Like any football coach will tell you, one of the keys to victory is looking for the openings and focusing your efforts toward them. The same is true with improving your Days Sales Outstanding: found out where there is no action taking place and filling that space with Collection Tasks and Notes.
Now you can easily create a SmartList of overdue invoices and next to each invoice you can see the collection status and the note text for each document. It makes it very easy to sort the list and see if there are any overdue transactions that don’t have any Collections Notes attached (with the new Collection Plan functionality there shouldn’t be!).
Taking this a step farther you can further restrict the report to only show overdue invoice without a Collections Note Attached using settings similar to these for the SmartList:
You can then save that as a favorite and add a reminder with a visual queue to show up on your Dynamics GP home page. By doing this any time there are any invoices that are overdue and don’t have a note attached you will get a visual reminder on your desktop that somehow an invoice slipped through without the customer being contacted before it was overdue. In the case below in my demonstration system there are 246 invoices with no action. In a perfect world with Collections Management configured the way it should be that reminder should have 0 results and not even show up as a reminder:
Clicking on the Reminder will bring you to a list of all of the overdue transactions with no Collections Notes attached.
SmartLists are just one way for you to see this information. Web based or emailed reports can also be used to stay on top of your collections effort. If you take a look at this video to see some more aging and reporting options with Collections Management including the ability to drill down from an aging report to see invoices, notes, additional payment history information, and an actual PDF of the original invoice.
Give it a try! Open up SmartList, go to Sales —> Receivables Transactions, click on the *, and then start adding columns as needed. A few good examples:
So hustle up, get in the game, and score a major victory for your Days Sales Outstanding!
photo credit: <a href=”http://www.flickr.com/photos/chasingfun/351674849/”>chasingfun</a> via <a href=”http://photopin.com”>photopin</a> <a href=”http://creativecommons.org/licenses/by-nc-sa/2.0/”>cc</a>