Forecast future income from collections

Use Collection Forecast to see what income you can expect from your collection efforts

Lesson #62
Receivables – Collection Forecast function

When a client promises to make a payment at a future date on an outstanding invoice, record it in their RB9 records, then you can project increases in your cash flow based on the promised payment dates and amounts of outstanding invoices.

The Collection Forecast lists all of the clients with payment-promised dates and amounts for a specified period, so you can forecast cash inflow to your business.

The promised date defaults to today, but you can select any date range to view. You can also narrow results to clients tied to a single collector in charge of collecting their overdue payments. For example, if you want to see only those accounts that are your responsibility. Based on the amounts and dates promised by clients for outstanding invoices, you can forecast cash inflow to your business.

Listings in the results display the firm name, the promised date and amount, and the collector. A total amount of all the listed amounts is included at the bottom.  You can sort your results in the grid by one or more columns in ascending or descending order (but when you exit the function, RB9 will revert back to the default order). Export the list as an Excel spreadsheet or a CSV (comma-separated values) file to save, print, share, or use in other applications.

You can also monitor your collection progress with clients, document new attempts, and view graphs of clients’ account activity by clicking a hyperlinked firm in the Collection Forecast results to view the firm’s collection history and account overview.

NOTE: This is an RB9-only function. It is not included in RB Lite.

TL;DR: Project changes in your cash flow based on the promised payment dates and amounts of outstanding invoices listed in this function.

RB concepts in this lesson

Firm: Business you provide services to, usually law firms.

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