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Definition of Collection Department
An internal department within a company staffed by specialists in collecting past due accounts or accounts receivable.
The ratio of accounts receivables to sales, or the total
The time that elapses between when a check is deposited into a bank account and when the funds are available to the depositor, during which period the bank is collecting payment from the payer's bank.
The negative float that is created between the time when you deposit a check in your account
The percentage of a given month's sales collected during the month of sale and each
Procedures followed by a firm in attempting to collect accounts receivables.
Average number of days necessary to receive cash for the sale of
an organizational unit that performs management activities benefiting the entire organization;
an organizational unit that provides one or more specific functional tasks for other internal units
Procedures to collect and monitor receivables.
The informal and frequently unauthorized retention of excess inventory on the shop floor, which is used as buffer safety stock.
Chance that a borrower or trade debtor will not repay an obligation as promised.
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