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SOP invoice unpaid list

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Yurizal Septian
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18 views

SOP invoice unpaid list

Uploaded by

Yurizal Septian
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Machine Translated by Google

STANDARD OPERATING PROCEDURE (SOP)


INVOICE UNPAID LIST UP (RECEIVABLE)

1. Goals
Ensure all unpaid bills are well managed and monitored regularly to ensure timely
payment.

2. Scope
This SOP covers the process of creating and monitoring a list of unpaid bills
3. Procedure
• Bill Recording:
Completely record billing information in the system when an invoice has been issued.

• Creation of Unpaid Bills List:


Every [certain period - example: weekly, monthly], a list of unpaid bills is
created based on data from the bill recording system.

This list includes information such as client name, bill amount, due date, and
number of days late.

• Inspection and Validation:


The list of unpaid bills is checked by the finance team to ensure data accuracy.

Any errors or discrepancies are identified and corrected before proceeding


to the next process.

• Further Actions:
A list of unpaid bills is sent to the management and departments concerned
for further action.
The sales or customer service team may need to contact clients who are
behind on payments to remind them of unpaid bills.

• Monitoring and Reporting:


The list of unpaid bills is monitored regularly to monitor payments made by
clients.
Periodic reports are prepared to demonstrate progress in managing unpaid
invoices to management.

• Who is Responsible:
Creating a List of Unpaid Bills: Administration or Finance Team.
Inspection and Validation: Finance Team.
Advanced Actions: Sales, Customer Service and Management Teams.
Monitoring and Reporting: Administration or Finance Team.
By following this SOP, it is hoped that the management of unpaid bills will
become more organized and efficient, ensuring timely payments and reducing
the risk of arrears.
Machine Translated by Google

Person responsible, Person responsible,

Additional from Finance:

1. Recording Receivables
a. Every time a sales transaction occurs, the sales department must record all relevant
information including customer name, transaction date, receivable amount, and
payment terms in the accounting system.
b. The accounts receivable data must then be verified and validated by the finance
department to ensure the accuracy of the accounts receivable records.

2. Monitoring Receivables Aging


a. Regularly, accounts receivable aging reports should be generated from the accounting system
to indicate the age category of receivables.
b. Receivables managers should monitor these reports to identify receivables that are past
due and prioritize collection actions accordingly.

3. Sending Payment Reminder


a. Once receivables are past due, the collections department must send payment reminders to
customers via mail, email, or phone call as per company policy.

b. Payment reminders should include details of outstanding invoices


along with the amount to be paid and the past due date.

4. Negotiate a Payment Plan


a. If the customer experiences financial difficulties or is unable to pay
receivables in one payment, the sales or finance department must negotiate to establish a
payment plan that is acceptable to both parties.

b. The payment plan should include a clear payment schedule, payment amounts, and any
additional terms required.

5. Handling Bad Debt Cases


a. If receivables remain unpaid after sending reminders and negotiations, the receivables
manager must initiate steps to handle bad debts according to company policy.

b. These steps may include sending a formal collection letter, contacting a collection
agency, or considering legal action.

6. Receivables Records Update


a. Every interaction with customers regarding the collection of receivables must be recorded
completely in the accounting system for tracking and audit purposes.
b. Every payment received must be recorded and considered in the customer's accounts
receivable balance.

7. Monitoring and Reporting Billing Performance


a. Periodically, the finance department should evaluate collection performance
by checking metrics such as receivable aging ratio, on-time payment ratio, and collection
efficiency.
b. These performance reports should be used to evaluate the effectiveness of the billing
process and identify areas requiring improvement.

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