NEW: let Neo automatically age client balances and assess finance charges for you
We’ve given the Neo treatment to automatically aging client balances and calculating monthly finance charges you’ll have access to client account balances in aging periods to help assess when to send statements, send a client to collections, or write off an account. Plus, you can now have finance charges automatically calculated on aged balances at the end of every month.
We provide you the choice to keep your accounting as is in Neo or to activate this feature, depending on your practice’s needs.
- The Aged Accounts Receivable feature requires setup. See Additional Resources at the end of this release announcement for more information.
- To take advantage of the new aged accounts receivable time-and-error saving updates, you’ll need to opt-in to having invoices permanently close; so Neo can properly track aging balances.
With this release, for all practices:
- You will see a helpful banner on client and patient records indicating when there are draft consultations needing attention. Click a consultation ID to be taken directly to that consultation; so you can complete any necessary edits.
- On the Financial Activity tab, the Date now reflects the invoice close date for more accurate transaction history.
- The Date was previously the consultation create date.
- Check out the new Accounts Receivable report, which replaces the Aged Debts > Outstanding Debts report. Also, you can now access the Bad Debts report for finding written off accounts directly from the Reports page.
In addition, for practices who choose to activate Aged Accounts Receivable:
- Client's account balances will display in aging periods: Current, 30 days, 60 days, 90 days.
- You can set up the finance charge percentage that will automatically be assessed on the last day of each month on any balance 31 days or over. Any client with a current balance will be automatically aged to the right aging period (30, 60, 90 days).
- For the most accurate accounting and reporting, invoices will be permanently closed at midnight a number of days of your practice's choosing, after you initially close them.
- Note: While we recommend setting invoices to be permanently closed the same day you initially close them, you can choose to keep them open for up to seven days.
- Clients' statements will display aged balances at 30, 60 ,and 90 days plus accrued finance charges.
- We’ve added a new Aged Accounts Receivable report to give you at-a-glance insight to aged balances, accrued finance charges, and last payment on account per client.