Accounts receivable

Customer invoice, payment terms and method, customer payment.

After an order has been created, the company must issue an invoice to the customer, specifying a defined payment deadline and method. It then sends it to the customer so that they can proceed with payment.

Customer invoice

When a customer places an order, it is important to issue them an invoice.

For this reason, the sales manager at MASOCIETE creates an invoice for a recent order from their customer EK FRANCE, who ordered 5 Coca-Cola bottles at €10 each.

Implementations

There are two ways to create an invoice in SIMAX.

Either go to:

Sales > Order > Orders, select the relevant order and then [[Invoice]]. This will automatically open the invoice with the order information already created.

Either in:

Sales > Invoicing > Invoices, then click on [[New]], and fill in the field for the Customer invoiced*, then the items ordered... (see ERP_13_Invoicing).

You will then have the invoice here.

Payment terms and method

A payment term is the time allowed for the customer to pay their debt to their supplier, while a payment method is a means of payment chosen by the customer when settling the debt.

For example, it is stated that the customer will use the Check payment method to pay for their order, and that payment must be made within 30 days of the invoice date to settle their invoice.

Implementations

To choose the payment deadline, stay in the invoice form and select it at the top right of the screen:

And to choose your payment method, you can do so in [Payment] as follows:

Now all you have to do is [Save] the invoice.

When this invoice was created, the receivable was automatically created until the customer pays the invoice to see the amount of money remaining to be paid and the expected payment date.

Customer payments

The customer payment corresponds to the amount that the customer pays, according to the payment method they have chosen or that has been agreed in advance.

Upon receiving the invoice and noting the payment deadline, the EK FRANCE customer decides to make the payment as quickly as possible. They therefore send their check to the company, and the company's accountant, upon receipt of the check, records the customer's payment.

Implementation

Customer payments are made in SIMAX under Cash flow > Inflow Management > Customer Payments.

Once the Customer* field has been filled in, the Payment Method*, Account*, and Journal* fields are automatically populated.

That's not all. In the Settlement section, the Customer Settlement Line List table displays the outstanding balance. You can then select one or more lines to settle, which corresponds to the list of receivables.

And of course, you then need to save it.