UNIT7:CREDIT MONITORING SERVICES
Question :
What do you understand about Irrecoverable and doubtful debts?
In debt collection process it is advised to use telephone call when
you are collecting debts from customers, what are elements a
particular attention should be given to?
After explaining a reminder letter, explain when a final reminder
letter should be used in debt collection process!
Key unit competence: To be able to evaluate credit recovery
Introductory activity:
Questions:
1. How many images found in this introductory activity?
2 What is the function of each image in this introductory activity3. In summary what this image tells you?
Management Accounting | Experimental Version | Student Book | Senior Six
7.1.Monitoring Credit
Learning Activity 7.1
NTRODUCTION
TO ACCOUNTING
Management Accounting | Experimental Version | Student Book | Senior Six
7.1.Monitoring Credit
QUESTION:
How many individuals found in this image?
What do you think is the function of the business man and other individuals
in the same image
What do you think the business man is looking for?
In summary what this Image is talking about?7.1.1. Credit service
Credit represents an agreement to receive goods, services or money now and
pay for them in the future.
Only you can decide how to spend your money and whether you will use credit.
These decisions should be based on your ability to repay credit debt, not just on
what you want to buy at the moment. To help you decide whether to use credit,
consider the advantages of credit.Advantages of Credit
Management Accounting | Experimental Version | Student Book | Senior Six
Using credit has some advantages.
Convenience: Using credit cards when you travel or shop is more convenient
than carrying cash. It also provides a handy record of transactions. Using a
credit card also may give you some bargaining power if there is a dispute or
disagreement involving a purchase.
Use other people’s money: During the time between when you buy something
with credit and when you pay the bill, you’re actually using someone else’s
money rather than your own cash.
Meet emergencies: Unexpected costs such as car repairs or health needs
can be met quickly with credit.
Use something while you pay for it: You can enjoy using something you
need as you pay for it.
Get something you can’t afford now: If you can’t afford to pay cash for a car
or other large purchase, using credit allows you to get it now.
May get better service on something bought on credit: If you haven’t paid
for something entirely and a problem arises, it may be easier to get the service
needed.
Take advantage of sales: If you truly have a need for something on sale and
don’t have the cash to get it, credit allows you to get it now.
7.1.2. Age analysis and Financial Ratios
In the age analysis and financial ratios, we consider the regular monitoring of
receivables to identify any potential issues. This may in turn prompt a more indepth enquiry similar to the initial granting of credit decision.
Transactions with credit customers
Once it has been agreed with a customer that they may trade on credit terms
with the business, an account will be set up for that customer in the receivables
ledger. The entries in this account will be invoices and credit notes sent to the
customer and receipts from the customer.
One of the roles of the credit control team will be to monitor, on a regular basis,
the transactions on each receivable’s account and, in particular, the balance on
the accountPlacing an order
Management Accounting | Experimental Version | Student Book | Senior Six
The first step in monitoring of a credit customer’s activities is at the initial stage
of each transaction when the customer places an order for more goods. When
the initial agreement was made with the customer to trade on credit terms, a
credit limit will have been set by the credit controller for that customer.
Credit limit refers to the maximum amount that should be outstanding on the
customer’s account in the receivables ledger at any point in time.
When a customer places an order, check that value of the order does not take
the customer’s account over their credit limit. If the value of the order means that
the customer’s balance exceeds the credit limit then this must be discussed
with customer.
Review of customer account
As well as checking that each order does not mean that the customer’s balance
exceeds their credit limit, each customer’s account should be monitored on a
regular basis. The review should involve looking for debts that are not being
paid within the stated credit terms and old debts that have not been paid at all.
In order for this review of customer accounts to be meaningful, it is important
that the customer accounts are kept up to date and accurate so that the correct
balance and position can be seen at any point in time.
