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    SOP For Payment Collection

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    Future Medisurgico
    This Standard Operating Procedure outlines the Accounting team's process for collecting debt from customers. It assigns responsibility to the Account Head to decide payment terms, send payment reminders before the due date, and notify the Finance Head of late payments. It also details follow-up procedures like critical reminders, notice letters, and point reward programs for on-time payments.

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    SOP For Payment Collection

    Uploaded by

    Future Medisurgico
    109 views1 page
    This Standard Operating Procedure outlines the Accounting team's process for collecting debt from customers. It assigns responsibility to the Account Head to decide payment terms, send payment reminders before the due date, and notify the Finance Head of late payments. It also details follow-up procedures like critical reminders, notice letters, and point reward programs for on-time payments.

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    SOP for Payment collection

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    This Standard Operating Procedure outlines the Accounting team's process for collecting debt from customers. It assigns responsibility to the Account Head to decide payment terms, send payment reminders before the due date, and notify the Finance Head of late payments. It also details follow-up procedures like critical reminders, notice letters, and point reward programs for on-time payments.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    109 views1 page

    SOP For Payment Collection

    Uploaded by

    Future Medisurgico
    This Standard Operating Procedure outlines the Accounting team's process for collecting debt from customers. It assigns responsibility to the Account Head to decide payment terms, send payment reminders before the due date, and notify the Finance Head of late payments. It also details follow-up procedures like critical reminders, notice letters, and point reward programs for on-time payments.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 1

    The Standard Operating Procedure for the Collection of Debt From Customers

    SCOPE

    SOP designed for Accounting team to collect payment on time from Customer

    OBJECTIVE

    SOP for all Customers who

    RESPONSIBILITY

    ACCOUNT HEAD

    REPORTING

    FINANCE HEAD

    PROCEDURE

    - Decide Payment Terms with Customers and clearly mention in Invoice and Ledger.

    - Also Inform Due date of payment immediately after making invoice to Customer.

    - Also Send payment QR code, Bank details to customer upon generating Invoice.

    - Before 7 days of due date payment reminder send to customer and remind customer
    daily that your due date after 7 days. Please arrange payment on date or collect PDC cheque from
    customer.

    - If Customer laps their due date then ask for reason and inform Finance head
    immediately. If he allows for more credit than only provide more credits. Also stop billing for new
    invoice for such customers.

    - List out those customer whom payment pending since last many days, take critical follow
    ups. Send notice letter to them.

    - Create earn point o er. 1 Rs = 1 Point (only for whom if they pay before due date)

    - 50000 points o er

    - 1 lakh point o er

    - 2 lakh point o er

    - 5 lakh point o er

    - 10 lakh point o er
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