Receivables and Payables Account Overview

The general framework of receivable and payable accounts begins with the creation of a company. The company can be created from the CRM or Finance Module. 

From there, accounts can be created and assigned to the company. Creating a receivable account now makes the company a Customer and creating a payable account makes the company a Vendor. There is no limit on how many accounts can be assigned to a company, and you can also assign both types of accounts to a single company if needed.

Receivable Accounts

This type of account is used for incoming payments, such as rental contracts, sales invoices, part orders, etc. 

Credit Limits and Balances

Vizybility will keep track of important information, such as current balances of unpaid or pending invoices and how that compares to credit limits you've given. You can also put a hold on the account, which prevents this customer from renting more equipment or opening work orders. 

Insurance

Keep track if customers have insurance or use damage waivers when renting equipment. You can also record important insurance information your customers have provided, such as the value dollar amount, policy numbers, and expiration.

Credit Application

For new customer accounts, you can record customer business information, key stakeholders, and if the account is approved or not to do business with your company. 

Payable Accounts

This type of account is used for outgoing payments, such as Purchase Orders.