Updating Company Credit Status
Companies that have a line of credit with an organization can submit orders without supplying full payment at the time an order is taken. A company's credit status and limit is specified on the Companies record's Organization tab.
If a company is listed in the Bill To area of an order, the system assumes that the order is on behalf of the company and uses the company's credit terms. For orders placed by individuals, clear the Bill To Company value from the order to use the information that is specified on the Persons record. For details on specifying a person's credit information, refer to Updating the Credit Status for a Person.
A company's Credit Limit is expressed in the specified Credit Currency (which defaults to U.S. Dollar in the standard Aptify system but your administrator can change this as necessary). If the company is involved in foreign currency transactions (that is, transactions not in the Credit Currency), Aptify automatically converts the available credit limit to its corresponding value in the foreign currency (using the most current Currency Spot Rate) to ensure that the company has sufficient available credit to complete a particular transaction.
Follow these steps to update a company's credit status:
- Open the Companies record.
- Click the Details tab.
- Click the Organization sub-tab.
- In the Credit Status field, select the company's correct credit status. The standard options are Not Approved, Approved, Denied, On Hold, or Cancelled.
- A company must have an Approved credit status to submit orders without supplying full payment at the time an order is taken.
- A company must have an Approved credit status to submit orders without supplying full payment at the time an order is taken.
- Specify the currency for the credit limit amount in the Credit Currency field.
- In the Credit Limit field, enter or update the amount of credit that the company has with the organization.
- A company must have a enough available credit to cover an order's balance in order to submit orders without supplying full payment at the time the order is taken (minus any partial initial payment).
- A company must have a enough available credit to cover an order's balance in order to submit orders without supplying full payment at the time the order is taken (minus any partial initial payment).
- Save the Companies record.
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