What resource is available to understand about Monthly Billing?

[rpp]

I am needing to become more familiar with "Monthly Billing" and creating a program that can be generate the process.

The problem: Sale is made, cost 1000.00 with terms that reflect 1 to 12 month billing at signing of contract. Possibly collect a down payment. I need to accrue interest (compute and age receivables) create a monthly invoice, show past due, original contract, and create various reports.

I have a lot of the work allready finished, but as I try to finish, I see my lack of familiarity with this subject is preventing completion.

Is there any resource that explains the processes of this type of billing out there?

Thanks in advance.

Richard

 

[Mike Gagnon]

rpp
This is a question that should be directed to an accountant more than a programmer. Accountants "dictate" the accounting rules, programmers interpret them into code.
Mike Gagnon

 

[sheronne]

What specifically is preventing completion?

Accruing Interest? The Down Payments?????????

 

[rpp]

I have one table that I capture the "Contract" information
A single record for each customer.

1. Invoice Amount,
2. Discount
3. Net Due
4. Number of Payments,
5. Date to start the monthly billing.

I have a key that links it to a customer table for the other information name etc.. but to keep to simple I will discuss just the billing concerns.
I call this table "CONTRACT"


I wrote code to take the this "CONTRACT" information and compute a second table I call "AR"

"AR" table contains a separate record for each that created when I divide the net value by the number of months the customer has requested to pay the balance by (upto 12)

1. Amount Due (The divided net by the number of months)
2. Date Due

Now I need to create a routine to run monthly, that will age the receiveables for interest due (I plan to add it to the AR table a separate charge) then create a statement that shows the contract information, amount due, past due (if any).

I can create the code that may work for the first month, I am unaware of pitfalls I cannot forsee. This is my first stab at writing finanacial routines. Any help again is appreciated.

RPP

 

[sheronne]

If you are wanting to learn more about Accounts Recievables, there are many websites for small business that go over the basic terms and procedures. This is one of the best places to start. Below is a link to one:

http://www.toolkit.cch.com/text/p06_1430.asp

Or, just search for Accounts Receivables.

These sites have a lot of good information (maybe too much for what you are needing, but it can be a good learning tool. And as my Dad always says, "If ever there is a day goes by that I don't learn something new, then that will be the day that I sit back and watch people pass me by!&quot

If you need additional help or have a specific question, let me know.

 

[rpp]

Good Advice!

Thanks again.

RPP

 

[SnyAc]

Try hiring an analyst with accounting experience to explain the requirements to you... or get another degree in economics and pay yourself