Best Practices for managing open AR INV/CM's?
What are your recommended Best Practices for managing open AR documents? Meaning how are other's successfully and efficiently managing their receivables and sending out documents and statement?
About 3 years ago because the platform update drastically changed our ability to email out statements. The big difference was we couldn't use our distribution lists any longer and had to make new Email Groups. Since then we have been saving the Customer Receivables Aging reports (statements) as PDF's on the server. Then attaching them in an email along with the open invoice or CMs. It's a little clunky, but it works. I run a weekly Open Items list using the Open Documents section, rather than the Customer Receivables Aging Report. I do this b/c I have trouble reading the aging report. All I want to see in my Excel sheet is invoices that are past 7 days overdue, along with the total # of days past due. (See Attached) Then I show any CM’s that BP may have to see if there are more credits and that's the reason for the late payment. I also need to see all CM's over 60 days past due. My spreadsheet gives me a clearer view of what I'm looking for. I was able, with help, to build a weekly Alert that shows me all open invoices that are past 7 days also.
I'm currently looking at the Dunning Wizard, but the email functionality isn't really efficient for what we need. We are also working on beginning to use the Web Portal. That was the solution given to us 3 years ago when the platform upgraded.
Any new advice?