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Credit Limit Function

This system function updates and checks the due date of invoices at midnight every day. It restricts invoice creation if settlement is not done. Modifications include adding "Credit Balance" and a control checkbox for quoting exceeding credit limits. Invoices are also controlled to restrict creation if credit balance is zero or negative. Examples and warnings are provided for scenarios. Options include settling outstanding payments or allowing creation with a tick. Settlement recovers the credit balance immediately after the amount is settled.

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Credit Limit Function

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  1. Credit Limit Function

  2. Function [Objective] System updates and checks the due date of Invoice at 0:00 mid-night everyday,when the due date of Invoice is reached and the settlement is not done, Invoice creation would be restricted. [Modification in Webaccount, Customer master] • Add “Credit Balance” to show the current credit amount of the customer • Add control check box “allow create quotation exceeds credit limit?” for manager/admin use [Modification in SIOI, Invoice] • Add control to Invoice. Restrict Invoice creation if Credit Balance is Zero or Negative unless • Change “allow create Invoice exceeds credit limit?” to “Y”(tick) OR • Settle outstanding payment in CASH module.

  3. Invoice example1 (Customer=TEST1) Due Date=25/01/2010 + 15Days = 09/02/2010 On 25/01, an Invoice was issued to TEST1 for $80,000, and 09/02/2010 is the due date.

  4. Invoice example1 -Customer Master(WebAccount) Today is 10/02/2010 As the due date is reached, Credit Balance is deducted by the Invoice Amount ($80,000)

  5. Invoice example2 (Customer=TEST3) On 25/01, an Invoice was issued to TEST3 for $2,700 and 09/02/2010 is the due date.

  6. Invoice example2 Customer Master(WebAccount) Today is 10/02/2010 As the due date is reached, Credit Balance is deducted by the Invoice Amount ($2,700) and become Negative

  7. Invoice example3 (Customer=TEST5) Today is 10/02/2010 On 25/01, an Invoice was issued to TEST5 for $1,000 and 09/02/2010 is the due date.

  8. Invoice example3 -Customer Master(WebAccount) Today is 10/02/2010 As the due date is reached, Credit Balance is deducted the Invoice Amount ($1,000) and become Zero

  9. Issue Invoice When Invoice Amount>Credit Balance Now we issue a new Invoice for Customer=TEST1, which Credit Balance is $120,000 remaining.

  10. Warning (Credit Balance $120,000 – Invoice Amount $200,000=$-80,000) Warning will be displayed in Invoice Screen, but still ALLOW to save

  11. Issue Invoice WhenCredit Balance is Zero or Negative Now we issue a new Invoice for Customer=TEST3, which Credit Balance is -$1,700 remaining.

  12. Warning Warning will be displayed in Invoice Screen and NOT ALLOW to save

  13. Ways to create Invoice when Credit Balance is Zero or Negative 1. Change “allow create Invoice exceeds credit limit?” to “Y”(tick) OR 2. Settle outstanding payment in CASH module.

  14. 1. Allow Invoice to create If you tick this checkbox, the Invoice will be allowed to create, even the Credit Balance is Zero or Negative

  15. 2. Settlement If you settle the amount in WebAccount, the Credit Balance will be recovered immediately.

  16. 2. Settlement-Credit Balance Recovers After Settlement

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