Tips & Tricks: Maconomy Credit Control

June 24, 2021

Maconomy’s workplace client includes a function that empowers users to enhance their cash flows and track communications: Credit Control. Credit control gives users an overview of outstanding invoices per customer and allows them to record details of their outstanding accounts receivables collection calls as an event each time they contact a customer. Read below for a quick guide on the setup process, the cash collection workflow, and additional helpful tips.

Credit Control Setup

For setup, Maconomy users follow five stages:

  • Workspace Credit Control Setup
  • Company Selection
  • Event Flow Type Selection
  • Adding Traffic Lighting Days
  • Credit Limit Notification

To start, from Accounts Receivable, open the Credit Control Setup Workspace and select your company. For each customer, you may also have to add additional Credit Control fields including Event Flow Type and Credit Controller (the employee you want to receive all the notifications). Make sure to display overdue days in red and take note that invoices not yet due will be displayed with a green dash.

Credit Control Setup Workspace

An Event Plan describes the events to be created as a result of the outcome of a previous event. When an Events Plan List is created with Credit Control listed as the type, you can track the customer contact history and the To-Do’s can be mailed to the Credit Controller for follow up.

Event Plan

Each of the stages with a follow-up call generates a new call, whereupon the route effectively starts again, with the same results available from the first call. However, because Event Plans cannot be circular, there is a restriction on the number of steps you can take and you should not close the fourth event in your Event Flow (Cash Collection tab), as this will not derive a fifth event.

Cash Collection Workflow

In the Cash Collection tab in the workspace client, the traffic lights displaying the days overdue give the credit controller an easy overview of when to take action and when to provide guidance that will help get the payments in as quickly as possible. In the table, the Credit Controller can generate cash collection events. In iAccess, the Collections workspace enables users to follow up on their cash collection activities.

Event Plan

Additional Helpful Tips

It’s important to note that you can use the action Email Customer Statement to mail both the statement and selected invoices to the customer. You can use the Event Analyzer to review open Cash Collection flows and to get a full-picture overview of the Credit Control Events for the next actions. Lastly, utilize the To-Do’s to remind you when it is time to follow up with a customer. This requires Credit Control notifications to be added to each user.

Learn More

We hope you found these tips helpful. Please contact your Account Manager or Customer Success Manager to discuss Credit Control in a bit more detail. Additionally, click here to read through a high-level overview of the function.

For further assistance, reach out to [email protected].