When it comes to managing an account, the credit and collection team plays a vital role. For your credit management and any other business process, this part of accounting should be handled carefully if you want to avoid loss of profit. In making a credit and collection document, ensure that you don’t miss any key elements when you choose from any of our 100% customizable, easily editable, and high-quality Credit & Collection Templates in Google Sheets. Each template is professionally written by our business professionals to give you a document you can count on. You can also replace all the highlighted parts with your business details. Download any of our ready-made Credit & Collection Templates in Google Sheets and get the results you want!
Credit & Collection Template in Google Sheets
Collect Credits Faster with Template.net's Credit & Collection Templates in Google Sheets. Create Debt Collection Spreadsheets, Credit Notes, Audit Checklists, and Payment Requests Easier. We Also Have Social Media Templates, Editorial Calendar Templates, Sales Templates, and Monthly Budget Templates That Work Well with Our Credit & Collection Templates! Grab a Template Now!
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How to Create Credit and Collection in Google Sheets
Credit and collections is a debt retrieval reimbursement and credit loan from the consumer. It is usually performed by a debt recovery agency or a collections analyst that acts on the lender’s behalf in exchange for an interest. Debt recovery agencies would send the consumer a dispute for them to be notified with the payments. According to a trusted source, credit and collections management is also associated with the company’s accounting system that facilitates credits, disputes, collections, and other related business processes. It also stated that it focuses the accounts receivable, collect on accounts quickly and aid in the collections process.
Credit and collection play a vital role when it comes to managing financial accounts. Are you having a hard time making credit and collection documents? To save time, you can download a credit and collection templates for Google Sheets format. Here are the tips for you to be guided to ensure timely collection, organized money distribution, and positive relationships.
1. Making a Credit and Collection
Open your Google Sheets and start establishing a credit and collection document for you to send to your consumer. You can download a credit and collection policy template for you to get things started. In the credit and collection document, make sure to include the bill, the name of the consumer, the address of the consumer, and contact details.
2. Notifying the Consumer with the Debt
Inform the consumer with their debt through a collection letter or an invoice. If you are aiming to send any of these, make sure they are sent momentarily and includes all of the necessary information to avoid confusing the consumer. The consumer needs to make a payment as soon as possible. Include necessary information by using Google Sheets such as the amount due, order information, terms and conditions, due dates, and instructions on how and where they can pay.
3. Confirming the Payment Notification
Call the consumer for a follow-up after a few days of sending the payment notification and ask them if they are able to receive it. If you call to follow-up, the consumer will be able to ask some queries and you can answer their questions immediately and you can assist them in submitting the payment.
4. Reminding the Consumer
After sending the notification, many consumers need to be reminded before sending the payment. Remind them by sending a letter, giving a friendly call, or a follow-up email. Remind them before the due date comes and make use of the different types of communications. Attach the bill for them to be guided. This is why you must highlight the due date to catch the attention of the consumer as he or she reads the letter firsthand.
5. Escalating the Terms and Conditions
Based on the company’s terms and conditions, collaborate a solution together with the consumer on how you can get the problem fixed. According to a source, the Credit Research Foundation reported around 17% of business consumers do not adhere to credit terms. It is important to contact the consumer and find out why they still haven't paid or you can attach a dispute letter in the credit and collection document.
