MANAJEMEN PIUTANG

 Pemberian Kredit dalam penjualan berarti

memberikan kelonggaran waktu pembayaran kepada
pembeli.
 Kredit dapat meningkatkan penjualan tetapi juga
resiko serta modal kerja perusahaan pemberi kredit.
Credit Policy Decisions
1.The choice of credit terms
2.Setting evaluation methods and credit standards
3.Monitoring receivables and taking actions for slow payment

Credit term: Perjanjian/Kontrak antara supplier

pemberi kredit dengan customer penerima kredit
tentang waktu pembayaran dan cara pembayaran.
Credit standards berkenaan dengan kreteria
yang digunakan dalam menilai proposal kredit
(Misal: NPV, ROI, Debt service coverage)
Monitoring receivables berkenaan dengan
menilai kualitas kredit yang telah disalurkan;
•Aging schedules
•Average collection periods
•Receivables balance fractions
 Sources of Credit Information
INTERNAL SOURCES
• A credit application, including references
• The applicant’s previous payment history, if credit
has previously been extended
• Information from sales representatives and and other
employees.
EXTERNAL SOURCES
Financial Statements for recent years
Reports from credit rating agencies
Credit bureu reports
Industry association credit files
 FIVE C’s OF CREDIT
Character. The commitment to meet credit obligations.
Measured by a credit applicant’s prior payment history.
Capacity is evaluated by looking at the income or cash
flow on the applicant’s income statement or statement
of cash flows.
Capital is evaluated by looking at the applicant’s net
worth
Collateral value depands on the cost of reposessing and
on the possible resale value.
Conditions. General or industry economic conditions.
 CREDIT-SCORING MODELS
Menilai kemampuan perusahaan dalam memenuhi kewajiban/
pengembalian kredit ditentukan oleh banyak variabel.
Credit scoring mengkombinasikan beberapa variabel finansiil
menjadi satu ukuran nilai atau indeks untuk mengukur kelayakan
pemberian kredit.

S=w1X1+w2X2+w3X3+w4X4 (Emery&Finnerty)
X1=Net working capital/ sales (%)

X2=Debt/ asset (%)

X3= Assets/ sales(%)

X4= Net profit margin (%)

X1;X3;dan X4 Bertanda positif

 Scst1=2(15%)-0.30(40%)+0.10(105%)+0.60(12%)=35.7
Scst2=2(8%)-0.30(55%)+0.10(110%)+0.60(9%)=15.9

Jika NPV nol ada pada Score minimal 25, Customer 1dapat diberi
kredit, sedangkan customer2 ditolak usulan kreditnya.

CUSTOMER 1 CUSTOMER 2

X1=Net working capital/ 15% 8%

sales (%)

X2=Debt/ asset (%) 40% 55%

X3= Assets/ sals(%) 105% 110%
X4= Net profit margin (%) 12% 9%
Contoh Standard NPV≥0
Jika Customer bermaksud membeli barang secara kredit
senilai $ 1000 pembayaran dalam 3 bulan; Yang harus
dinilai adalah:
• Kemungkinan kemampuan membayar kembali
pelanggan sebut saja 95%; berarti 5% tidak membayar.
• Modal yang digunakan untuk menjual kredit misal saja
80%
• Tingkat pengembalian yang diinginkan (20%)
0.95($1000)
NPV = - $800 = $ 107.67
(1+0.20)0.25