with those letters so you can select the one you want.

Customer Maintenance.
Each customer organisation is entered only once, even if it does business with more than one company. Subsidiary ledgers are used to divide the transactions and balances among individual companies. However, inter-company accounting and reconciliation provide an overview of all customers' ledger balances with individual companies. Statistical information about the customers' payment history and payment patterns is available to all companies. In addition, customer data includes agreements about claims, interest invoicing, payment terms and currency used.

Account Receivable Processing.
You can process receivables manually or automatically from other systems.

Invoice Information.
You can enter invoices with all detailed information for coding and booking receipts, taxes and accounts receivable. Each invoice contains information about the demand category, partial payment, amount and currency. Amounts due and debts can be distributed by profit center within the company or according to another classification you specify.

Payment Processing.
You can enter payments manually or automatically from electronic funds transfer or lockbox services. The transactions are validated immediately, and any errors are stored for later review. You can also review unidentified payments online. You can review the customer's account receivable, and determine which invoice(s) to pay. You can choose which invoices are being paid, register partial payments, apply on-account payments or accept deductions from amounts due. When payments are overdue, the invoices are flagged for interest invoicing.

Interest Invoicing.
The subsystem calculates and prints interest invoices for any and all overdue payments. However, you can grant exceptions for invoices paid within a certain period or those whose interest falls below a specified minimum amount. You can set credit limits for each customer, and provide exceptions for them individually. This system flexibility allows you to provide a personal touch as you work with your customers.

Integration with General Ledger.
The entries generated in the Mitrol Account Receivable subsystem are automatically reconciled and summarised for posting to the Mitrol General Ledger. Your receivable accounts are used as part of the General Ledger chart of accounts for reporting and inter-company reconciliation.

Multi-User Flexibility.
The Mitrol Account Receivable subsystem, like all Mitrol products, is designed for use by many people at one time. Your Account Receivable supervisor can monitor the activity of subsidiary companies while the individual profit centers are being updated. That gives you the benefit of centralised cash control without taking autonomy from the individual profit centers.

International Currency Support.
Because the Mitrol Account Receivable Subsystem is used world-wide, it supports international currency processing. You can enter an invoice or remittance in another currency along with the exchange rate and amount. When the amounts are posted to General Ledger, they are converted to the local currency. Gains or losses due to the conversion are reported. Data entered at a standard exchange rate can be recalculated to the prevailing rate at any time.

Exception Processing and Control.
Automated systems are designed to control most situations most of the time. However, sometimes you have to make exceptions, and handle items on an individual basis. The Mitrol subsystem allows you to

  • Postpone payment of an in-voice
  • Let an on-account payment settle an invoice
  • Adjust a customer's payment terms
  • Write off invoices

For further control, the system maintains an Unknown Customers account. It contains payments that cannot be allocated because of address errors, incorrect information and so on. A journal provides detailed information about these entries for follow-up.





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