Here is a great "Before and After" shot of the Credit and Collections FastTab on the Customer record:
|Before Credit management feature was enabled
|After Credit management feature was enabled
Here is a view of the Customer record with all of the new fields highlighted for your consideration:
|All of the new fields highlighted
As you can see, there are a lot of new fields to explore! Let's dive in and start looking at some of the new functionality that has been given to us.
Unlimited Credit Limit and Exclude from Credit Management
Two new sliders, Unlimited credit limit and Exclude from credit management allow you to designate special customers who do not get scrutinized as heavily as other customers. These customers may be the ones who always pay on time or are very well-known. You know who these customers are.
Unlimited credit limit allows you to give the customer unlimited credit. This will not stop them from ordering $1,000,000 in orders. This is for very consistent, high trust customers with whom you have a great relationship.
Exclude from credit management will allow this customer to bypass any of the blocking rules set within Credit management.
Credit Management Group
Credit management groups are a way to put certain customers together and define blocking rules for the group. Similar to other areas in the system, blocking rules are applied based on a Table (one customer), Group (grouping of customers), or All methodology.
Exchange Rate on Credit Limit
If you have a currency specified on the Customer record, there is now a field that will automatically calculate the credit limit in the Customer's currency. Enter the credit limit in the Credit limit field in your company's currency, then the new credit limit will populate in the field below it with a reference to the currency that was it was calculated to. In my example, I am converting a credit limit from USD to EUR.
|Convert a credit limit to your Customer's currency
You can additionally define a Customer's eligible credit limit, meaning how much you have available to extend to them, in the Customer's currency.
|Eligible credit limit in Customer's currency
There is a section called Status which houses four new fields:
- Account status
- Account status reason
- With collection agency
- Title held
|Account status fields bring new functionality
Account status has additional functionality built into this field as it also drives the Invoicing and delivery on hold field.
|Account statuses drive Customer hold functionality
If you select one of the Account statuses, it will automatically update the Invoicing and delivery on hold field on the Customer record.
|Account status will update Invoicing and delivery on hold status
You can create Account statuses at Credit and collections > Setup > Credit management setup > Account statuses.
Account status reasons allow you to provide additional status information for filtering. With collection agency and Title held are sliders that allow you to mark additional customer information for your Credit and Collections teams.
Under the Risk heading, there are a few fields used to determine a Customer's risk score. The fields listed are Year business established and Customer since. These are both date fields used to calculate risk scores based on years in business and years as a customer.
|Risk scores can be calculated from the dates defined here
As you can see, there is a lot of new functionality being introduced. Some of it is self-explanatory, but a lot of it has hidden capabilities that expand the product's potential.