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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 and such collection of dues are been recorded in the Receive Payments Object.

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

To record new payments click on the New button New.

On clicking the button New a new windows opens as below

Select an appropriate record type Select Receive 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

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

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

E. Enter the amount involved in the transaction

F. Select the GL account Account to which the transaction needs to be affected from the lookup field

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

Now we will learn how to enter the Cash payment into the Receive Payment

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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

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 appears

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

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F. Click on the Apply Payment to conclude the transaction