Balance Forward and Open Item Statements 📄

New formats for increased clarity and optionality

What is new with Rundoo?

New statement formats: Balance Forward and Open Item

What does this mean?

Previously, Rundoo statements included a “last month activity” and an “open invoices” section, which made it hard for retailers and customers to interpret and understand exactly what was owed.

Now, we have simplified the formats into two new options for the statement formats that clarify the amount owed:

A Balance Forward statement shows all of the invoice, payment, and credit note activity in a specified time period. The Balance Forward statement starts with the previous balance from the last statement and keeps a running balance for each entry in the statement. The statement also shows your customer their account balance at the end of the statement period.

An Open Item statement shows all of the unpaid invoices for a customer account. The Open Item statement will show the total balance due for the matching invoices.

Why is this important?

Statements are critical. Clear and transparent financial communication about account balances:

1. Reduces misunderstandings, frustrations, and even disputes from customers

2. Reduces time spent internally resolving confusing information

3. Builds trust with customers and increases repeat business

4. Increases cash flow by ensuring timely payments

What do these statements look like?

Balance Forward (showing the carried balance at the top):

Open Item (showing the payments and total due for an invoice):

Note that the above are just conceptual examples of the layouts :)

How do you enable these formats?

1. Individual Customers

   1. Customers > (individual) Customer > Settings > Statements > Statement Type

   

2. All or segments of Customers

   1. Customers > Download spreadsheet > Update column “AP”, “Statement Type” to either “Open” > Save once edited > Import Customers

What else?

Note that all customers have been set to “Open Item” by default and need to be updated to “Balance Forward” if that is the preferred format.

What next?

Update and customize your statement formats based on your and your customers’ needs! We have a couple more key product releases around statements slated for the next few months, which will build on this customization, flexibility, and clarity. As always, reach out to Support for any questions or feedback :)