Controlling the credit you are extending to your customers is a big part of managing your cash flow and making sure debts don’t go out too long that they are not collectable. Dynamics AX has collections functionality that extends out of the accounts receivable module.
This video walks through some of the basic concepts in Dynamics AX.
Collections can leverage the organization hierarchies if you want to see aging across a number of legal entities. You can see how to setup a centralized payment hierarchy in this post.