Your Virtual Credit Manager

JANUARY 9, 2024

Two weeks ago we recapped the three most read articles from 2023: identifying red flags, understanding why customers pay late, and the secrets of successful collectors. Then last week we looked at credit hold best practices. From a credit management perspective, these are largely reactive topics. There is nothing wrong with that.

Credit and Collections 130

Credit and Collections AR Aging Accounts Receivable (AR) Deductions 130

Your Virtual Credit Manager

DECEMBER 19, 2023

If they are the result of a payment deduction (partial payment), an issue requiring an administrative solution, not handling the matter inflates your AR. Anytime there is a payment deduction or a partial balance is left on an invoice, it should be a matter of policy to resolve the underlying issue within 30 days.

DSO 130

DSO Third Party Collections Credit and Collections Deductions 130

Your Virtual Credit Manager

SEPTEMBER 26, 2023

Many of these items result from unresolved payment deductions, customer chargebacks or disputes. Cleaning up open disputes and payment deductions requires significant labor over an extended period of time. Starting next week, free subscribers will only receive the introductory section of our weekly articles. Offer ends 9/30/23.

Credit and Collections 147

Credit and Collections Accounts Receivable (AR) Deductions Collector 147

Your Virtual Credit Manager

JANUARY 3, 2023

Photo by DESIGNECOLOGIST on Unsplash Editor’s Note: To start off the New Year, we’re bringing back three of the most popular YVCM articles from 2023. We’ve condensed the articles to save you time, but have also provided links to the originals should you want to take a deeper dive.

AR Automation 130

AR Automation Collector Credit and Collections Bad Debt 130

Your Virtual Credit Manager

SEPTEMBER 12, 2023

Starting in October, free subscribers will only receive the introductory section of our weekly articles. Plus, you get full access to our growing archive of over 100 articles! To make matters worse, invoice errors also tend to generate payment deductions (partial payments). Offer ends 9/30/23. Subscribe now 2.

Credit and Collections 130

Credit and Collections Bad Debt Accounts Receivable (AR) Deductions 130

SAP Credit Management

JULY 27, 2023

However, for this particular project, you set a deduction of EUR 20 per hour. However, source YD1 Revenue Deduction-Service is not assigned to usage 108: Identify reduction of accrued revenue by invoice cap by default (at least prior to the SAP S/4HANA Cloud 2308 release). Next, you define a project-specific price.

Revenue Recognition 132

Revenue Recognition Deductions Invoice Amount Default 132

SAP Credit Management

FEBRUARY 2, 2023

Tax Deductibility Code/Content: This field must be empty if the corresponding tax event of the tax code is non-taxable. For tax codes created for purchasing, you must specify if the tax amount is fully deductible, not deductible and so on. This field must be empty if the corresponding tax event of the tax code is non-taxable.

Deductions 158

Deductions Transactions 158

SAP Credit Management

JULY 10, 2023

Once an employee’s purchase leave request is approved, the system sets up a deduction pay component in the employee’s payroll record. This deduction can be a one-time deduction or spread over a specified period, depending on the organization’s configuration.

Deductions 141

Deductions 141

Due

JULY 9, 2023

In this article, we’ll explore different savings options available to freelancers, and offer advice on starting with them today. If you’re self-employed, reading this article is hopefully a first step to learning more about your options. Contributions are tax-deductible, and the benefits you receive after retiring will be tax-liable.

Deductions 111

Deductions 111

SAP Credit Management

JANUARY 28, 2023

The cut-off value should be deducted from the base depreciation value from the start. Path of Cut-off value key configuration Default Cut off value key Cut off value key configuration Scrap Value Deduction from Base Value (Check this box if you want to deduct a cut-off value from Base Value.

Deductions 180

Deductions Default 180

Due

JUNE 17, 2023

When taking out auto insurance on an electric car, there are several factors new owners will need to consider beforehand, and in the following article, we’re going to give you a snapshot of the basics you need to know if you’re thinking of buying a new electric or hybrid vehicle. What makes electric car insurance expensive?

Insurance Companies 111

Insurance Companies Deductions 111

Fundera

AUGUST 9, 2020

Bonus depreciation is a method for businesses to take a larger depreciation deduction on assets the year they start being used. That meant that a business could deduct 50% of the cost of an asset before taking standard depreciation. Standard depreciation could leave you with an annual depreciation deduction of $3,000 per year.

