Accounts Receivable
Accounts Receivable in PrismERP is used to manage all amounts that customers owe for products delivered or services provided. It keeps a clear record of every customer invoice and tracks how much has been paid and how much is still pending. Each invoice is stored with its full reference details, so the complete journey of a transaction can be followed from the time it is created until it is fully settled.Customer payments can be recorded in different ways, including cash, bank transfer, and cheque. Every payment is linked directly to the related invoice with proper references. Once a payment is entered, the system updates the customer’s account automatically, reflecting the remaining balance based on the latest transaction.
The system also maintains aging information for all outstanding invoices. This aging shows how long each unpaid amount has been pending and groups them into different time ranges such as current, overdue, and long overdue. Each invoice is categorized based on the number of days it remains unpaid, which helps in understanding the status of customer dues over time.Accounts Receivable also handles different types of adjustments related to customer transactions. These include credit notes issued for returns or corrections, debit notes for additional charges, discounts provided to customers, and write-offs for amounts that are no longer collectible. Each of these adjustments is recorded against the relevant invoice or customer account, ensuring that the financial records always match the actual transaction situation.All these entries together form a complete customer receivable record within PrismERP, where every invoice, payment, and adjustment is maintained in a structured and continuously updated format for accounting reference and tracking purposes.