Accounts Receivable Configuration Examples

Summary

Accounts receivable (AR) terms determine when payment is due (using configured payment terms) and what actions are executed when payment has not been received (using dunning rules). Multiple AR terms can be setup to handle the account types you have defined (partner, customer, etc.). The AR terms you configure on this screen are selectable when creating new accounts and adjustable on existing accounts from the account settings screen.

For additional details on the fields presented on this screen see the the Accounts Receiveable Terms guide.

Contents

Prerequisites

• Payment terms are required to setup AR terms and must be configured beforehand.

• Dunning rules are not required but need to be configured if you wish to add them to AR terms

Sample Configuration

Adding a new AR terms.

1. In this example we will add a sample AR terms that is configured to set the invoice due date and define the dunning rule of the accounts.

2. Log into the LogiSense Billing application

3. Click on the Setup menu, Finance and then Dunning Process

   

4. Under the Bill Runs heading click the  button to add a AR Terms

   

5. Under the Add AR Terms heading give the AR Term a Name (e.g. '30AR'). In the example shown below the AR Term has been set to calculate the payment due date as 30 days after the invoice render date/account bill day. This AR Terms also define the dunning rule to for consumer account type to apply late fees on the due date.

   

   Default: if enabled, this AR term will automatically be selected in the AR Term dropdown field when creating a new account.

6. Payment Terms: NET30 allows 30 days after the invoice render date/account bill date that the invoice is due.

7. Click Save to add a AR Terms.

Result

AR Terms: 30AR is available to be selected from the AR Terms dropdown when creating a new accounts and adjustable on existing accounts from the account settings screen.

Next Steps

<<documentation team task: link to next configuration article>>

Related Guides

<<documentation team task: link to API guide which covers the same config process>>

<<documentation team task: link to Data Import guide which covers the same config process>>