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Fort Worth, Texas
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Corporate Credit Manager-World Wide
Thales Navigation, Inc.
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Senior Credit Exec Email Forum Archives
Credit Today's Email-based Forum is a powerful braintrust of some of the smartest and most helpful credit execs around. We've captured the best of our Forum discussions here.
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What's your bad-debt reserve calculation method?
July 29, 2010
I know this topic came up recently, but I need a re-discussion please. I am being asked during an audit to justify my bad-debt reserve calculation method. How do others calculate? We use a specific reserve of 100% for accounts over $3,000 over 90-days, OR otherwise determined likely to default by the Credit Dept. and a general reserve of 3% open A/R. E &Y is questioning the detail behind the 3% general reserve (how and why 3%). Anyone else use a set % for general reserve? or have best practices for establishing a set % per industry standard?? I don't think the auditors like the "that's how it has always been done" answer. . . .
keep reading
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Does anyone have any experience in offering incentives for collectors?
July 29, 2010
JDA is on another cash generating mission to meet our EBITDA earnings for the next half of 2010. We've been asked to evaluate an incentive program for our collectors based on various performance variables, ie., DSO, % current, reduction in past due buckets, etc. Does anyone have any experience in offering incentives for collectors? If so, can you share how you structured the program? . . .
keep reading
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Has any one had experience with the Illinois sales tax audit?
July 22, 2010
Last year we had a sales tax audit that spanned over five months. We sell a lot of product that end customers use in a Manufacturing Environment. Within the State of Illinois, exemption is allowed using an ST 587 form for Exempt Manufacturing Machinery and Equipment. The form needs to be provided on an order by order basis. The State has gone to stricter interpretation of the regulations and no longer allows a Blanket Exemption Certificate covering multiple orders. The State auditor we had on site had over 30+ years experience. The auditor indicated the following information was acceptable on a specific purchase order in lieu of the state mandated ST-587 form: 1. The order is conspicuously labeled as Non Taxable 2. Clear indication is provided as to the exempt reason 3. The address where the equipment will be installed and used is noted. 4. The purchaser's 8 digit Illinois registration number is indicated. 5. The buyer's name (person of authority) is clearly printed on the Purchase Order. 6. It has an original signature. Electronic signatures would also be acceptable. The auditor did not come across as being unreasonable. I have found some of our customer's did not agree with the requirements and have been reluctant to provide the exemption forms and/or considered our request to be unreasonable. Several other customers had recently been audited themselves and understood completely. Has any one had similar experience in Illinois and what procedures did you put in place or what helped you convince customers to comply? . . .
keep reading
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Is our letter of credit at risk due to the IRS claim against our customer?
July 15, 2010
We just received a Notice of Levy for a substantial amount from the IRS for one of our marginal distributors. Apparently, he owes the IRS the money for payroll taxes. We happen to hold an Irrevocable Letter of Credit as collateral for the full amount of what this distributor owes us. Does anyone have an opinion on whether our Letter of Credit is at risk due to the IRS claim? The IRS claim is for approximately a quarter of our LOC. . . .
keep reading
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This month's topic: Credit Card Usage
Click here to participate!
We're examining:
- What percentage of credit departments are currently accepting credit cards
- What percentage of sales are paid via credit card
- The various ways by which credit cards can be accepted (phone, web interface, etc.)
- Which merchant accounts are most popular
- What discount rates are being charged
- Lessons-learned when setting up an account
- ... and much more!
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