Patent ID: 7194431

Claim:
A method for managing trade receivables credit and collection services using an accounts receivable system including a server system coupled to a database, said method comprising the steps of: providing a plurality of customer devices; associating a device with a business enterprise, the business enterprise having a client wherein the business enterprise and the client are separate and distinct business entities, the client having customers, wherein the business enterprise device is configured with a browser; connecting the server system associated with the business enterprise to the business enterprise device, wherein the business enterprise manages trade receivables credit for the client, manages collection services for the client, and updates a general ledger of the client; establishing a communication link between a client system and each of the business enterprise device, the server system, and the plurality of customer devices, the client system is associated with the client and manages ordering of products by customers using the plurality of customer devices, manages shipping of products to customers, and manages billing for ordered products; receiving customer invoice information at the server system from the client system, the customer invoice information includes information relating to a customer of the client; utilizing data from the customer invoice information; accepting a payment from the customer to the client; applying at the server system the payment to invoices issued by the client to the customer; updating a customer account by posting the payment and any delinquencies after applying against correct invoices; generating at the server system journal entries to update accounts receivable for the client; and using the server system to post the journal entries including any customer delinquencies on a general ledger of the client via the client system for financial monitoring, reporting and auditing purposes.