Instructor for this course

Why do for profit organizations exist??? To make money!!!!! What a great concept. But if the organization does not have the proper collections and credit procedures in place, they may not be able to access that money. Hence the importance of the credit and collection process.

Credit and collections are critical areas for the financial statement controllers. Customer credit is a form of payment that allows small business customers to purchase a product or service before paying for it in full. The process works similarly to the way a credit card does - you procure something and pay it back later. Collections is a term used by a business when referring to money owed to that business by a customer. When a customer does not pay within the terms specified, the amount of the bill becomes past due and is sometimes submitted to a collection agency.

The sales and collection process includes business activities related to selling products and services, maintaining customer records, billing customers, and recording payments from customers. It also includes activities necessary to manage accounts receivable, such as aging accounts and authorizing credit.

This course delves into the topics that impact the sales, credit and collections process for management. We discuss strategic steps management can take to ensure their processes are efficient and that they are able to actually collect their revenue.

Learning Objectives

  • Discover and define how the sales and collection process intersect.
  • Explore and define the collections process.
  • Identify and understand the challenges of the collection process.
  • Identify steps to include in the collection process.
  • Recognize the Collections in today‚Äôs world.
Last updated/reviewed: September 12, 2022

Included In Certifications

This course is included in the following Certification Programs:

18 CoursesThe Controllership Series Certification

  1. The Controllership Series: The Controller Function - Elevating the Role
  2. The Controllership Series: The Controller Function - Strategic and Annual Planning
  3. GAAP Principles, Assumptions and Considerations
  4. The Treasury Function Part 1: Cash, Liquidity and Investments
  5. The Controllership Series: The Controller Function - Cash and Investments
  6. ASC 842 Accounting for Leases - Deep Dive
  7. Revenue Recognition (ASC Topic 606) Standard Overview
  8. The Controllership Series: The Controller Function - Inventory Part 1
  9. The Controllership Series: The Controller Function - Inventory Part 2 - Inventory Valuation, Physical Inventory Methods and Inventory fraud
  10. The Controllership Series: Overhead, Direct and Indirect Costs and Allocation Methods
  11. The Controllership Series: Financial Statement Preparation and Presentation
  12. Analyzing Financial Ratios - Leverage
  13. Analyzing Financial Ratios - Performance And Efficiency
  14. The Controllership Series: The Controllers Role in Data Analytics and Big Data
  15. The Controllership Series: The Financial Close Process
  16. The Controllership Series: Managerial Accounting Basics and Cost Principles
  17. The Controllership Series: Sales, Collections and Customer Credit
  18. Tools for The Controllership Series Certificate

6 Reviews (32 ratings)Reviews

Anonymous Author
Overall good explanation of the sales and collections process. This can arm controllers with useful tools to improve collections and better manage their AR.
Anonymous Author
Excellent course on Sales, Collection, and Customer credit with practical examples and journal entries.
Anonymous Author
Good overview of A/R concepts. Helpful summary of collections and collections cycle.
Member's Profile
Straightforward step by step explanation of the sales and collection process.
Member's Profile
The Controllership Series is a good introduction to many different subjects.
Member's Profile
Large amount of typos. The slides appeared sloppy.


Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.

Education Provider Information

Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
  5:03Introduction to The Controllership Series: Sales, Collections and Customer Credit
  9:26Sales Process
  14:22Sales and Collection
  10:38Collection Process
  8:06Procedures for Collections
  7:56Collection in Today's World
  19:06Credit Cycle
  1:15:30The Controllership Series: Sales, Collections and Customer Credit
  PDFSlides: The Controllership Series: Sales, Collections and Customer Credit
  PDFThe Controllership Series: Sales, Collections and Customer Credit Glossary/Index