1. Purpose:
In order to further standardize the day-to-day management of accounts receivable and improve the customer's credit management system, ensure the safety of company funds, prevent business risks, speed up the turnover of funds, implement the responsibility for accounts receivable, and effectively control the receivables. .
2. Scope of application:
This system applies to all receivables formed with the company's business transactions.
3. Duties
3.1 Finance Department:
Responsible for the accounts receivable accounts and provision for bad debt reserves; responsible for the production of account statements; responsible for the assistance of the accounts receivable monitoring and recovery; responsible for customer credit review and other work.
3.2 Marketing Department:
3.2.1 Responsible for the day-to-day management of sales receivables, including the periodic recovery of sales payments and overdue collection of accounts receivable.
3.2.2 Responsible for reconciling the account statement data with the customer, providing support for sales receipts on time and overdue collections.
3.2.3 According to the information transmitted by the Finance Department and the provisions of the sales contract provisions, the customers who have not overdue payment and have not settled the bills will freeze their orders or stop their delivery (unless otherwise specified in the contract).
3.2.4 Assist in the collection of data on company problem billing litigation cases, provide related and complete evidential materials for legal affairs, and assist in the handling of cases.
3.2.5 Responsible for the establishment, management, analysis, evaluation and updating of customer credit files.
4. Prior control: (signing to delivery)
4.1, customer credit control
Before the transaction, all business personnel should fully understand the credit status of the customer. In combination with the company's credit management system, the company will provide the appropriate credit line and account period according to the customer's credit rating, and set up accounts receivable management accounts according to different customers. , Register and reflect in a timely manner the increase and decrease in the balance of accounts receivable of each customer and the use of credit lines. Do a good job of tracking records and assess the risks of accounts receivable on a regular basis.
Customer credit awards should be reviewed by the Finance Department and assigned to the leadership for approval.
4.2. The signing of transaction contracts and the storage of relevant data
The sales contract is an important basis for collection of accounts receivable. When the contract is signed, the various clauses in the contract must be reviewed and checked in accordance with the requirements in the company's contract management rules, and the contract review should be conducted according to the process. All the original signed contracts shall be submitted to the unified management of the archives, and the department shall keep a copy of the archives. Relevant information (such as invoices, delivery notes, etc.) during the execution of the contract should be properly kept.
4.3. Receipt records, aging analysis
(1) When accounts receivable occur, the sales department shall immediately establish accounts receivable accounts, record in detail the date of occurrence of accounts receivable, the contract number, the person responsible for sales, and the full name of the accounts receivable, etc., and Financial check. At the same time, according to different sales regions (or divisions) to divide the responsibility of accounts receivable, the accounts receivable will be arranged to be responsible for the tracking of personnel to ensure that the accounts are recovered on schedule.
(2) The Ministry of Finance shall provide the Sales Department with a “Receipt Receivable Ageing Analysis Form†on a monthly basis. The sales department shall organize each sales person responsible to fill out the repayment plan and be responsible for collection. Reconciliation data, repayment agreements, and debit agreements, etc. obtained by the sales department should be promptly delivered to the financial well-kept, and the financial affairs should be well documented and accounted for, and the details of the accounts receivable should be managed.
(3) The finance department should strictly control the increase in the amount of accounts receivable, and in principle it should not exceed the scale of the company's budget (such as budget indicators such as accounts receivable turnover rate).
5. In-process control: (Accounts receivable management and collection)
5.1 Basic requirements:
Overdue payment refers to the amount that is not normally recovered after the expiration of the account period as agreed in the contract. The overdue payment shall be analyzed by the responsible person of the sales department, explain the situation, increase the collection efforts, and make a record of collection. In particular, the correspondence (including correspondence) shall be properly preserved.
5.2 Collection Principles:
Receivables collection is based on the principle of “who sells and collects moneyâ€. The person directly responsible for the collection is the specific sales manager. The manager of the sales manager directly under the supervision should supervise and supervise the sales staff to actively collect and bear the results of the collection. Responsible responsibilities; accounts receivable (except for the period of collection specified by the contract), sales managers must actively collect, and report promptly to the supervisory leadership of the progress of collection and customer transaction.
