Create an account
a recurring set of business activities and related information processing operations associated with providing goods and services to customers and collecting cash in payment for those sales.
Revenue cycle primary objective
to provide the right product in the right place at the right time for the right price.
3 steps to sales order entry process
1. taking the customer's order 2. checking and approving customer credit 3. checking inventory availability.
Electronic data interchang (EDI)
the use of computerized communications and a standard coding scheme to submit business documents electronically in a format that can be automatically processed by the recipient's information system.
the maximum allowable account balance that management wises to allow for a customer based on the customer's past credit history and ability to pay.
Accounts receivable aging report
a roport listing customer account balances by length of time outstanding.
a document authorizing te purchase or production of items that is created when there is insufficient inventory to meet customer orders.
Customer relationship management systems (CRM)
a system that contains customer-related data organized in a manner to facilitate custoer service, sales, and retention.
a document that notifies customers of the amount to be paid and where to send payment.
method of maintaining customer accounts that generates paments for each individual sales transaction.
method of maintaining accounts receivable in which customers typically pay according to the amount shown on a monthly statement, rather than by individual invoices.
a document summerizing all transactions that occurred during the past month and informing customers of their current account balance.
electronic funds transfer (EFT)
the transfer of funds between two or more organizations or individuals using computers and other automated technology.
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