Use this worksheet template to track your customers’ credit accounts with your company. The sheet has columns for account number, account name, date opened, credit line, credit available, credit used, and the current or overdue balance of the account.
You can quickly manage the credit policy of your client or business using this template. This is useful for small and medium sized businesses.
You can also include the ageing of the credit policy provided to your customers or clients using this template. Management information system (MIS) with ageing of credits given and their ageing creates more transparency.
Why credit control is important ?
Credit control is defined as lending strategy that banks and financial institutions employ to lend money to customers. However, this definition can be extended and implied for general businesses too. In general businesses, certain excuse is given for payable. This can be reconciled with the term “Accounts receivable” as well.
Customers with good credit score have good track of timely payment. More business with customers who have good credit score can keep the cash inflow alive. Hence, it becomes important for businesses to understand and track the credit score of the customers to ensure the cash inflow.
This template can help you track the pending collectibles from the customers. This ensures profitable lending strategy in the company. The underlying risk in a company is bad debts and negative cashflow. Hence, internal controls is essential to ensure that the higher percentage of business is there with the customers with good credit score and repayment history.
Thus, to ensure that the repayment is done by the customers in a timely manner, and company do not face the liquidity crisis – Credit control is important.
How to download & use Credit Control list Free Excel Template ?
To use this free excel template, you should have Microsoft Office/ Microsoft Excel installed in your system.
After installing Excel or Spreadsheet, download the zip file of this template, extract the template using WinZip, WinRAR or 7Zip decompressing software. Once extracted, you can open the file using Excel and start entering data or customizing the template.