Outstanding Receivables and Credit Limit Checks
In VISCO most reports will show you information strictly based on what the user(s) have entered into VISCO up to that point, however, there are a few areas in VISCO that will also provide information based on QuickBooks information as well. Specifically, the Outstanding Receivables by Customer Report and Credit Limit Checks.
In the Outstanding Receivables by Customer Report you can see not only each customer’s Open Balance from QuickBooks for the last 1-30 days, 31-60 days, 61-90 days, and beyond but you can also view the credit limit, value of open sales orders, and value of in transit outbound goods, and pending invoices giving you a full view of each customer’s open and outstanding receivables.
Each Customer can be assigned a credit limit (more on Credit Limit Handling here: Credit Limit Handling in VISCO.) When a customer is assigned a credit limit in VISCO the user will then be prompted moving forward for all newly created sales orders if the value of the new sales order being created plus all that customers open and unposted receivables exceed the credit limit. By default the user will just be warned that the order they are entering will cause the customer to exceed their credit limit but additional restriction can be applied to keep a user from creating any new sales order that will allow a customer to exceed their credit limit, your VISCO support representative will be able to help you determine if this additional restriction is needed.
Posting to Multiple QuickBooks Files at Once
The ability to post a transaction to more than QuickBooks file is a way we have to streamline posting for users who buy and/or sell to or from a parent, child, or sister company. Specifics should be discussed with your implementation manager but the most frequently used set up is if you are purchasing from a sister company on posting of an AP cost entry batch in real-time this invoice will be passed to QuickBooks posting a Debit to the related inventory or expense account and a credit to the related Accounts Payable account and subsequently a post to the sisters company’s QuickBooks file will see a credit to Accounts Receivable and a debit to Sales.
The same could also be true if you are selling to a sister company along with the default translation of a credit to sales and a debit to Accounts Receivable the sister company would receive a credit to debit to related inventory or COGS against and a credit to Accounts Payable. Adding either of these functionalities can help streamline posting when handling transactions between sister companies and reduce time during the entry process.