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A detailed analysis regarding the level of credit and collection of accounts receivable allows you to comprehend more thoroughly the situation and help you to plan the recovery strategy, especially if you are in need of liquidity.
Occasionally it might be necessary to avail yourself of specialised consultants in debt collection, and to certain extents even of lawyers. However, the first action that should be undertaken is to send a dunning letter to the customer, reminding him of the outstanding debts and asking him to arrange for the payment of the balance as soon as possible.
Perhaps not everyone knows that, with Mago.net, customised dunning letters can be issued, also by email, directly to the customer from his account statement.
A very important feature to take notice of is the handling of the overdue payment reminders, and the possibility to arrange them by level and provide to each level a corresponding customised text.
If you wish to run the printing of the dunning letters automatically to all customers, it might be useful to provide a threshold amount (into customer master data) below which the letter will not be issued.
The situation level regarding the dunning letters issued can be kept under control. This thanks to the fact that each customer profile provides information reporting the last dunning letter he received, the overdue payment reminder level reached and the number of times he reached that level.
The above details allow Mago.net to be informed, in regards to the next letter issuing, whether to start once again from the first level (if the overdue payments have been settled) or whether to increase the reminder level.
Should your customer also be your supplier, you can print the account statement considering also the amounts owed to him as supplier thanks to the link between the customer and supplier master.
To receive further information regarding the potential offered by this feature, please contact your reseller. Furthermore, if you are a M.L.U. subscriber, you can visit our website and follow the lesson regarding the Dunning letters in the eLearning course NON EXISTING PAGEMago.net - Payables and Receivables.
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