Editing Debt collection (section)

==Background==
[[Invoice]]s are issued with terms of payment.<ref>{{Cite web|url=http://www.businesslink.gov.uk/bdotg/action/detail?r.s=sc&r.l1=1073858790&r.lc=en&r.l3=1073965654&r.l2=1084596842&r.i=1073791760&type=RESOURCES&itemId=1073791761&r.t=RESOURCES|title = Invoicing and taking payment from customers}}</ref> These terms vary widely from 'cash terms', {{citation needed span|text=meaning that the invoice is due immediately|date=June 2015}}, to many forms of '[[credit (finance)|credit]] terms' (for example ''30 days from date of invoice'').<ref>{{cite web|url=http://www.businesslink.gov.uk/bdotg/action/detail?r.s%3Dsc%26r.l1%3D1073858790%26r.lc%3Den%26r.l3%3D1080387371%26r.l2%3D1084596842%26r.i%3D1080400524%26type%3DRESOURCES%26itemId%3D1080395671%26r.t%3DRESOURCES |title=Getting your terms and conditions right &#124; Business Link |accessdate=2010-04-11 |url-status=dead |archiveurl=https://web.archive.org/web/20110610201208/http://www.businesslink.gov.uk/bdotg/action/detail?r.s=sc&r.l1=1073858790&r.lc=en&r.l3=1080387371&r.l2=1084596842&r.i=1080400524&type=RESOURCES&itemId=1080395671&r.t=RESOURCES |archivedate=2011-06-10 }}</ref> Unpaid invoices are considered '''outstanding''', and those which remain unpaid for periods longer than their 'terms' indicate are considered '''overdue'''. It is the aim of the cash collection function of a business to collect [[monies]] for all outstanding invoices before they become overdue and to mediate payment arrangements to ensure that invoiced debts do not become [[Doubtful debt|doubtful]] or [[Bad debt|bad]].