How is accounts receivable different in RB9 from RB8? If you know RB8, this section highlights the changes in RB9 from RB8 in the Receivables module.
Easier to apply payments received
Receivables workflow has been rethought for RB9. No more separating single-payment checks from multi-invoice payments before you start working. You can easily apply a check or retainer to one or more invoices at a time.
Plus if a client has any retainer amount outstanding in RB9, it appears automatically when you select that client in Receivables so you don't overlook a retainer. You don't have to select Retainer as the payment type first to see if a client has a retainer balance.
Flexible, more useful Aged A/R report
The Aged A/R Report in RB9 is interactive, so after you compile the report to see who owes you the most money the longest, you click each hyperlinked firm name in the report to get all of their contact info, plus see the record of what collections actions you have already pursued with them. You don’t have to go to a separate function to do collections tasks.
- Responsive report
In RB8, the Aged A/R report is static. You can customize it with your search parameters, but once you hit the Search button, RB8 produces a report that is read/print/export only. We found out that’s not enough for how you really work.
This report generated a lot of complaints and suggestions in the Idea Collaborator, because it’s vital to your business — it’s how you get paid. So we remade it with your ideas to make it more useful and to fit the more flexible logic of browser-based RB9.
- Interactive grid
The major difference in the new Aged A/R report you will notice right away is that it is an interactive grid of clients and their unpaid invoices. The default view lists clients with unpaid balances in descending order by the ones who have the largest amount outstanding in the oldest time period — the clients you want to go after first. However, you can sort the grid by any of the columns, so you can view the list in ascending or descending order by any time period, grand total owed, firm name or number, assigned collector, or COD status.
- Hyperlinked firms
Firm names in RB9’s Aged A/R report are hyperlinked to their profiles in your system, so you can click one to pull up all of their contact information, plus the rest of their details instantly including your collections notes to review.
After accessing a firm from the Aged A/R Report, you can easily:
- Contact the firm.
- Record your current action.
- Enter any notes about the situation.
- Set reminder date/time for follow-up.
- Designate a follow-up person to receive the reminder.
- Hyperlinked monthly totals
In addition to the hyperlinked firms, monthly outstanding balances are hyperlinked too. Clicking one of them brings up a list of the unpaid invoices for that month, along with firm contact information, so you can easily refer to specific invoices while on the phone with the client.
Extra useful too is that this list of the client’s monthly outstanding invoices are all hyperlinked to their details. So you have ALL the facts when talking to the client about getting paid.
- Choose time periods to review
RB clients wanted more time periods for Aged A/R reports. This isn't feasible in print — one report could end up being 100s of pages, and no one would want to print that out. So in RB9, we made a report that can include 12+ time periods in one interactive report. If the results are too long to fit the screen, they scroll.
RB9’s Aged A/R report has expanded the number of monthly periods you can list on the report up to 12, so you can view a year’s worth+ of A/Rs in one report. You can choose to view unpaid balances for 6 months, or any other time period up to 12 months, plus a column for outstanding balances beyond the monthly periods listed.
Finally, if you do want a static report for your records or other purposes, you can export it from RB9 to an Excel spreadsheet or generic file. Once exported, you can also print the report.
Another interactive report
While not as big a change as the Aged A/R Report re-design, another more useful report in RB9 is Voided Invoices. Instead of the static RB8 version, in RB9, all of the listed voided invoices are hyperlinked so you can easily view any invoice information without leaving the function.
Email collection letters
If you want to send collection letters to clients instead of or in addition to calling them, RB9 includes a set of customizable collection letters like RB8. You can print and mail them traditionally as in RB8, but you can also email them directly from within RB9.
Want to learn more about RB9 Receivables?
You can find out more about the Receivables module in ReporterBase 101, which contains lessons about every module, function, and concept in RB9.
ReporterBase 101 comes in 2 versions: weekly email lessons and a website, the RB9 Primer, where all the lessons appear. You can sign up to have an RB lesson delivered to your inbox each week. And you can also look up anything on the website, where lessons are grouped by module or concept.