Accounts receivable software helps you track all the money your company is owed but has not collected yet. This includes invoices you’ve sent for products or services you’ve already delivered. Here’s how to find a solution that helps you improve your collections by automating processes, tracking receivables, and running comprehensive reports.
How Accounts Receivable can work for you
GRP Accounts Receivable helps you generate invoices, send statements, collect and apply payments, verify balances, track commissions, and deliver customer reports. This accounts receivable solution is fully integrated with all other GRP modules.
Key Benefits of Accounts Receivable for your business
Get More Options for Statements and Invoices
Improve control of the creation and delivery of customer invoices and statements. Format statements for printing, HTML, or PDF delivery. Include company information and messages on customer-facing statements, generate statements on-demand, and withhold printing of statements that contain no detail.
Take Credit Card Payments
Accept PCI-compliant credit card payment with flexibility to handle manual charges, transaction voids, and refunds. View credit card transactions and issue warnings about expiring credit cards. Connect to any bank processing center with included plug-ins, or build your own using our SDK.
Meet Your Revenue Recognition Requirements
Use deferred revenue codes for individual line items at invoicing to support your revenue recognition requirements. GRP will recognize the current part of deferred revenue and generate the appropriate transactions.
Manage Credit Control by Parent Accounts
Companies with franchises or multiple branches can configure parent-child relationships in GRP accounts receivable software between the customer accounts that represent these companies. This feature enables you to manage credit control on the parent account level. This includes credit verification rules, consolidated dunning letters, and AR reports that include consolidated data.
Additional features of Accounts Receivable
- Recurring Billing
- Multiple AR Accounts in GL
- Multiple Currencies Support
- Automated Tax Reporting
- Customer Balances and Credit Limit Verification
- Payment Reversal and Automatic Payment Application
- Overdue Charges Calculation
- Small Balances Write-off
- Customer Account Security
- Audit Trails
- Support for the Authorize.Net API
Create contract templates to apply and manage recurring monthly fees, setup fees, renewal fees, consumption-based fees, overage charges, and minimum charge amounts. Specify start and end dates, renewal terms, a billing schedule, and line items. Contracts are linked to case management and employee timesheets for including billable hours and customer support hours in bills.
Multiple AR Accounts in GL
Map groups of customers to different AR accounts in the GL. Override default AR account during document entry. GRP accounts receivable software tracks account assignments and applies correct offsets and amounts when payment is applied.
Multiple Currencies Support
Issue invoices and collect payments in any currency. GRP accounts receivable software maintains customer balances in the foreign currency as well as the base currency. Automatic currency translation provides real-time adjustments based on the current rate, completes currency triangulation on payment, computes realized gain or loss, and computes unrealized gain or loss for open items.
Automated Tax Reporting
Automatically calculate sales and VAT taxes and prepare for tax filing reports. Customer default tax zone can be overridden during document entry. Supports multiple tax items per document line, deduction of tax amount from the price, and tax on tax calculation.
Customer Balances and Credit Limit Verification
Automatically enforce credit limits at order entry and at invoicing. Customer configuration options can block invoice processing or issue a warning, create dunning messages for past-due accounts, and temporarily increase credit limits.
Payment Reversal and Automatic Payment Application
Automatically apply payments to the oldest outstanding documents. Easily void incorrect payment application – all affected balances will be automatically reversed.
Overdue Charges Calculation
Automatically calculate and apply overdue charges. Compute overdue charges as a percentage or as a minimum charge amount.
Small Balances Write-off
GRP lets you write off small document balances. You can control write-offs using a maximum write-off limit and eligible customers list.
Customer Account Security
Specify which individuals and roles can view and modify customer account information and balances.
GRP provides a complete audit trail of all transactions. Transaction records cannot be deleted or cancelled. Errors are corrected through reversing entries that are likewise documented. The system tracks the ID of the user who entered the transaction and the user who modified the record. Notes and supporting electronic documents are attached directly to transactions in the accounts receivable solution.
Support for the Authorize.Net API
GRP accounts receivable software supports PCI DSS-compliant integration with Authorize.Net. Sensitive credit card information is never stored in the GRP database. Instead, the system sends customer credit card details to the processing center through an encrypted channel.