Deductions 105

Deductions Small Businesses 105

SAP Credit Management

JANUARY 30, 2023

You cannot create tax deductibility codes for tax through the PDI system; however, you can create them in the fine-tuning activity, Tax Settings for Purchasing, in the SAP Business ByDesign system. You must manually redo the entire process in the customer system.

Deductions 119

Deductions 119

Your Virtual Credit Manager

DECEMBER 26, 2023

In our case, we found our readers had an affinity for articles on identifying collection risks and the best ways of dealing with past due balances. Photo by Kelly Sikkema on Unsplash ) We are therefore providing you with an overview of three very popular articles along with links to the originals.

Collector 130

Collector Credit and Collections Default Third Party Collections 130

Your Virtual Credit Manager

SEPTEMBER 19, 2023

Starting in October, free subscribers will only receive the introductory section of our weekly articles. Plus, you will get full access to our growing archive of over 100 articles! Offer ends 9/30/23. Subscribe now What are Your Options?

Credit and Collections 130

Credit and Collections Bad Debt Default Credit Risk 130

Due

JUNE 27, 2023

When taking out auto insurance on an electric car, there are several factors new owners will need to consider beforehand, and in the following article, we’re going to give you a snapshot of the basics you need to know if you’re thinking of buying a new electric or hybrid vehicle. What makes electric car insurance expensive?

Insurance Companies 75

Insurance Companies Deductions 75

Due

JUNE 16, 2023

In this article, we are not sharing any shortcut to becoming rich. Take All Your Tax Advantages Have you taken advantage of your tax credits and deductions ? So, make sure to know all the viable tax deductions and credits that you can qualify for. Well, you might feel overwhelmed as you proceed to a higher tax bracket.

Deductions 119

Deductions Credit Scoring 119

Fundera

JANUARY 17, 2020

The IRS requires you to keep records that support the income you received and the deductions that you take. So if you claim a deduction for a training course or a client lunch, the IRS wants you to keep the details of that—they may come asking about it later. . or bad debt deduction. Worthless Securities or Bad Debt Deduction.

Bad Debt 91

Bad Debt Deductions Insurance Companies Transactions 91

Due

JUNE 3, 2023

Contributions to the IRA are tax deductible in most cases, up to specified limits , which for tax year 2023 are $6,500 annually for people under 50 and $7,500 for people over 50. Some exceptions to the deductibility rules do apply, so you’ll need to check your eligibility.

Deductions 69

Deductions Small Businesses 69

Your Virtual Credit Manager

NOVEMBER 14, 2023

The other policy conditions (deductibles, co-pays, etc.) A clear example of the astuteness of the policies described in this article! Insurers want to be paid for the risk they bear. If your high risk customers are very risky and numerous, the insurance premium may far exceed your average yearly bad debt losses.

Credit Sales 130

Credit Sales Bad Debt Credit and Collections Credit Risk 130

Due

AUGUST 19, 2023

In this article, we will delve into the importance of planning for healthcare costs in retirement and provide you with the knowledge and insights you need to navigate this often complex and expensive aspect of your golden years. Medicare requires payment of premiums, deductibles, co-payments, and coinsurance costs.

Deductions 52

Deductions Insurance Companies 52

SAP Credit Management

SEPTEMBER 21, 2023

RW033 BALANCE IN TRANSACTION CURRENCY The full amount of tax as expected in SAP is not being received in the posting Several possible remedies can exist: 1) Partially Deductible: SAP is setup to require partially deductible tax (Ex. 50% reclaimable occurs).

Deductions 139

Deductions Default Transactions 139

SAP Credit Management

JANUARY 23, 2023

They are not recalculated in the Central Finance system.

Deductions 166

Deductions Default 166

NorthOne

JUNE 9, 2023

In this article, we will provide you with a comprehensive guide to understanding and selecting the right HVAC insurance option for your business. Coverage Limits and Deductibles When choosing HVAC insurance coverage, it’s important to consider policy limits and deductibles. What is HVAC Insurance?

Medical Billing 52

Medical Billing Deductions Bankruptcy Small Businesses 52

Lendio

NOVEMBER 17, 2023

In this article, we’ll dissect the concept of credit card factoring, delve into why it’s illegal, explore common examples, and examine the potential consequences of engaging in such activities. Understanding the nuances of financial transactions can be intimidating, with credit card factoring being a prime example.

