Receivables - Apply Payments

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Receivables - Apply Payments

Applying Receivables Payments is the process for applying a payment to a customer's outstanding or unpaid Sales Forms after they have been posted to the General Ledger and therefore now have a Status of Invoice.

To apply receivables payments, select Receivables from the Menu Tree or the Windows Drop Down Menu and then select Bookkeeping and then Apply Payments. The Payment form is displayed.

Identify the payment Customer by selecting the Customer and entering the payment date, payment type, and payment amount. Note that payment amounts are entered as a positive amount unless you are reversing the payment.

You can also enter a reference or check number in the reference field.

Enter or the payment date.

Enter or the payment type button and the Payment Selection List will display to select the type of payment. NOTE: There must be identical matching "control status" inventory items in the inventory (control) file and the payments (control) file or the application's payment processing functionality will not work properly...

Select a Payment Type by double left clicking on one of the payment types or single left click to select/highlight the proper one and then press the button and the Sales Form Payment Form is again displayed with the payment type information filled in.

Checking the Yes box, under Auto Apply, prior to pressing the button causes to the system to apply the payment against open invoices, oldest to newest, until the payment amount is exhausted.

If Auto Apply is not set to Yes, the Invoice Selection Table is displayed when the button is pressed.

The Accounting Apply Payments Sales Form (Invoice) Selection Table allows you to manually select Sales Forms (Invoices) for applying a payment.

Gross Payment is displayed at the top of the rectangle and Payment Applied is displayed on the bottom of the rectangle. The entire payment must be applied to complete the recording of the payment. If, after satisfying all open invoices, a payment is not fully exhausted you can press the button and apply the remaining payment to the system generated open credit invoice.

To apply all or a portion of the payment to an invoice, use the cursor movement keys or the mouse to highlight the desired invoice and then press the button.

The Apply Payment form is displayed.

The Sales Form (Invoice) Number, Pay Type (Pay Item No):, Description, and Reference/Check No: are defaulted from the original payment entry. Payment amount defaults to the unapplied payment amount. Change the payment amount as necessary. If the payment type is a credit card or a check, fill in the credit card or check information.

Press the button to complete the entry.

Repeat this process until the full payment amount has been distributed and the Left To Apply - field is 0.00 .