Module : Statements & Debtors
Shopping carts usually get paid for at time of order.
Thats great - you can mark the invoice as paid before it goes out and no problem.
However, if you are billing out renewable items you usually send the invoices out in advance of the actual renewal date, and then try to collect payment. This is exactly how the Orders module works.
Once the invoices have been raised the system sends out payment reminders once a week until the debt is paid.
- 1st Statement - 1 week after the invoice date
- 2nd Statement - 2 weeks after the invoice date
- 1st Warning - 3 weeks after ...
- 2nd Warning - 4 weeks after ...
- 3rd and Final Warning - 5 weeks after
You can customise the wording at the top of the statements to suit you. The wording on the 3rd and Final warning is obviously a lot stronger than the 1st statement!
Each email will have links for clients to log into your members Financials page and make payment, as well as reminders of logins and links to password reminder feature. This all reduces admin time considerably and in most cases clients will make payment with no further intervention from you.
Statements display all outstanding invoices, or at least any monies outstanding against an invoice if it has been part paid.
The also display any payments that as yet are not assiged to invoices, and calculate the total outstanding on the account.
This is a fantastic feature of the orders module, and in our own experience improved cash flow significantly from the day we introduced it.
As statements are sent out via email, there is no postage cost and it is environmentally friendly!
The system tracks which statements have been sent to which customers. When you receive a payment from the customer then the tracking resets. You can also reset it manually.
You can also set whether certain customers do not receive statements at all.
Below is a sample 3rd and Final Warning email - this is a real statement with client details removed for privacy. On your site the [data] like this will be replaced with your/your clients info.
Note the first entry has (10.00) showing, this depicts a part payment.
Dear [Customer Name] of [Company Name]
You have outstanding invoices from [Our Company]
This is the 5th reminder we have sent.
URGENT ATTENTION REQUIRED - if we do not receive
payment within 48 hours we will have no option
than take action against you and close your
See below for login info and how to pay online.
STATEMENT of ACCOUNT
08/09/2006 Invoice 321229 GBP 29.38 (10.00) 19.38 (61 days)
09/10/2006 Invoice 321302 GBP 29.38 (0.00) 29.38 (30 days)
07/11/2006 Invoice 321375 GBP 29.38 (0.00) 29.38 (1 days)
TOTAL DUE: GBP 78.14
View all your invoices and make online payments here
Login: [customer login]
Need a password reminder?