The Accounts Receivable Software Module

Recurring Billing: MYOB Acumatica supports several types of charges including recurring monthly fees, setup fees, renewal fees, consumption based fees, overage charges, and minimum charge amounts so you can bill any type of customer agreement. You can create contract templates which specify start and end dates, renewal terms, a billing schedule, and line items. Contracts are linked to case management and employee time sheets so you can include billable hours and customer support hours in your customer bills.

Multiple AR Accounts in GL: MYOB Acumatica allows you to map different groups of customers to different AR accounts in the GL by specifying a default AR account for each customer. The default AR account can be overridden during the document entry. MYOB Acumatica automatically tracks which account was selected and offsets the correct account and amount when the customer payment is applied.

Multiple Currencies Support: MYOB Acumatica allows you to issue customer invoices and collect customer payments in a foreign currency. In order to track customer balances and provide accurate reporting, MYOB Acumatica maintains the customer balance in the foreign currency as well as your base currency. Automatic currency translation provides real-time adjustments based on the effective rate. When the payment is applied, MYOB Acumatica does currency triangulation and computes the realized gain/loss. Unrealized gains and losses are calculated using the AR foreign currency balances revaluation process.

Automated Tax Reporting: The Accounts Receivable software module automatically calculates Sales and VAT taxes and prepares reports for tax filing and reporting. Each customer can be assigned a default tax zone which includes the list of taxable items and reporting municipalities. This default information can be overridden during the document entry. Tax calculation options include multiple number of tax items per document line, deduction of tax amount from the price, and tax on tax calculation.

Customer Balances and Credit Limit Verification: MYOB Acumatica enforces credit limits when you enter invoices in order to limit your exposure to uncollectible debts. You can specify a credit limit amount and a maximum overdue period for each customer. Depending on the customer configuration options, MYOB Acumatica can block invoice processing or issue a warning. MYOB Acumatica can automatically create dunning messages for past-due accounts and temporarily increase credit limits.

Payment Reversal and Automatic Payment Application: MYOB Acumatica allows you to automatically apply payments to the oldest outstanding documents to reduce the time spent matching payments to invoices. If a payment was recorded or applied incorrectly, you can void the entire payment or the application of the payment. All affected document balances will be automatically reversed.

Sales Commission Calculation: MYOB Acumatica automatically calculates sales commissions based on a sales commission schedule. The sales commission can be split among multiple salespeople, linked to specific line items on an invoice, and paid when the invoice is issued or when the payment is received. Sales commissions can be calculated on a monthly, quarterly, or annual basis.

Overdue Charges Calculation: MYOB Acumatica automatically calculates and applies overdue charges to help you improve your collection rate. Overdue charges are computed as a percentage or as a minimum overdue charge amount. You can assign the overdue charge code to the statement cycle and automatically perform the overdue charge calculation prior to the statement cycle closure.

Small Balances Write-off: MYOB Acumatica can simplify your operations by writing off small document balances. You can specify the maximum write-off limit and specify the list of the customers available for the write off.

Customer Account Security: MYOB Acumatica allows you to specify which individuals and roles can view and modify customer account information and balances in order to prevent unauthorized account access and restrict sensitive customer information.

Audit Trails: The Accounts Receivable software module provides a complete audit trail of all customer transactions. After a document is released, you cannot delete or cancel the document – to correct mistakes, you must enter a correcting AR document to reverse the wrong entry. The system keeps the details of all AR Documents, including the user who entered the transaction and the user who modified the record. The auditing process is simplified by having notes as well as supporting electronic documents attached directly to the transactions.