Plaza-i Accounts Receivable

A/R Management Which Handles Advance Received and Foreign Currency

Each customer can have transactions in multiple currencies, and also have mixture of account receivable and advance received transactions. Foreign currency denominated receivable amounts are automatically converted into home currency based on a month-end rate, etc.
If you use Plaza-i Forward Exchange Contract module as well, you can process cash collection by contract rate.
As a basic accounting report, you can output A/R balance list (including advance received).
It shows a list of previous month balance, current month sales, current month cash collection, other transfer transactions, and current month balance by customer, which can be crosschecked with trial balance.
Since individual matching is executed at the time of approval of a cash collection voucher, you can output accurate balance detail reports (by voucher detail or by voucher) and aging reports, both of which always agree with the above mentioned balance, at any time, even as of past date.

Import of FB (Firm Banking) Cash Collection Data, and Cash Collection Matching

If you receive a large number of remittances, you can download firm banking (FB) remittance data of each bank, and import it as cash collection vouchers, so that you can eliminate time-consuming manual entries.
In addition, this module supports virtual accounts and identifies which cash collection came from which customer.
For companies who require a long time to execute matching, or who have both the finance department and accounting department separately, please adopt the following processing flow: first of all, record the imported remittance amounts as suspense receipts, and then every time the responsible departments and/or accounting department execute individual matching with A/R (and cash collection schedule) detail, have the system deduct the appropriate portion from the recorded suspense receipt amount. In this way, you can speed up the process of monthly closing, and at the same time, you can manage amounts for which matching has not been executed as account balance.

If you think that recording remittance amounts as suspense receipts mentioned above is time-consuming, you can import the data in cash collection vouchers directly. In both cases, matching can be executed by item detail of sales voucher as well as by header of sales voucher. You can specify at which level you wish to execute matching per customer to see at which level collection difference occurs, and therefore you can process cash collection matching promptly.

Prevention of Uncollected Billing Using Cash Collection Schedule Management

If you handle billing for advance payment to be received, please use “outstanding collection list by sales representative” where you can see outstanding information by sales order voucher. After processing cash collection at the end of each month, accounting staff can export outstanding vouchers by sales representative to an Excel file and urge them to follow up their clients.
For companies of merchandising business who send billing statements for goods sold on credit and of which delivery quantity is large, outstanding information can be checked by billing statement on the “billing process inquiry” screen, and if the outstanding amount is carried forward to the next period (for instance, customer inspection has been carried forward to the following month, or the billed amount has not been received as scheduled), urge sales representatives to follow up such clients.
Cash Collection Schedule is a very useful report, which can be used for cash collection process as well as for cash flow; you can import data of Remittance Notice or Statement of Account and update estimated collection dates and matching numbers automatically.

Various Bill Closing Methods

There are various choices of bill closing methods in Plaza-i, including multiple times of bill closing in a month, billing by transaction, and individually specified billing (which means summing up only specified sales or billing schedules into one billing statement), as well as regular bill closing methods such as “close at the end of month and payment due by the end of the following month”, or “close on 20th and payment due by 25th of the following month”.
You can also sum up billing amounts for both sales on credit and advance payment to be received into one billing statement.
Various billing methods of consumption tax are available including tax exemption, consumption tax by voucher, and consumption tax at the time of bill closing.
After invoices are sent, you can execute billing approval (confirmation) to lock the invoice data. In this way, you can prevent from forgetting mailing invoices, or changing billing data by mistake, and maintain appropriate internal control.

Various Cash Collection Transactions Which Differs From Their Billing Amounts

Plaza-i cash collection voucher handles not only basic individual matching mentioned earlier, but also collection transactions which differ from their billing amounts and irregular cash collection transactions such as bank charge deducted collection, sales discount, collection by credit card, off-set with account payable, half-cash half-note, carrying forward excess collection to the following month, and partial collection.
Processing methods of such transactions are mentioned in detail in Users Guide of Receivable module (ARS), which is written mainly by our certified public accountant.
Therefore, you can execute cash collection process with assurance.