Aged receivables analysis
An aged receivables analysis is a method of internal communication that splits
the total balance on a customer’s account into amounts which have been
outstanding for a particular period of time. For example:
Current-up to 30 days
31 to 60 days
61 to 9 days
Over 90 days
Using the aged receivables analysis
The regular review of the aged receivables analysis should highlight the following
potential problems
Credit limit exceeded
Slow payer
Recent debts cleared but older outstanding amounts
Management Accounting | Experimental Version | Student Book | Senior Six
Old amounts outstanding but no current trading
Credit limit exceeded
If the review of the aged receivables analysis indicates that a customer’s
credit limit has been exceeded then this must be investigated. If a customer
is highlighted in the aged receivables analysis as having exceeded his credit
limit then, normally the customer will be told that no further sales will be made
to him until at least some of the outstanding balances have been paid. In some
circumstances, liaison between the receivables ledger and the sales department
may result in an increase in the customer’s credit limit.
Slow payers
Some business can be identified from the aged receivables listing as being
slow payers: they always have amounts outstanding for, say 31-60 days and
61-90 days, as well as current amounts.
In these cases consideration should be given to methods of encouraging the
customer to pay earlier. This could be in the form of a reminder letter or telephone
call or perhaps the offer of a settlement discount for earlier payment.
Reminder letter: A reminder letter is a formal communication to encourage
payment.
Recent debts cleared but older amount outstanding
If a customer is generally a regular payer and fairly recent debts have been
cleared, but there is still an outstanding, this will normally indicate either a query
over the amount outstanding or a problem with the recording of the invoices,
credit notes or payment received.
Old amounts outstanding and no current trading
This situation would be of some concern for the credit control team. It would
appear that the customer is no longer buying from the business but still owes
money from previous purchases. In this case the customer should be contacted
immediately and payment sought. If no contact can be made with the customer,
or there is a genuine problem with payment (such as bankruptcy or liquidation)
consideration should be given to writing off the debts as irrecoverable.
The 80/20 Rule
The 80/20 Rule is a generally observed effect. In general, 80% of the value of
amount owed by the customers will be represented by 20% of the customeraccounts.
Management Accounting | Experimental Version | Student Book | Senior Six
According to The 80/20 Rule, if the largest accounts (making up 20% of
customers) are reviewed frequently, this should mean that approximately 80%
of the total of receivables balances is regularly reviewed.
The remaining smaller balances, making up only 20% of the receivables total,
can then be reviewed on a less-frequent basis.
This is not an absolute law but just an observed tendency-all it means is that
population of data have concentrations-there is no reasons why it should be
exactly 80/20-it could be 70/30 for instance.
Materiality
Materiality is another approach when analyzing the receivables is to prioritize
the receivables ledger by taking into account the materiality or significance of
the debt. Thus, overdue debts below a certain amount should be ignored until
larger, more significant debts have been pursued as priority.
This allows specific areas to be targeted by the credit control function of a
business to minimize losses due to irrecoverable debts or to improve cash flow.
It also takes into account that some debts may not be worth pursuing as the
time and costs involved may outweigh the likely benefits.
Increase in credit limit
There will be occasions when a customer specifically requests an increase in
credit limit. It may happen that the customer wishes to place an order which
will exceed the credit limit. The aged receivables listing can be a useful tool
in making a decision about any increase in credit limit, as it allows the credit
controller to see the trading history of the customer, whether or not they have
kept within their current limit in the past and paid according to their credit terms.
Period of credit: It can be useful for a business to be able to determine the
average period of credit taken by its customers in total. If those figures are
compared over time then any improvement or deterioration of credit control
procedures can be observed. The most common method of measuring the
average period of credit is using the accounts receivable collection period.
7.1.3. Incidence of Bad and doubtful debts
The aged receivables analysis can also be used to identify debts which might
be irrecoverable. These consist of ‘bad’ or ‘irrecoverable debts’. Any debts that
are not paid will, of course, have a negative impact on the cash flow of the
organizations as working capital will be reduced by the comparative amount ofbalances unpaid.
