7. Receive Payments

When do you receive payments?

Company receives money which is owed by customers for products and services sold.

To record new Received Payment, click on the New button to open a new page

Select an appropriate Payment Record Type from the dropdown menu and Click on Continue button.

If the payment method is Check follow the below method

A. Select appropriate customer from the lookup field in the Account Name

B. Enter the check number

C. Type the bank name present on the check

D. Select the Transaction Date and Time. By default on Clicking on the date and time provided besides the field, the present date gets entered

E. Enter the amount received 

F. Select the Bank Account from the pick-list

G. Enter the date

H. Change the Stage to Post if you are the authorizer or if you are checker select Pending

Once you have entered all the relevant data Click on Save button.

If the payment method is Cash, follow the below method

A. Select appropriate customer from the lookup field in the Account Name

B. Select the Transaction Date and Time. By default on Clicking on the date and time provided besides the field the same gets entered

C. Change the Stage to Post if you are the authorizer/ checker or if you are the maker, select Pending

D. Select the account to which the transaction needs to be affected from the lookup field

E. Select the date

F. Enter the amount received 

Once you have entered all the relevant data Click on Save button.

The data gets stored in and a new page is opened as under

A. AccountingBook creates a unique number to the Receive Payment transaction

B. Click Apply Payment to complete transaction

In the new window, you will see the pending payments for this particular vendor appear as

A. Select the transaction or you can also select multiple transactions to sum up with the amount paid by the customer

B. Invoice number is shown

C. Indicates the date of transaction

D. Shows the outstanding balance against the invoice

E. You can enter the amount against the invoices to sum up with the amount paid by the customer

F. Click on the Apply Payment to conclude the transaction

This concludes the process of recording transaction for Receive Payment.

A. "Edit" allows you to customize the view of the Receive Payments

B. "Create New" View allows you to create a new view and save it for future use

C. "Recently Created" Allows you to view the Recently Created, Recently Modified and Recently Viewed payments from the dropdown menu