Overdue A/P payments

When you fail to pay your bills in a timely manner, your available  credit decreases significantly. If the pattern is too broad, it will  be difficult for you to obtain the needed parts and services to  continue your operations.  Therefore, knowing when you are late with  payments is critical.

Follow up is equally important. The Hot Accounts function provides such monitoring in an easy, yet  very effective, way.  When the option is selected from the menu, the browse list displays the payable vendors with overdue invoices.  As the list is browsed, the vendor information and account summary, plus a listing of all pending activity, is displayed in the upper portion of the window.

When reviewing the  account, notes should be entered with the date, time, and action  that took place.  For example, if no statement was received, you may  wish to contact the vendor, and alert them to the fact you are waiting for their bill so that it can be paid.    Be sure to select the OK key after entering any notes so they may be saved to the file.

Notes help avoid confusion over what was said in previous  conversations, because they can be instantly logged to the account.  The note section uses full word processing capability as described  in the General Concepts chapter.

When the review of accounts is complete, selecting the Close key will return the operator to the menu.

Using these procedures on a weekly basis will  assure more prompt payment of accounts, with the least amount of  tension between your business and your suppliers.