When we receive a remittance in advance and payment is not received at the end of the month, what should we do?

Question

Accepted Answer

Follow up with the customer for payment and send reminders. If payment is not received, escalate to higher management.

Contact the customer and inquire about the delay in payment
Send reminders through email or phone calls
If payment is still not received, escalate the issue to higher management
Consider implementing stricter payment terms for future transactions

Accepted Answer

First we should take the follow up for the payment and only if the payment is not received then we should stand that remittance balance in our books and after received we should close the payment in next month

Accepted Answer

We should saved the remittance as future remittance and once we received the payment we will knock off the same with this remittance.