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In order to process money owed to you, you need to ensue that copies of invoices you have created are stored here. If you are registered for GST, these invoices must identify your business name and address, your ABN and whether the total cost identified on the invoice includes GST or identifies it separately (ie they must be Tax Invoices).

When you are paid for these invoices, mark them as 'Paid', with the date of payment, and move them to the 'Invoices We Issued: Paid' file.

Managing your debtors

Managing the inflow of funds and resources to you organisation is as important as paying your bills as and when they are due. There are significant implications for the cashflow of your organisation if you do not receive income and when it is due. Be clear on the invoices when you expect to be paid, and if possible offer incentives or discounts for prompt payment.

Prepare and send out Statements on the first day of the month which list the Invoices for supplies you have made, and the payments received in the previous month. Also identify how much remains outstanding from previous months.

Develop a policy of how to manage credit. If you provide goods or services and you intend to invoice your customers/clients, be prepared to review when and how you expect to be paid.

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