Definition
The term “due date” defines a point in time by which a debt must be settled.
This can arise, for example, through a contract and be stated on the invoice. In addition to a contractual arrangement, the due date can also be based on statutory provisions.
If the agreed debt has not been settled by the defined due date, a default comes into effect. This enables the initiation of legal steps, such as issuing a payment reminder.
With digital receivables management you have all open invoices in view.