One of the most critical areas of your business to manage in order to conserve working capital, is accounts receivable. Having business processes and business tools available that support the timely collection of accounts receivable is very important.
The Collections Management module in Dynamics GP can greatly increase the ease and effectiveness of managing accounts receivable. But surprisingly to me, not many people actually use it. It’s too bad, because it’s really quite easy to use.
Most of the action takes place in the Collections Management Main Window
From this window you can access all relevant information about your customers’ accounts. You can can keep notes and plan future activities. You can easily send copies of invoices and customized collection letters.
One of the more powerful aspects of the module is that you can create various queries to select the accounts you want to focus on. You can create queries based on account balance values, collection activities, or various other customer attributes. This makes it easier to focus on the customer accounts that are causing your business the greatest pain.
Take a look at this video to see it in action: http://youtu.be/NzcyIvJFrEE
There are also some nice reports that combine aging detail with the collection notes. I really wish I would have had this when I was a Controller.