Define collection statuses

You can customize collection statuses within financial operations to categorize customers based on their payment behaviors and interactions with the collections process. The collection status acts as a tag or label that you assign to each customer and that reflects the customer's current position within the collections lifecycle.

1. Navigate to Collections Management -> Collection Status. 
2. To add a new collection status, click New Collection Status. 
3. Enter the name of the collection status, assign a color tag, and then click enter to save. 
4. To change a collection status, click the edit icon next to the collection status you want to change.
5. To delete a collection status, click the delete icon next to the collection status you want to delete.