Management Accounting | Experimental Version | Student Book | Senior Six
rrecoverable and doubtful debts: An irrecoverable debt is one where it is almost
certain that the monies will not be received. A doubtful debt is one where there
is some doubt over the eventual receipt of the money, but it is not such a clear
case as an irrecoverable debt. The reason for the distinction between the two
is that in the financial accounting records an irrecoverable debt is written off,
and no longer appears in the ledger or on the statement of financial position,
whereas a doubtful debt has an allowance or a provision made against it-so it
still appears in the ledger, and on the statement of financial position where it is
neither off against the receivables balance.
Identification of irrecoverable and doubtful debts
The following indicate the potential irrecoverable debt:
Evidence of long-outstanding debts from the aged receivables analysis
A one-off outstanding debt when more recent debts have been cleared
Correspondence with customers, e.g. Disputes
Outstanding older debts and no current business with the customer
A sudden or unexpected change in payment patterns
Request for an extension of credit terms
Press comment
Information from the sales team
Information about potential irrecoverable debts
If a member of the credit control team discovers that a debt is highly likely to be
classified as irrecoverable or doubtful then it will probably not be that person’s
responsibility to write the debt off or set up an allowance against it. This is
normally the role of more senior member of the accounting function, as this will
impact on the preparation of the financial statement of a business.
Professional ethics and irrecoverable and doubtful debts
Writing off debts as irrecoverable will have an effect on reported profits and
issues can arise when debts are written off in one period and then subsequently
written back in another period in an attempt to smooth profits between
accounting periods.
Accounting for debts should reflect the financial reality of the situation and
be dealt with adhering to the fundamental ethical principles of integrity andobjectivity. This means that the accounting should be completed with honesty
Management Accounting | Experimental Version | Student Book | Senior Six
and without any conflict of interest when reporting results of a business.
Application activity 7.1
1. What do we need to consider in the age analysis and financial
ratios in credit monitoring?
2. Which of the following might typically be highlighted by
analysis of an aged receivables listing?
a. Slow payers
b. Settlement discounts taken
c. Exceeding a credit limit
d. Potential irrecoverable debts
e. Credit terms
f. Items in dispute
3. If customer accounts in the receivables ledger are not kept
accurately up to date then this can cause a number of
problems. Which one of the following is not one of those
problems?
A. Problem items may not be highlighted in the aged receivables
listing.
B. Incorrect statements may be sent out to customers
C. The correct goods may not be dispatched to the customers
D. Orders may be taken which exceed the customer’s creditlimit
Management Accounting | Experimental Version | Student Book | Senior Six
7.2 Collection Option and Procedure
Learning Activity 7.2
Questions:
How many persons are in this image?
What is the role of each person in this image?What do you think about this image in summary?
7.2.1. Negotiation with the customer
Most businesses will have a policy, whether formal or informal regarding the
collection of debts and the processes that will take place to chase up any
outstanding amounts. Adherence or otherwise to this policy should be the
starting point for customer communications and negotiations.
Debt collection process
Debt collection process starts with sending out of the sales invoice on which
the credit terms should be clearly stated. Thereafter, a variety of external
communications would be sent to the customer to encourage them to pay withinthe credit terms and, for those overdue debts, a further series of reminders.
Management Accounting | Experimental Version | Student Book | Senior Six
A typical debt collection process can be illustrated:
• Sales invoice
Once a sale has been made a sales invoice can be sent to the customer. This
should be promptly sent, as soon as the goods or services have been provided,
and should clearly state the payment period agreed.
• Statements
Most businesses will then send a monthly statement to the customer, showing
the balance at the end of that month and how that is made up, including invoices,
credit notes and payment received.
• Telephone calls
An overdue debt is one which has not been paid within the stated credit period.
