Manage company credit

Last update: 2023-07-20
  • Created for:
  • Beginner
    Intermediate
    Admin

If Payment on Account is enabled in the configuration, companies can make purchases on their account up to the credit limit that is granted to the company. When enabled, customers can check the status of their company credit from their account dashboard.

Company Credit

You can set the following credit-related parameters for each company profile:

  • Credit Currency
  • Credit Limit
  • Allow to Exceed Credit Limit
  • Reason for Change

If the company has an outstanding balance, a notice to the store administrator appears at the top of the sales order when it is viewed from the Admin. To learn more, see Create a company account.

Company credit activity

The Company Credit section of the company profile displays a summary of the customer credit activity, with a grid of the company credit history.

Company Credit activity
Column Description
Date The date of the transaction. To display the date and time, hover over the date.
Operation The type of activity associated with the transaction. Values:
Allocated - Credit assigned to the company.
Updated - A change was applied to one of the following fields: Credit limit / Credit currency / Allow to exceed credit limit
Purchased - An order was placed.
Reimbursed - The outstanding balance was reimbursed.
Refunded - A credit memo amount was refunded.
Reverted - The order was canceled and the amount returned to the credit balance.
Amount The amount of the transaction associated with the following transaction types: Purchased / Reimbursed / Refunded / Reverted
For purchase amounts, the amount appears in the display currency of the store and in the format of the credit currency setting, followed by the current conversion rate (if applicable). For example:
EUR 20,000.00 ($22,400.00)
USD/EUR 0.8928
Outstanding Balance The amount reimbursed, less the total due from all orders placed using the Payment on Account method. The amount might appear as a positive or negative value.
Positive value - An advance payment is represented as a positive value.
Negative value - An amount due is represented as a negative value.
Available Credit The sum of the Credit Limit and the Outstanding Balance. If the company has exceeded the credit limit, the amount appears as a negative value.
Credit Limit The amount of credit extended to the company.
Updated By The name of the person who initiated the operation.
Custom Reference Number The custom reference number that is associated with the transaction.
Comment A compilation of the values from the Reason for Change field, according to operation type.
Purchased - Includes comments from the purchase, and the order number and link to the order.
Reimbursed - Includes comments from the reimbursed transaction.
Action For Reimbursed operations only. Edit - Allows the reimbursement amount to be updated.

Update the credit information

When the customer makes the payment for their outstanding credit to the merchant, a store administrator must then update the customer credit information in the Admin.

  1. On the Admin sidebar, go to Customers > Companies.

  2. Find the company in the grid and open in Edit mode.

  3. Expand the Company Credit section.

  4. For Credit Limit, enter the new value.

  5. Change the other values as needed.

  6. When updates are complete, Click Save.

Receive Payments

A reimbursed balance is an offline payment that is made by a company toward the balance of their account. The store administrator enters the amount manually in the company profile, using the Reimburse Balance button. When the amount is submitted, the system recalculates the outstanding balance and available company credit, and records the action in the company credit history. The reimbursed amount is entered in the credit currency, as specified in the configuration.

Apply a payment to a company account

  1. On the Admin sidebar, go to Customers > Companies.

  2. Find the company record in the list and open in Edit mode.

  3. At the top of the page, click Reimburse Balance.

  4. In the dialog, add the payment information:

    Reimburse Balance

    • Enter the Amount of the payment.

      The amount can be entered as a positive or negative value.

    • If applicable, enter the Custom Reference Number for reference.

      Only one custom reference number can be entered per reimbursement. To apply the payment to multiple POs, create a separate reimbursement for each.

    • As needed, enter a Comment to describe the reimbursement.

  5. Click Reimburse.

    The company’s outstanding balance and available credit is recalculated, and the Company Credit history is updated to reflect the reimbursement.

Edit a reimbursement

  1. Open the company profile in Edit mode.

  2. Expand Expansion selector the Company Credit section.

  3. Find the reimbursement transaction in the grid and click Edit.

  4. Make any changes necessary to Custom Reference Number and Comment.

    The reimbursement amount cannot be changed.

  5. Click Save.

Storefront credit information

For the company administrator, the account dashboard displays the Company Credit section. It provides the current outstanding balance, available credit, and the credit limit that is allocated to their company account followed by a list of outstanding invoices.

If the merchant cancels an order that was charged to company credit, the amount of the order is returned to the company balance and the Credit Allocation History includes a record of the action.

Company Credit

Company credit demo

Learn about managing company credit by watching this demo video:

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