Credit and Collections 52

Credit and Collections Credit Scoring Transactions Deductions 52

Due

JUNE 14, 2023

This article explores how you can harness the power of ChatGPT to simplify the process of financially planning your life. Identifying Deductions and Credits ChatGPT can assist you in uncovering potential tax deductions and credits you may be eligible for. But what if there was a smarter, more intuitive way to plan your finances?

Deductions 64

Deductions Credit and Collections Credit Scoring 64

Fundera

DECEMBER 23, 2019

In this article, we’ll look at how different types of expenses impact your profitability and the differences between the two most commonly misunderstood business expenditures: operating expenses vs. capital expenses. Operating expenses are fully deductible in the year they are incurred. If this seems confusing, don’t despair.

Deductions 68

Deductions Small Businesses 68

Credibly

JUNE 14, 2023

Leverage Tax Deductions Take advantage of tax deductions related to business loan interest payments to reduce your tax liability. The most significant deduction is the interest paid on the loan, as it is considered a legitimate business expense. However, the principal portion of the loan repayment is not deductible.

Credit Scoring 40

Credit Scoring Deductions Credit and Collections Default 40

Fundera

DECEMBER 16, 2018

If you’re wondering how to file taxes as a sole proprietor, this article will tell you (almost) everything you need to know. Another item to note is that not all business expenses correctly reported on your profit and loss statement are 100% deductible. Special Tax Deductions for Sole Proprietors. Home Office Deduction.

Deductions 69

Deductions Electronic Funds Transfer Transactions 69

Due

APRIL 10, 2023

In this article, we’ll explore the pros and cons of early retirement for single Americans, as well as what they can do to prepare. If you itemize your deductions, combining your income could affect some of your deductions, even though the standard deduction is higher for a couple.

Deductions 114

Deductions Credit Scoring Credit and Collections Insurance Companies 114

Due

JULY 26, 2023

In this article, we’ll explore some of the challenges gig workers face when saving for retirement. Contributions are tax-deductible, and the benefits post-retirement are tax-liable. For example, you’ll need an actuary to decide your deduction limit when setting up a defined benefit plan, which adds administrative costs.

Deductions 90

Deductions Transactions Shared Service 90

Due

JULY 28, 2023

In this article, we’ll explore why some experts are worried about the Social Security program and what implications this has for your retirement savings plan. The demise of defined-benefit plans is an interesting topic that deserves its own article. If you set up a Roth IRA, that’s one way of having a post-tax retirement plan.

Deductions 98

Deductions 98

Due

AUGUST 1, 2023

I got the inspiration for this article after speaking with a 23-year-old unsure of how to divide his paycheck every two weeks. This article is for young adults still learning the ropes of financial independence. However, in an effort to be useful to as many people as possible, we’ll refer to it for this article.

Transactions 52

Transactions Deductions 52

Due

APRIL 29, 2024

Like Gradifi, SoFi at Work offers other employee benefits, including student loan verification, college savings, and an entire library of useful financial guides and articles. Employees participate through a “turnkey” portal that’s easy to set up and involves virtually no hands-on management — that’s SoFi’s job.

Deductions 75

Deductions Small Businesses 75

Your Virtual Credit Manager

MARCH 19, 2024

For more on systematic collections, check out this article from YVCM’s “Basics Department.” In contrast, legitimate disputes and payment deductions are typically indicative of a discrepancy between your invoice and the customer’s purchase order, which can be easily reconciled.

Bulk Transfer 100

Bulk Transfer Credit and Collections Bankruptcy Accounts Receivable (AR) 100

NorthOne

JUNE 9, 2023

In this article, we’ll break down the steps to help you pick the right insurance for your electrical business. Compare Premiums, Deductibles, and Coverage Limits When comparing insurance policies, it’s important to consider the cost of the policy. You should also consider the deductible amount.

Deductions 52

Deductions Credit Scoring Insurance Companies Small Businesses 52

Due

APRIL 13, 2023

This article aims to clear the air and help you understand the truth behind the taxability of credit card rewards. Particularly, you can’t deduct business-related purchases as business expenses when you pay them with your credit card rewards. But from a tax payers’ standpoint, you may find them ambiguous.

Deductions 59

Deductions Transactions Small Businesses 59