Once a debt has become overdue it is common practice to telephone the
customer to enquire about the situation, determine whether or not there is a
query over the amount due and agree when the debt will be paid.
When making this type of telephone call, particular attention should be given to
the following matter:
Discussion with the customer should always be courteous
The precise amount of the debt should be pointed out, and the fact that it is
overdue
It should be established whether there is any query with regard to the debt and,
if so, any appropriate action agreed to resolve the query
If there is no query then a date for payment of the debt should be establishedIt is important to keep precise notes of what has been agreed in a telephone
Management Accounting | Experimental Version | Student Book | Senior Six
conversation with a customer, as this may need to be confirmed by a letter. For
example, if a customer agrees over the telephone to clear an outstanding amount
by paying in 4 installments then this should be confirmed to the customer in
writing.
• Reminder letters
If there has been no response to the telephone calls requesting payment of
overdue amount then this is followed up with a reminder letter.
The reminder letter will be sent out when the debts are a certain amount of time
overdue. The timescale of the reminder letter will depend up on organization’s
policy towards debt collection but usually it is sent out seven days after a debt
becomes overdue. Accordingly, if an invoice is sent to a customer with 30-days
credit terms, then the first reminder letter will be sent out of 37 days after the
invoice.
Example of a typical first reminder letter is given below:
Date:
Dear Sir/Madam,
Account number: XXXXXXXX
I do not appear to have received payment of the invoices detailed below. I trust
that this is an oversight and that you will arrange for immediate payment to be
made. If you are withholding payment for any reason, please could contact meurgently and I will be pleased to assist you.
Management Accounting | Experimental Version | Student Book | Senior Six
The option for the business at this point is generally
To put the debt into the hands of debt collection agency
To take the customer to court for payment
To suspend any further sales to the customer by placing the customer on a stop
list until payment is received
An example of a typical stop list letter is given below:
Date:
Dear Sir/Madam,
Account number: XXXXXXXX
Further to our invoices detailed below, and our previous correspondence I do
not appear to have received payment. I trust that this is an oversight and that you
will arrange for immediate payment to be made. If you are withholding payment
for any reason, please could you contact me urgently and I will be pleased toassist you
I regret that unless payment is received within the next seven days I will have
no alternative but to stop any further sales on credit to you until the amount
owing is cleared in full. If you have already made payment, please advise me and
accept my apology for having troubled you. Please note that if we are forced to
take a legal action you may become liable for the costs of such action which, if
successful, may affect your future credit rating.
Yours sincerely,
Controller
• Setting Up a Stop List
When all other avenues for encouraging payment according to the terms have
been exhausted, and it is sure that this is a long term issue, it is time to set up
a stop list.
A stop list is effectively a blacklist of clients who are no longer to be supplied
in lieu of missed, late or incomplete payments. It is crucial that a stop list is
shared effectively with everyone in the organization, so everyone knows who is
on the list and to ensure they don’t provide any further goods or services whilstpayment remains outstanding.
Management Accounting | Experimental Version | Student Book | Senior Six
It is important to decide the terms of your stop list, and again share them with all
members of staff. The most common use is to record a list of customers who are
overdue on payment and whose access to new goods or services is restricted,
until such time as all outstanding payments have been made in full.
• External means of debt collection
Customers with poor payment behavior and cases where collecting outstanding
receivables proves particularly difficult, can cost incalculable amounts of both
time and money. At times, the burdens they place on a company’s receivables
accounting become completely disproportionate to the debts in question. In
such situations, it is advisable to outsource debt recovery to external service
providers, who handle these specialized commercial and legal tasks in their
function as governmentally regulated legal-services professionals.
In particularly difficult cases, collection services providers enforce claims by
exerting the necessary pressure. As experts in collecting third-party claims
in a businesslike manner, these companies have access to the instruments
necessary for successful debt recovery.
7.2.2. Methods of debts collection
With good credit management and control procedures in place, money will
normally be received from credit customers. Sometimes encouragement such
as reminder letters or telephone calls will be needed but payment should
eventually be received.
