2022
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- Receive Payments
When do you receive payments? As we have discussed in the previous section that, invoices are generated when the goods or services are sold and when no money payment/partial payment is made at the time of sale. When such dues are collected such collection of dues are been recorded in the Receive Payments Object.
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Company receives money which is owed by customers for products and services sold.
To record new payments Received Payment, click on the button New .
On clicking the button New a new windows opens as below
button to open a new page
Select an appropriate record type Payment Record Type from the dropdown menu of Record Type of new record and Click on Continue button.
- First let us learn how to enter the check payment into the Receive Payments
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
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. By default on Clicking on the date and time provided besides the field, the
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present date gets entered
E. Enter the amount
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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
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or if you are checker select Pending
Once you have entered all the relevant data Click on Save
- Now we will learn how to enter the Cash payment into the Receive Payment
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
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. 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
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F. Enter the amount
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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
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A. AccountingBook creates a unique number to the Receive Payment transaction
B. Click Apply Payment to complete transaction
You can also Edit or Delete this transaction by clicking the related tabs.
Apply Payments page opens once you click on the Apply Payments tab in the New Receive Payment page
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
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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
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