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Business strategy
How to effectively manage credit risk by customers
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[QUOTE="Kingsley, post: 212589, member: 30278"] In business there are some things we consider as a part of the business systems and hence we can not do without allowing it to transpire in the business circle and one of such is credit sales. In the accounting concepts and conventions there are provisions made specially for credit sales accurals and prepaid, there are books that are aside aside for the purpose of of credit purchase and credit sales whichI are the sales day book and purchase day book. All credit entries do not go into our cash book but in to the day books. We allow for credit facilities in business so as to help either the wholesaler, retailer or the final consumers themselves to purchase goods or services and pay at a later date as agreed between us and them. This is done in a bid to allow us to move our stocks out of the shop or warehouse. And eradicate the possibility of a tied down capital. It facilitates our sales volume. The only down sides to this facilitates that we grant our customers is when they begin to default in their initial agreement or even a death of a customer can sometimes invalidate the agreement and leading to a bad debt or irrevocable debt and losseson our part. [/QUOTE]
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