Entering Payments On Receivables

 

 

This will depend on whether you are making a deposit for a single payment or for multiple payments. I'll outline both ways.

For a SINGLE PAYMENT (YOU ARE DEPOSITING A SINGLE CHECK YOU RECEIVED) AND THE PAYMENT IS FOR THE FULL AMOUNT OF THE RECEIVABLE.

ENTER:

THE PRO NUMBER

THE TRUCK NUMBER

THE DATE THE DEPOSIT IS MADE.

TYPE: INCOME

AMOUNT: AMOUNT OF THE CHECK (if the check is not for the full amount of the receivable see below)

PAID BY: WILL BE N/A (since this is not a payment)

PAYMENT ACCOUNT: THE ACCOUNT YOU DEPOSIT THE CHECK INTO

CHARGE TO ACCT: RECEIVABLE

 

DISCOUNT TAKEN and/or MULTIPLE CHECKS

same as above except -

TYPE SPLIT

AMOUNT: THE AMOUNT OF THE CHECK or DEPOSIT if you are entering multiple checks.

CHG TO ACCT: SPLIT

 

SPLIT TRANSACTION:

LINE 1: in the order you enter them.

RECEIVABLE PORTION

PRO NUMBER

THE FULL AMOUNT OF THE RECEIVABLE

INCOME

RECEIVABLE

 

LINE 2:

EXPENSE PORTION

PRO NUMBER

NEGATIVE (-) THE AMOUNT OF THE DISCOUNT.

EXPENSE

DISCOUNT (or whatever you want to call the expense)

 

If you are entering multiple checks just list them all as shown in line 1. Then you can lump any discounts together in a single expense entry or you can enter them individually for a more accurate cost/revenue comparison.

 

AVOIDING A COMMON MISTAKE -

In the past we've seen some users try to show the income for Receivables by changing the original RECEIVABLE (INVOICE) entry from RECEIVABLE to INCOME and then changing the amount of the receivable from a negative to a positive. This will create reporting errors, will remove the income from your Profit & Loss statement. You need to have an invoice (RECEIVABLE) and you need to have a second entry for the payment when it's received, so use the process above to enter your payments when they are received. In order to prevent this mistake we have blocked editing receivables in the Income & Expense section. To edit a receivable return to the Billing page, edit the amounts there and then export (print) the invoice again. It will see the previous invoice for that Pro Number and will replace it with the new invoice.