There are specific methods that a business can use to minimize the possibility of
ether the loss of the debt or resorting to legal procedures. They include among
others:
a) Liaising with debt collection agencies and solicitors
b) Factoring
c) Invoice discounting
d) Debt insurance
e) Settlement discounts
a) Debt collection agencies and solicitors
Debt collection agencies or credit collection agencies are commercial
organizations that specialize in the collection of debts. Most collection agencies
are paid by results and charge a percentage of the debts collected for the
business, although some require an advance subscription do their services.The use of appropriate methods for collecting the debts may include:
Management Accounting | Experimental Version | Student Book | Senior Six
Collection by telephone and letter
Collection by personal visits
Negotiation of a payment plan with the customer
They are effective methods of collecting debts that are providing difficult to
obtain in the normal course of trading. As collection agencies tend to be viewed
as a normal business service they are unlikely to have an adverse impact on the
relationship between the business and its customers. However, the collection
agency does, of course, charge a fee for its services.
Solicitor services can be utilized in the initial stages of the debt collection process
by sending a ‘Solicitor letter’ requesting payment. This can be a cost-effective
method of collection as many customers will settle on receipt to avoid further
legal action. If the customers refuse to pay, solicitors will have the knowledge
and experience to start the formal legal remedies that are available.
b) Factoring services
Factoring is a financing service provided by specialist financial institution, often
subsidiaries of major banks, whereby money can be advanced to a company on
the basis of the security of their trade receivables. A factor normally provides 3
main services and a company can take advantage of some or all of these:
Provision of finance
Administration of receivables ledger
Insurance against irrecoverable debts
Provision of finance factor
When sales on credit are made by a business, there will be a period of time
elapsing before the money for those sales is received from the business’s credit
customers. Many businesses may find that they require the cash sooner than
the customers are prepared to pay, for example to pay suppliers or reduce an
overdraft. This is particularly the case for fast growing companies.
The factor advances a certain percentage of the books value of the trade
receivables, often about 80% as an immediate payment. The trade receivables
are then collected by the factor and the remaining 20%, less a fee, handed over
to the business when the amounts are received by the factor.
There is obviously a charge for this service and this will tend to be in two parts:A service charge or commission charge
Management Accounting | Experimental Version | Student Book | Senior Six
An interest charge on amounts outstanding
One further hidden costs of factoring can be a loss of customer confidence
or goodwill, as customer will be aware that the business has factored its trade
receivables; this may have a negative impact on future relations. Many customers
will view the use of a factor as indication that a business is in financial difficulty,despite the increasing use if factoring within business.
Administration of the receivables ledger by a factor
Many factoring arrangements go further than simply providing finance on the
security of the trade receivables; they will take over the entire administration of
the receivables ledger. This will tend to include the following:
Assessment of credit status
Sending out sales invoices and receipts
Sending out statements
Sending out reminders
The benefit to the business is not only a cost-saving from not having to run its
own receivables ledger but also the expertise of the factor in this area. A fee will,
of course, be charged for this service-normally based upon on a percentage ofinvoices.
c) Insurance against irrecoverable debts
Without recourse factoring, if a factor has total control over all aspects of
credit management of the receivables ledger then they may be prepared to offer
a without recourse factoring arrangement.
This means that the factor has no right to claim against the business if a customer
doesn’t pay. Effectively, the factor is bearing the risk of any irrecoverable debtsand, naturally, will charge a higher fee for accepting this additional risk.
With recourse factoring-In other circumstances the business will retain the
risk of irrecoverable debts and this is known as with recourse factoring.
d) Invoice discounting
Invoice discounting- One of the costs of factoring is the potential loss of
customer goodwill if it is known that the business is using factor to collect its
debts. The reason for this is that some customers may infer cash flow problems
from the use of a factor, which may not give them confidence to continue tradingwith the business.
