We have the ability to track customers that owe you money by one of two methods. Either revolving or installment.
This can be just like your Visa or Mastercard works. You decide the interest rate you want to charge, can elect for the program to compute the minimum payment you want to get, or you can decide for each customer. You can also elect not to charge interest on your accounts, and instead of a minimum payment you can require they pay the balance at the end of the cycle. The program computes finance charges and creates statements. Aged Accounts Receivable reports can be run for all accounts or just past due accounts. Dunning tracking along with reports can be done too.
This is a unique type of accounts receivable. It's just like your car payment. You decide on the interest rate and the finance charges are computed up front and the customer pays a monthly payment. You choose the duration of each contract, and refinancing an existing contract or creating a new contract rolling forward what is already outstanding can be done. The program will print the installment A/R contract, and you can submit to the credit bureaus monthly by using a third party program that JCS exports to.