Patent ID: 7249074

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: associating at least one computer with at least one customer; associating a device with a business enterprise, the business enterprise having a client, the client having customers, wherein the business enterprise device configured with a browser; connecting a 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 at least one customer computer, the client system is associated with the client and manages ordering of products by customers using the at least one customer computer, manages shipping of products to customers, and manages billing for ordered products; receiving customer information at the server system from the client system, the customer information relating to at least one of a customer of the client and a customer account; extracting data from the customer information; loading the extracted data into the database; retrieving credit information pertaining to the customer; evaluating credit information through electronic scoring process; accepting a payment against the customer account; processing and generating journal entries using the server system to post on a general ledger of the client; and using the server system to post the journal entries on the general ledger of the client via the client system for financial monitoring, reporting and auditing purposes.