Debt Collection Policy And Procedure Assignment
- Country :
Australia
Debt Collection Policy and Procedure
PURPOSE AND SCOPE
- The purpose of the policy and procedure is to collect outstanding debts from customers as they are due
- Debt Collection is an important part of the accounting function and integral to the cashflow of the business as required by the Corporations Act 2001 and in compliance with legislative bodies and government.
- This policy and procedure provide a framework for the application and management of debt collection.
Terminology
For the purposes of this policy and procedure, the following terms apply:
ATO: Australian Taxation Office
ASIC: Australian Securities and Investment Commission Corporations Act 2001
ACCC: Australian Competition and Consumer Commission
Procedure
The steps provided are to be followed to recovering overdue payments from customers:
- Review the terms of your contract (section to be completed by student)
- Send a reminder (section to be completed by student)
- Send a letter of demand (section to be completed by student)
- Get help with dispute resolution (section to be completed by student)
- Use a debt collection agency (section to be completed by student)
- Take legal action (section to be completed by student)
- Timeframes (section to be completed by student)
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