Features of Collection Module Have a look on the Collection module of RetaDesk
Collection module is one of special and major modules of RetaDesk and deals with all types of collection against invoice, due and advance payment.
The “Collection Module” is showed at a glance in the following figure:
As retail business of our country deals with due for payment and it is a crying need for them to process and maintain the dues so we have developed an impressive due management system in our software. At the payment section there could be two basic possibilities- full payment and due payment. The details are described in the following diagram:
Cash Only: Some payment schedules will be created
Cheques Only:Some cheques will be created
Combined: Both schedules and cheques will be created
Let's see how the payment processing system works:
After the payment process is complete, the invoice is finalized and is ready for final printing. If the invoice contains due then the invoice will remain “Partially Complete” until all due amount is collected.
There may be two kinds of payment collections in a retail business. The first is the “Individual Customers Collection” from which the scheduled due of invoices of individual customers can be collected.
The combined Customers Collection is for the payment collection of combined ledger type customers.
Advanced payment collection is for taking any advanced payment for a customer. This system includes the feature of creating new customer account while taking advanced payment from a customer.