In order to perform this transactions, we must go to “Customers & Sales”, and look for the “Receive Money” box .By pressing this box, we see the following options: “Receive Money from customer” and “view and edit payments received”.
To register a payment received from a customer, we chose “receive Money from customer” making the corresponding window appear. In such window we go to the upper left corner of it and we write the deposit number in “Deposit Ticket ID”, then, we look for the client, in the drop-down list in “Customer ID”. After selecting the corresponding client, the window will show the open invoices for the client. In the “Reference” box, we write the check number. We write the date in “Date” ( the right date will appear automatically if we received the payment during the day we are posting it and if the system is working in the right accounting period) . In the “Payment method” box, we choose the corresponding method, whether it is “Cash”, “Check”, “Wire transfer”, or “letter of credit”. In the upper right hand corner of the window, we find (Cash account) which is the option of the account in which the money is going to be deposited.
Like we mentioned previously, by selecting the customer , the pending invoices for that customer will appear. When we receive the payment, we click on the “Pay” box, when the payment is for the exact amount of the invoice or the exact amount less the righfully taken discount. If this is the case, we do so, write the discount amount in the “discount” box and save. If the client took an unearned discount, or if he/she paid the wrong amount, we write the exact amount received in the “amount paid” box. In the case, we have to use the “discount” box, we always have to make sure that we use the right G/L account, by going to the upper part of the window and pressing the “journal” box, and looking for the discount amount and assigning the right account to that discount.
In the case that we received a payment for an invoice not yet issued, we post it as a prepayment. We do this by selecting the client, and writing the amount in “amount paid”, but clicking in the “prepayment” box, and saving it. After issuing the corresponding invoice related to the prepayment, we edit the prepayment performed previously, unmarking the “prepayment” box and applying said payment to the already issued invoice. We need to do this, by going to the tab “Apply to invoices”, when the invoice will already appear.
To edit an existing payment received, we press the “Receive Money from customers” and we choose the option “view and edit payments received”. By selecting this option, the system will show a list of payments received during the chosen period, we double click the payment to be edited, we modify it and save it.
When we see the payments received list, we must choose the right accounting period in order to find said payment.