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Effective strategies to manage debtors |
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Review Payment History |
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2. Review payment history
Review each customer's payment history and note how many days he takes to make payments and compare that to his credit terms.
Look out for early warning signs of a customer in financial distress - extension in number of days to settle payments, and an increasing level of debts.
Generate the following reports from MYOB Accounting software that will give you a snapshot of the customers' payment history: