/
BC Reconcile Customer Payments Manually

BC Reconcile Customer Payments Manually

Contents

 

Introduction

When you receive a cash receipt from a customer, or you make a cash refund, you must decide whether to apply the payment or refund to close one or more open debit or credit entries. You can specify the amount you want to apply. For example, you can apply partial payments to customer ledger entries. Closing customer ledger entries makes sure that information such as customer statistics, account statements, and finance charges are correct.

NOTE: In the Customer Ledger Entries window, red font means that the related payment is past its due date.

You can apply customer ledger entries in several ways:

  • By entering information in dedicated windows, such as the Cash Receipt Journal and Payment Reconciliation Journal windows.

  • From sales credit memo documents.

  • From customer ledger entries after-sales documents are posted but not applied.

NOTE: If the Application Method field on the customer card contains Apply to Oldest, payments are applied to the oldest open credit entry, unless you manually specify an entry. If the application method is Manual, you always apply entries manually.

You can apply customer payments manually in the Cash Receipt Journal window. A cash receipt journal is a type of general journal, so you can use it to post transactions to general ledger, bank, customer, vendor, and fixed assets accounts. You can apply the payment to one or more debit entries when you post the payment, or you can apply from the posted entries later.

You can also apply customer and vendor payments in the Payment Reconciliation Journal window, by using functions for bank statement import, automatic application, and bank account reconciliation. Alternatively, you can reconcile customer payments based on a list of unpaid sales documents in the Payment Registration window.

How to Apply a Payment or put Money on a Customer Account Without Being Applied to an Invoice

  1. Search for Cash Receipt Journal and select the appropriate option from the list.

  2. Select the relevant batch in the Batch Name field.

  3. Fill in the Posting Date field.

  4. In the Document Type field, select Payment. The Document No. field is filled by the number series assigned to the batch.

  5. Use the Document No. field to store an identifier, such as the customer's check number.

  6. In the Account Type field, select Customer.

  7. In the Account No. field, select the relevant customer’s account number.

  8. In the Amount field, enter the amount that you are applying to the customer’s account in a negative. (If you are applying $1,000, enter -1,000.00)

  9. In the Balancing Account Type field, select G/L Account for cash payments, and Bank Account for other payments.

NOTE: Many clients will set up a bank account for their vault for the cash that they receive. You may choose to only use Bank Account for balancing accounts. This is up to you to decide how to handle this.

  1. In the Balancing Account No. field, select the cash account for cash payments, or the relevant bank account for other payments. (Please note: Many of our clients will set up a bank account for their vault for the cash that they receive. You may choose to only use Bank Account for balancing accounts. This is up to you to decide how to handle this.)

  2. Post the journal by selecting Post/Print > Post (or Post and Print).

Apply a Payment or put Money on a Customer Account and have it apply to Invoice(s)

  1. Search for Cash Receipt Journal, and then choose the related link.

  2. On the first journal line, enter the relevant information about the entry to be applied.

  3. In the Document Type field, enter Payment. The Document No. field is filled by the number series assigned to the batch.

  4. In the Account Type field, enter Customer.

  5. In the Account No. field, select the relevant customer’s account number.

  6. Leave the Amount field blank.

  7. In the Bal. Account Type field, enter Bank Account.

  8. In the Amount field, enter the full payment as a negative amount.

  9. To apply the payment to multiple customer ledger entries when posting, choose the Apply Entries action.

  10. Select the lines with the entries that you want the applying entry to be applied to, and then choose the Set Applies-to ID action.

  11. On each line, in the Amount to Apply field, enter the amount you want to apply to the individual entry. If you do not enter an amount, the maximum amount is applied.

  12. At the bottom of the Apply Customer Entries window, you can see the specific amount in the Applied Amount field and also whether the application balances.

  13. Choose the OK button.

  14. Post the cash receipt journal.

To apply a credit memo to customer invoice(s)

  1. Search for Sales Credit Memos, and then choose the related link.

  2. Open the relevant sales credit memo.

  3. To apply the credit memo to multiple customer ledger entries when posting, choose the Apply Entries action.

  4. Select the lines with the entries that you want the applying entry to be applied to, and then choose the Set Applies-to ID action.

  5. On each line, in the Amount to Apply field, enter the amount you want to apply to the individual entry. If you do not enter an amount, the maximum amount is applied.

  6. At the bottom of the Apply Customer Entries window, you can see the specific amount in the Applied Amount field and also whether the application balances.

  7. Choose the OK button. The Sales Credit Memo window now shows the amount of the credit memo to be posted, adjusted for any possible payment discounts.

  8. Post the credit memo.