Aging and collections
At the start of October, the bursar reviews unpaid invoices before contacting families. Aging groups the balance by how overdue it is. Collections records the selected overdue obligations, reminder policy and subsequent settlement evidence.
On this page
Review the overdue balanceSet the reminder policyPrepare and follow a noticeDelivery and correctionContinue withReview the overdue balance
- Open Accounting > Invoicing > Aging.
- Review the reporting date and currency where offered. Read the oldest buckets first and open the underlying customer or invoice evidence.
- Compare the outstanding amount with recent receipts and credits before preparing a reminder.
Set the reminder policy
In Collections, use Reminder type to define the name, level and wording. If a policy includes a fixed fee or annual interest, review those values and its charge income account before saving. A missing reminder type can keep New notice unavailable.
Only use charges that your organization has approved for the customer relationship. The available fields do not determine whether a charge is appropriate.
Prepare and follow a notice
- Select New notice, choose the customer, reminder type, notice date and currency, and review the overdue obligations.
- Review the draft and use Issue notice when authorized.
- When payment has actually arrived, use Record payment and review principal, fees and payment evidence.
- Use Check settlement to evaluate whether the notice is resolved. Both principal and applicable fees must be settled.
Delivery and correction
Issuing a notice in this workspace records the collection document; it does not establish that an email, SMS or bank transfer was sent. Use your approved communication process and verify delivery separately.
Use Cancel notice for a notice that should no longer be pursued. Review its settlement history before cancellation; do not erase the original invoice or posted payments.