Before setting up any Collection Profiles, it is best to first map out on paper how delinquent customers will be escalated and when, and ask yourself the following questions:
·If your company is operating under multiple branches, will collection profiles be created with rules for each branch?
·Do you need to set up non-sequenced queues, and if so for what purpose and how will they be labeled?
·Have Collection Statuses been created that are descriptive enough to communicate to non-accounting type staff what to do when encountering a customer in a particular collection queue?
Below is a sample chart of information that is required setup for each Collection Profile, to assist your company in mapping out a Collections setup plan.
