Cash Receipts

Purpose

When you have received a payment from a customer, you should use the Receive Payment form to record it into Integral Accounting. From this form you can choose the bank the money will go to, the amount of money the customer sent, which invoices the payment applies to, etc.

 

Usage

1. Choose a customer.

Select the customer from whom you will receive payment for items ordered. Either type the customer ID into the field or use the customer lookup. When you choose a customer it fills in the balance due. You should then enter the amount you wish to pay in the Amount field.

2. Choose a checkbook.

Choose here the account to which payments will be posted. Either type the account number or use the lookup screen. You will only be able to select accounts from your chart of accounts that are marked as Cash accounts.

3. Enter a check number

Enter the number on the customer's check into the Doc Number field, if the customer is paying with cash or credit card, enter an identifying number here.

4. Verify the invoice summary

In the invoice summary grid you can see a list of all transactions for that customer for which payments are due. Apply the payment from the check to the different invoices as you see fit. Any amounts not applied will be shown in the Unapplied Amount field below the Invoice Summary. Amounts that are unapplied must be assigned to invoices later.

Reference - This field tells which invoice is displayed on that row. Each row of the grid contains information from one invoice.

Date - This is the invoice date.

Original Amount - This is the amount that was originally due on the invoice.

Amount Due - This is the amount that is due to you from the customer for the invoice.

Discount Date - This is the last day that the customer can take advantage of any discounts offered in the payment terms.

Discount Amount - This is the amount Integral Accounting recommends you discount the invoice; it is calculated based on the payment terms you set up and the date the invoice is being paid.

Write Off Amount - If you wish to write off part of the total, enter that amount in this column.

Applied Amount - In this column, type whatever portion of this payment you want to apply towards this invoice. Integral Accounting will, by default, fill in payment amounts for you, paying the oldest invoices first.

Balance - This is the balance remaining on the selected transaction after subtracting the applied amount from the amount due. The balance can never be less than zero.

Unapplied Amount - All applied payment amounts in the grid are added together and subtracted from the check total. The result is displayed in the Unapplied Amount field. Usually, you should distribute payments such that the Unapplied Amount is zero when you post the check. If such is not the case, you will later have to distribute the unapplied amount to other transactions. One situation in which you might end up with a nonzero unapplied amount is when you are processing a customer prepayment.

5. Post.

When you are finished entering all payment distributions, click the Post button. This will update the accounting system with the results of the check.

If you later find that the customer's check bounced, you should call up that check (using the check number lookup) and then click the NSF button. This will mark the customer's check as having Non-Sufficient Funds. If you do this, whatever transactions were paid using the check will be marked as unpaid, and the customer's balance will be adjusted accordingly.