If your DLC sends more than 20 invoices per month, you might consider setting up an automated process with Accounts Receivable (AR) and IS&T.

Set up invoicing parameters

Meet with AR to discuss needs. AR will involve appropriate staff IS&T who will work closely with you and AR to ensure systems are properly established.

Understand invoicing in foreign currencies

If you send invoices in a foreign currency, your aging reports will reflect the exchange rate the day the invoice was posted in SAP. Any differences in the rate will be absorbed by your DLC.

Address Office of Foreign Asset Control regulations

The U.S. Treasury Department’s Office of Foreign Asset Control (OFAC) maintains a list of Specialty Designated Nationals and Blocked Persons (the SDN List), which includes embargoed countries, known terrorist organizations, and other groups. Certain types of financial transactions must first be screened against this list. VPF Accounts Receivable can help assure compliance with OFAC regulations through the use of specialized software.

Schedule invoicing, collecting and dunning

Understand frequency of invoicing, and how collections are done, and the process for sending dunning notices for past due invoices.

Set up a reporting schedule

Determine aging report needs, and learn about the kinds of reports that are available to you.

The Details

Set up invoicing parameters

Meet with AR to discuss needs. AR will involve appropriate staff IS&T who will work closely with you and AR to ensure systems are properly established.

Understand invoicing in foreign currencies

If you send invoices in a foreign currency, your aging reports will reflect the exchange rate the day the invoice was posted in SAP. Any differences in the rate will be absorbed by your DLC.

Address Office of Foreign Asset Control regulations

The U.S. Treasury Department’s Office of Foreign Asset Control (OFAC) maintains a list of Specialty Designated Nationals and Blocked Persons (the SDN List), which includes embargoed countries, known terrorist organizations, and other groups. Certain types of financial transactions must first be screened against this list. VPF Accounts Receivable can help assure compliance with OFAC regulations through the use of specialized software.

Schedule invoicing, collecting and dunning

Understand frequency of invoicing, and how collections are done, and the process for sending dunning notices for past due invoices.

Set up a reporting schedule

Determine aging report needs, and learn about the kinds of reports that are available to you.

Did You Know?

VPF Accounts Receivable (AR) generates monthly aging reports to identify invoices that are overdue for payment and initiates collection activities for bills that are more than 60 days late.
http://vpf.mit.edu/track-collect-overdue-balances
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