Account Types

Account Types

 
 
Account Types allow you to create an in-house charge account for your customers.  More details regarding Accounts Receivable can be found in the Finance section.  OpSuite has two (2) types of account types; Open Invoice and Balance Forward.  
 
Open Invoice: This account type classifies transactions as separate invoices.  Payments to this account type are applied to specific invoices instead of the balance as a whole.
Balance Forward:  Balance forward takes all transactions collectively as a whole.  Payments to this account type are applied to the balance and not an individual transaction.
 
To create a new account type, select the New Type button at the top left of the Account Type table.  

  
 
  • Account Type Code:  A brief description of the account type.
  • Date Due Type
    • Close of Billing Cycle Plus Grace Period - The date you close the billing cycle, plus the grace period.
    • Accounts Receivable Date Plus Grace Period - The date of the transaction/invoice, plus the grace period.
  • Grace Period - How many days after the close of the billing cycle or invoice date until the payment is due.
  • Minimum Payment - The minimum amount a customer can pay towards their account balance.
  • Annual Interest Rate (BETA) - This is the interest rate you will apply to any balances remaining after the account due date and grace period.  
    • Enable Interest - Applying interest is optional.
  • Location Group - Where this account type will be available.
  • Remittance Coupon - This allows you to set up a payment coupon to be sent in with payments.
  • A/R Type - Open Invoice or Balance Forward
  • Billing Cycle - Currently OpSuite can only support a manual billing cycle, which means each account type will need to be closed manually. 
 
Account Type Details
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If you chose to have a Remittance Coupon, you will be required to enter the address and contact information for the coupon.  To add the remittance information, click on Add New Contact and enter the address.  You can also add a return address that is printed at the top left of the statement.  
 
 
Messages can also be placed on the statements.  There is a default message for accounts that are current, and options for different messages when an account is past due.

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