The collection is a term used by a business when referring to money owed to that business by a customer. When a customer does not pay the business within the terms specified, the amount of the bill becomes past due.
Why is the collections important to a business?
- By generating enough cash, a business can meet its everyday business needs and avoid taking on debt.
- Knowing the customers’ account status and payment habits helps businesses understand the customer better.
- As a seller, you will be more motivated to sell to credit-worthy customers.
The purpose of exporting the data
- Tally the transaction with the statement of the payment gateway or bank statement.
- You will have a figure for each payment method, which are Offline payment & Online payment.
- The collections made of the day could be made for the order created in the previous month.
To export the payments
Step 1: Go to Payments from the menu on the left.
Step 2: Filter the payment types, payment created date/time, or the payment updated date/time for refining the search.
Step 3: Click on the button ‘Export‘ and get the sum of payment received or the detail from the CSV file.