Tag Archives: Collection Forecast

Forecast future income from collections

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

Customize your forecast

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.

View & update individual collection activity

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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Lesson #47
Manage accounts receivable

Receivables is another large module in RB with functions for accepting and crediting payments, assessing additional charges, correct invoices, monitor accounts receivable, and perform collections. In this module, you can:

  • Credit and track client payments. Apply a payment to multiple invoices at once. Apply retainers and payments via checks, PayPal or credit cards.
  • Keep track of retainers. If a client has a retainer, it automatically appears when crediting payments from that client so you can apply it.
  • Enter credits, discounts, overpayments, and other adjustments.
  • Balance transactions and post payments.
  • Enter non-cash transactions, such as credit and debit memos, duplicate payments, refunds, miscellaneous income, voids, and write-offs.
  • Acknowledge client payments with emailed receipts.
  • Provide resources with billing reports instead of invoices to see what they can expect to be paid for work they have done.
  • Assess finance charges.
  • Include PayPal and credit card processing fees.
  • Run daily register reports.
  • Print or email monthly journal reports to your accountant. Get an instant snapshot of accounts receivable for any date.
  • Send clients monthly statements via email or regular mail.
  • View monthly client activity reports. View all paid or voided invoices for a set time period.
  • Find overdue invoices.
  • Send clients detailed collection letters.
  • Monitor collection efforts using reports, follow-up alerts, collections notes log, and copies of disputed or unpaid bills you can pull up from the central repository and email to clients from within RB.

Receivables functions by name

TL;DR: Apply payments and perform other accounts receivable tasks, including collections.

RB concepts in this lesson

Notes Logs: Un-editable internal-use only notes entered either by a user or automatically by RB appear in chronological logs in the database record where they occurred.

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