5.3 Legal settlement:
Legal settlement refers to the legal means for collection of overdue receivables that are invalidated. The sales department shall promptly notify the leaders in charge and relevant departments of the overdue accounts receivable that are not valid for collection, and determine, according to the actual situation, whether the main leaders of the company will solve them through legal channels. All receivables that have entered legal settlement are led by the company's legal department, and other relevant departments cooperate.
5.4 Rewards and Penalties:
The sales department shall regard the collection of accounts receivable as one of the main indicators of sales personnel performance appraisal and rewards and punishments, and directly link the economic interests of sales personnel, formulate corresponding performance appraisal and reward and punishment policies (specific regulations shall be issued separately) to promote The clearing of accounts shall be encouraged by individuals or departments that have received good clearance, and shall be investigated and punished for bad recovery.
5.5 Debt restructuring management:
In the collection process of accounts receivable, debt reorganization, exchange of non-monetary assets, etc., must be approved by the general manager of the company and sign a two-way or multi-party agreement. The relevant agreements must be approved and approved by relevant responsible persons such as finance and legal affairs.
5.6 Accounts Receivable Transfer:
In principle, before the collection of accounts receivable, the person responsible for sales shall not be transferred from the company. When the position of the sales person is changed or resigned, the account receivable handled by the sales person must be handed over. Any transfer of business personnel must first handle the transfer of work, including account receivable, and the transfer must not be completed. If a person leaves the post, it is still responsible for the original responsible person. After the transfer is made clear, the replacement person is responsible. The person in charge of the department should do a good job of supervision.
5.7 Customer Information Management:
In the accounts receivable management, the sales responsible person should pay attention to some new situations and new changes in the daily operations and management of the customers, and once they are abnormal, they should immediately report to the competent leaders. Abnormal conditions are usually reflected in the following areas:
(1) Frequent replacement of management and business personnel by customers, increase in the number of employees leaving the company, and the relocation of office space from high to low;
(2) The customer responsible person is often not found; the customer's financial staff often avoids; does not reply to the telephone;
(3) The customer's payment is delayed than in the past; it often exceeds the deadline; repeatedly breaching the payment commitment;
(4) The customer's responsible person has an accident; or the customer is subject to legal proceedings by other companies;
(5) The client has other unprofitable investments (speculation) such as: stocks, futures, etc.;
(6) issuing a large number of promissory notes; or bank refunds (reasons: insufficient balance); or switching banks too frequently;
(7) Suddenly oversized orders (far beyond the sales capacity in the area).
When the customer has the above abnormal situation, the responsible sales person shall report immediately so that the company can take decisive contingency measures to control the delivery and recover the arrears so as to reduce the risk of recovery of accounts receivable.
6. Post-processing (bad debt management)
6.1. Accounting treatment. For receivables that may become bad debts, provisions for bad debts are accrued according to the company’s accounting policies, and approvals are made according to the scope of authority and approval procedures as stipulated in the company’s accounting policies.
6.2. Follow-up management. The provision of bad debts does not indicate a waiver of rights. We still have the right to claim the receivables. The sales department must still step up its understanding of the customers and seize every opportunity to preserve the company's assets.
6.3. Responsibility. The bad debts that have been determined to have occurred shall be the responsibility of the sales department. Other relevant departments shall organize investigations, identify the reasons, clarify the responsibilities, and punish them according to the company's relevant regulations.
7. Early warning management
7.1 At the end of each customer's fiscal year, a written confirmation of the debt owed by the defaulter must be obtained.
7.2 Any receivables shall be reported to the general manager of the company from the date of delivery and overdue by more than one year, and shall notify the company's legal advisor to initiate the deliberation procedure.
8. Supplementary provisions
8.1 This system is implemented from the date of publication.
8.2 This system explains the ownership of the financial department.
The company Sports Equipment Co., Ltd.
May 10, 2017
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