Debtor’s Ledger

Debt Recovery

What is a Debtor’s Ledger

1 A debtor’s ledger is a listing of all individual transactions detailing each debit (invoice) and credit (payment) or vice versa.

2 The listing will have an opening and closing balance.

3 Preferably it should have all the outstanding transactions (invoices that are not settled) in the print out in between the opening and closing balance.

4 The other documents that we need when you sell and deliver goods/ services to your customers/ client and the account becomes delinquent… A debt recovery process will be in order

Purchase Orders
5 Usually this may come in the form of an email or a text message, the seller will respond, usually with a quotation.

Acceptance
6 The quotation will be followed by an acceptance.

Payment Terms
7 What are Payment terms will be important

Delivery Order
8 Goods will usually be delivered to the buyer’s office or a designated third party.

Delivery to Third Parties
9 If a third party is involved you have to let us have the instructions to send to the third party.

Evidence of Acceptance
10 Proof that the buyer or the third party received the goods in good condition and order.

Rejection
11 Is there any rejections to the goods you have delivered? What are the reasons for the rejection?

Payments
12 Payments or part payments should be reflected in the debtor’s ledger.
13 If you have a copy of the cheque or advice of payment will be great.

Correspondence
14 This could be in the form of email letters and text messages. The value of electronic communication will be discussed in another forum.

15 When you send us transcript of messages, do not take screen shots, export them as a Word file.

16 Many have this habit of sending voice messages. For Voice messages you need to transcribe each and every one of them which you want to rely on, into text.

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