Hi There. This time I’m writing about Abel’s Customer Deposits Sub-Ledger and associated functionality for managing deposits and progress payments from customers.
Managing deposits in a sub-ledger within the General Ledger enables you to manage open deposit items easily and efficiently and also view them in the main financials. As with all of Abel’s financial functionality, the Deposits Ledger handles multiple currencies, so you always know your exposure to any given currency across all open deposits and progress payments.
Abel’s Customer Deposits workflow works in parallel with the normal order-dispatch-invoice workflow:
- Create a Customer Order including deposits and progress payments
- Generate Proforma Invoices for deposits due
- Receipt Proforma Invoices in the usual way
- Abel automatically adjusts the final invoice for deposits received
Abel makes it easy to track the status of Deposits and Progress payments. On Customer Orders and other documents, they are color coded so you can see the status at-a-glance. (Not yet invoiced, invoiced, receipted)
Abel’s Deposits Enquiry shows a “lifecycle” view of deposits and progress payments:
The aged balances view shows your exposure per currency that results from unpaid deposits and progress payments:
Our consultants can configure Abel’s Customer Deposit functionality for sites that require it. We also have a Supplier Prepayments Ledger with similar functionality that I’ll discuss in a later blog.
If you want to know more about these features and how they can help your business, please contact your Abel Consultant or an Abel Office.
Until next time.