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Ch. 12

The Revenue Cycle

TermDefinition
CRM system Help organize detailed information about customers to facilitate more efficient and more personalized service
Open-invoice method (Billing process > Maintain A/R) Customers pay according to each invoice
Remittance advice Turnaround doc used with open-invoice payments
Balance-forward method (Billing process > Maintain A/R) Customers pay according to the amount shown on a monthly statement, rather than by individual invoices
Revenue Cycle Recurring set of business activities and related information processing associated with providing goods and services to customers and collecting cash in payment.
4 Revenue Cycle Activities 1.) Sales order entry 2.) Shipping 3.) Billing 4.) Cash collections
Credit Memo (Billing > Maintain A/R) Authorizes the crediting of the customer's account for returned goods
Cycle Billing (Billing > Maintain A/R) Monthly statements are prepared for subsets of customers at different times. Ex. Utility co.
Financial Electronic Data Interchange (FEDI) Integrates EFT and EDI to automate billing and cash collections.
Lockbox PO Box where customers send their remittance
Back Order (Sales order Entry > Checking Inventory Availability) Created when insufficient inventory is available to fill an order
Picking ticket (Sales Order Entry > Checking Inv. Availability) Once inventory availability has been determined, the system generates these that lists the items and quantities that the customer ordered. Authorizes the inventory control function to release merch to the shipping dept.
Bill of Lading (Shipping > Ship the Order) Legal contract that defines responsibility for goods in transit. ID's the carrier, source, destination, and any special instructions. Accompanies the shipment.
Packing Slip (Shipping > Ship the Order) Lists the qty. and description of each item included in the shipment. Accompanies the shipment.
Created by: ronniemad
 

 



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