What is Credit Control List?

The Credit Control List is a crucial tool used to track and manage a company's outstanding debts. It helps businesses monitor who owes them money and ensures that they follow up on payment deadlines effectively.

What are the types of Credit Control List?

There are mainly two types of Credit Control Lists: 1. Aged Debtors List - This list categorizes outstanding debts based on how long they have been outstanding. It helps prioritize collection efforts. 2. Credit Limit List - This list sets credit limits for customers to manage credit risk and prevent overextension of credit.

Aged Debtors List
Credit Limit List

How to complete Credit Control List

Completing a Credit Control List is essential for maintaining financial health. Here are simple steps to help you complete it effectively:

01
Gather all necessary information on outstanding debts
02
Categorize debts based on age or credit limit
03
Track payment deadlines and follow up on overdue payments
04
Regularly update the list to reflect current payment statuses

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Questions & answers

Answer and Explanation: The four elements of a firm's credit policy are credit period, discounts, credit standards, and collection policy.
The instruments of Credit Control are Cash Reserve Ratio (CRR), Statutory Liquidity Ratio (SLR), Bank Rate, Selective Credit Control (SCC), and Open Market Operations (OMOs).
The company pursues collections from consumers with former accounts with health care providers, credit card companies, utility services and schools and universities.
A call or email from Credit Control Corporation could only mean that you owe a debt to an individual or a company. Credit Control Corporation is a legitimate third-party debt collection agency that collects debt for utility providers, healthcare institutions, and commercial enterprises.
Credit control is a business strategy that promotes the selling of goods or services by extending credit to customers. Most businesses try to extend credit to customers with a good credit history to ensure payment of the goods or services.
A Credit Controller is responsible for collecting invoices and ensures that credit given to customers is monitored. Duties include processing and generating reminder letters and monthly statements, daily and month end reporting and account reconciliations, and resolving non-paid invoices.