Receivables Tab

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The [Financials] > [Receivables] Tab in opentaps is used to manage the class of assets that represent money owed by Your Company's Customers in exchange for goods and/or services that you have delivered, but the Customer has not yet paid for. Receivables are due within a short time period, ranging from a few days to a year.

Thus, Receivables are recorded as an asset in the Financials Module because they represents a legal obligation of money owed to Your Company. The Financials system will record a transaction in Receivables when Your Company has made a sale but has yet to collect the money from the purchaser.

Most companies operate by allowing some portion of their sales to be on credit, such as by offering the Customer a Billing Account on which to make purchases. These types of sales are usually made to prefered customers who are invoiced periodically, allowing them to avoid the hassle of physically making payments as each transaction occurs. This is like a customer giving Your Company an 'IOU' for goods or services already received, and then paying the accumulated invoice amount on a scheduled basis.

The following Wikipedia link provides more discussion of Receivables, Accounts Receivable

The first opentaps system screen in the Receivables Tab is Receivables Main Screen which provides links to many of the important functions within the Tab,

  • Invoices

Create Sales Invoice Find Sales Invoices Invoice Performed Order Items for Order ID

  • Agreements

Create Customer Agreement Find Customer Agreements

  • Payment

Receive a Payment from Party ID Find Payment Receive COD Statement Manage Cash Drawers Manage Lockbox Batches

  • Customer Credit Accounts

Find Customer Credit Account

  • Finance Charges

Find Finance Charges Assess Finance Charges

  • Reports

Balances by Customer Customer Statement Accounts Receivables Aging Receivables Average DSO Report Credit Card Settlements Report Payment Receipts Detail



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