Management Accounting | Experimental Version | Student Book | Senior Six
An alternative therefore, is invoice discounting which is a service related to
factoring. Invoice discounting is where the debts of a business are purchased
by the provider of the service at a discount to their face value. The discounter
simply provides cash up front to the business at the discounted amount, rather
than have any involvement in the business receivable ledger.
Under a confidential invoice discounting agreement the business is still
responsible for collecting its own debts. As a result, invoice discounting is often
chosen by the businesses which wish to retain control of their own receivables
ledger.
The cost to the business is the discount at which the trade receivables are
purchased. Invoice discounting can be used for a portion of the trade receivables
only and is therefore other used for a short-term or one-off exceptional cashrequirement
Application activity 7.2
Questions
Briefly give and explain a typical debt collection process
Enumerate methods of debt collectionsAfter explaining what is Factoring list 3 Factoring services
Management Accounting | Experimental Version | Student Book | Senior Six
7.3. Preparation of performance report and
recommendation to management
Learning Activity 7.3
Questions:
1. How many persons do you see in this image?
2. After observing this image, what is the role of each person?3.What this picture talk about?
7.3.1. Internal reporting and write-offs
A credit report is a statement that has information about the credit activity and
current credit situation such as credit paying history and the status of the credit
accounts.
Lenders also use the credit report to determine whether customer continue to
meet the terms of an existing credit account. Credit reports often contain thePersonal information and Your Credit accounts
A credit write-off and why it is necessary
Management Accounting | Experimental Version | Student Book | Senior Six
A write-off is an accounting term for the formal recognition in the financial
statements that a borrower’s asset no longer has value. Usually, credits are
written off when they are 100 percent provisioned and there are no realistic
prospects of recovery. These credits are transferred to the off-balance sheet
records. Therefore, a write off is mandated when an account receivable
cannot be collected.
Once a view is formed that a receivable may be potentially doubtful, or perhaps
even definitely unrecoverable, steps should be taken to report the manner
internally, and to provide for the doubtful debt, or intended write it off entirely.
Illustration
A company has a receivable outstanding amounting to Frw 2.4 million including
VAT at 18%. The company is able to claim 90% of unpaid debts under their
debt insurance policy. Assume the VAT element can be claimed from the tax
authorities.
Calculate the amount that can be claimed under the policy and any amount to
be written off as irrecoverable.
Answer:
(2.4 million/1.18*0.18)=366,102 VAT
The net value of the invoice is 2,033,898.
To be claimed under credit insurance:
(Frw 2,400,000 - Frw 366,102)*90% * 2.033, 898= Frw 1,830,508
To be written off as irrecoverable: Frw 2,033,898 - Frw 1,830,508 = Frw
203,390
7.3.2. Presentation of Internal and external recommendation
When presenting information to management, it is important to show any findings
or conclusions clearly. When looking at finance costs, such as the settlement
discount cost which is offered to customers to encourage early payment, it is
good practice to show the costs and benefits in implementing such a policy.
For example, the benefit of the discount will hopefully result in a better liquidity
position after taking into account the cost of the discount.
Management Accounting | Experimental Version | Student Book | Senior Six
Application activity 7.3Questions
What do you understand about a credit report?
When an account receivable cannot be collected what will be the last stepin credit collection?
Skills Lab 7
Student will visit a company selling goods and services on credit and ask
questions related to the credit collection such as; the procedure or theprocess of credit offering and credit collection.
End of unit assessment 7
Question :
What do you understand about Irrecoverable and doubtful debts?
In debt collection process it is advised to use telephone call when
you are collecting debts from customers, what are elements a
particular attention should be given to?
After explaining a reminder letter, explain when a final reminderletter should be used in debt collection process!
Management Accounting | Experimental Version | Student Book | Senior Six
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Management Accounting | Experimental Version | Student Book | Senior Six