UCP Students Blogs: Maintain Customers/Prospects and customer Default

Maintain Customers/Prospects

As you know that we have learnt, How to open a new company and how we can maintain its chart of account and way of entering the beginning balances? Now we are going to establish subsidiary ledgers for the debtors of the company by focusing on How to maintaining Customers/Prospects..

Maintain Customers/Prospects are used to enter and change the customers and companies information who are buying our products which can be on credit basis and on cash basis. Here the information can be maintained for the people, with we want make business. Now we are going to maintain subsidiary ledgers.

Now, move your curser to maintain menu and click over, you will find the option falling down just select the first option that is “Customers/Prospects" like following window:

When you will click on you will find the following window:

Here the upper side is known as “Header” and the lower side is known as “Tabs” .

First of all we are going to discuss the “Customer ID” in Header Field here we write the Customer’s ID which can be made like,

Punjab Lahore Gulberg we can will write it shortly like:

Pu Lh Gl and the customer’s Number like:

PULHGL10

Or we can assign numbers like Pu=01, Lh=02, Gl=06 and the customer’s Number is 10 the ID will seems like: 01010610

if you have already made customers just click on lookup button and select from there.

In “Name” simply write the name of the Customer like Moon textile etc.

Now we are moving toward Tabs and will discuss General First. In General we have to write the information regarding the particular customer like “Contact and billing address”. You can add multiple address of one customer. For this just follow the picture below:

Moving on the discussion click on the next Tab that is “Sales Default” when you will click on you will find the window like the following picture:

Here you will write the exclusive transactions regarding a particular customer.

Sales Rep:

Here you will enter the information regarding the sales representative who is dealing with the customers.

G/L Sales account:

Here you will have to write the general ledger sales account which you have created before.

Open P.O.#

Here you will write the purchase order number.

Ship Via:

If you are shipping you can write the information regarding shipment.

Resale:

Here you can write the number if the purchaser is selling it again.

Pricing level:

Here you can select the different pricing levels .

Terms:

You can use different terms.

Form delivery options:

You can select Paper method or e-mail.

Here you can write the name, address, state, country, card number, Expiry date.

Here you can write the information regarding your customer.

Here you can maintain the history of your customer like Customer since, Last invoice date, Last invoice amount, Last payment date, Last payment amount, and last statement date.

Default Information

Now moving on we are going to discuss that is a customer become a defaulter how can we measure it and how can be base for. Move you curser to “Maintain” and click over as you will click a list will fell down, here you will find the 11^th option that is “Default information” when you move your curser to that point a sub list will be appeared, here the first option is “Customer”. You can follow the picture below.

Just click over, as you will click you will find the following window,

In first Tab you will find “Payment Terms” and several options related to it that are:

By default this window will look like the above picture but as you will click on C.O.D you window display will be changed like the following picture.

Here I would like to tell you a term that is:

C.O.D:

This is stands for Cash on delivery means when the good will deliver then cash will be received. You will see that the display has been changed and you will see that you can make changes only in Credit Limit.

As you will click on the “Pre paid” your display will be remain same like the above picture.

Prepaid:

This means that you are receiving the amount in advance. But as you will click on the “Due in Number of days”, your window’s display will be changed like the following picture;

Due in number of days:

It means that you are determining that the amount will receive with in this period. And as you will click on “Due on day of next month” your display will be changed like the following picture.

Due on day of next month:

It means that the amount should be received on that particular day of next month. And as you will click on “Due at end of month” your display will be look like the picture below,

Due at end of month:

It means that the amount should be received at the end of a particle month.

GL Sales Account:

Here you will select the Account of sale that you have created already but if you did not do so double lick there you left button and it will allow you to create here.

Discount GL sales Account:

When you will allow discount to your customers it will be recorded here.

Moving on us, we are going to discuss the next tab that is that “Account Aging” just move your curser there and click over, as you will click over your display will be changed and will look like the following picture:

Account Aging:

Account aging means that how much period has passed to your creditor who has not paid you means how old they are. There are two things one is Invoice and other is Due Date.

When you sale on credit basis you have to decide that the payment should be received within a particular time period. This tab is related to declaring the bad debts. You have to determine that the debtor will pay you back or not. if a debtor did not pay in 30 days there is 90% chance that he will pay you back but if the time exceed from 60 days then there is a chance of 50% that he will pay you but if it exceeds from 90 days the chance of payment will be 55 or less that and the software will declare it as a bad debts.

Now it depends on you that you are selecting the days from the day when you invoiced your customer or from the day of payment maturity.

Moving on to next tab that is “Custom Field” when you will click over you will find that your windows display changed like the following picture:

Here you can add the extra information regarding your customers like the If you are carrying on multiple contracts with your customers, his reference, mailing list, multiple sites and such forth.

Second lad tab is “Finance Charges” when you will click over your display will be seems like the following picture:

This tab refers to the charges related to the late payment of finance. If customer purchase something from us on credit basis and could not pay on maturity then you can plug a condition like, is he could not pay for 30 pays then the charges will be $30 and annual interest rate should be mentioned there, but assume a customer still not pays after that days then the late payment charges will also be included and then interest rate will be charged and at the last you can limit the customers amount when your customer will exceed that amount the a prompt will be displayed and transaction will be done automatically. If you check the “Charge interest on finance charges” then it will be workable.

Check the last option if you want to print is statement.

If you will check all the options you display will be look like the following picture: