12.1 Match the term in the left column with its definition in the right column. 1. CRM system 2. Open-invoice method 3. Credit memo 4. Credit limit 5. Cycle billing 6. FEDI a. Document used to authorize reducing the balance in a customer account b. Process of dividing customer account master file into subsets and preparing invoices for one subset at a time c. System that integrates EFT and EDI information d. System that contains customer-related data organized in a manner to facilitate customer service, sales, and retention e. Electronic transfer of funds f. Method of maintaining accounts receivable that generates one payment for all sales made the previous month

1. CRM system ⇒ d. System that contains customer-related data organized in a manner to facilitate customer service, sales, and retention

2. Open-invoice method ⇒ b. Process of dividing customer account master file into subsets and preparing invoices for one subset at a time. An open invoice method is used by companies that allow customers to pay their accounts receivables separately (or one at a time).  

3. Credit memo ⇒ a. Document used to authorize reducing the balance in a customer account. E.g. when a customer returns defective merchandise can receive a credit memo that reduces their debt.

4. Credit limit ⇒ This is basically the maximum amount a customer can owe a business, e.g. credit card limit or a sales credit limit.

5. Cycle billing ⇒ f. Method of maintaining accounts receivable that generates one payment for all sales made the previous month. This system is generally used by companies that combine all accounts receivables into one single lump periodic payment.

6. FEDI ⇒ c. System that integrates EFT and EDI information. AND e. Electronic transfer of funds. The Financial Electronic Data Interchange (FEDI) is a system used to make electronics cash payments.

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