Accounting terms
Accounting terms specify the rules that determine when an account is considered overdue or
delinquent and the actions taken. Different terms can be applied to different accounts.
- Account terms
- Specifies when a invoice is due, for example, 20 days from issue date.
- Treatment level actions
- Specifies actions that can be taken, for example, issuing a reminder message or barring
services. Treatment level actions are associated with treatment levels, for example:
- Treatment level
- Treatment level action
- Settled
- No action
- 1 Reminder (+1)
- Issue reminder email (a gentle reminder)
- 2 Reminder (+14)
- Print reminder letter for post (a more formal and firmer reminder)
- 3 Call/Warn (+21)
- Smile ticket created for an operator to contact the account holder
- 4 Final (+28)
- Email and print a final reminder statement threatening suspension of service
- Suspended
- Barring of service
Email and printed letter confirming suspension of service and warning of debt collection service
- Treatment level rules
- Rules associate actions with treatment levels, for example, when an invoice is 14 days overdue and is for at least $10 then take actions A, B and C.
- Payments
- Specifies when automated payments will be scheduled. The following two conditions must also
be in place for a given account for this to be effective:
- Payment details defined
- An associated payment gateway or payment handler must be configured for offline processing mode (batch mode) or online processing mode (real time). No manual processing.
- Late fees
- Specifies when fees should be applied based on days overdue. Contact Inomial for advice on introducing late fees.