Steps to Enter PaymentsPayments are entered into Accounts Receivable to record the money received from customers for previous charges to their accounts (for the balance due from posted invoices). Payments include the customer ID, the amount paid, and the account number(s) to credit, if applicable. When payments are entered, the invoice lines for which the payment applies are selected.
If needed, advance payments can also be entered in anticipation for an upcoming invoice that has not yet been entered and posted. After posting an advance payment and when entering future payments for the particular customer, the advance payment will show similar to an unpaid invoice. Once the anticipated invoice has been entered and posted, the advance payment must be selected as part of a payment (payment number) for the customer, along with the appropriate invoice, in order to stipulate which invoice the advance payment applies.
If operating on a cash basis, the specified revenue account numbers are credited and the applicable Accounts Receivable cash account (as designated in the Fund File) is debited when payments are posted. If operating on an accrual basis, the specified Accounts Receivable account number is credited and the applicable Accounts Receivable cash account (as designated in the Fund File) is debited when payments are posted.
Steps
to Correct a Payment Before Posting
Steps
to Correct a Payment After Posting
Steps
to Delete a Payment Before Posting