Money In allows you to Receive and/or apply payment from clients to items on proposals and invoices.
Payment Methods Explained:
Apply Payment to Items from Funds Available: This will apply payment to items from the clients funds available.
Receive & Apply to Items: This will allow you to receive payment from the client and apply the entire payment to desired items on a proposal/invoice all in one transaction.
Receive Client Payment: This will allow you to receive funds from a client and will hold them in the clients “Funds Available” for future use.
Receive Miscellaneous Payment: Use this option to receive any other type of payment. This is used to record vendor refunds, Transferring funds between accounts, and correcting receipts.
Posting a payment allows you to post a transaction to the general ledger that you have entered through Money In. This will apply/reverse payments to items and activities on proposals and invoices.
Transferring Funds Between Accounts:
Transferring Funds between accounts would be done through Money In by recording a miscellaneous receipt.
- Payment Method: Select “Receive Miscellaneous Payment” for
- Received From: Select Address ID associated with your company or bank
- Date: Date of the transfer
- Check #: Enter the date with no slashes
- Amount: The amount transferred
- Description: Transfer from X to X
- Cash Account: The account the money is going into
- Income Account: The account the money is coming out of
- Select Post Payment
Making a Deposit:
This feature allows you to keep track of what funds have been officially deposited in certain accounts. Very similar to the “Post Printed” and “Post Manual” feature in Money Out. To do this you must fill out the following information.
View: Select “Funds to Deposit”
Account: Select the account you wish to deposit funds from (Usually Undeposited Funds)
Transfer To: Select the account you wish to transfer the funds to (Usually Checking or Cash)
Deposit Date: The date you are entering the deposit
Then you may select “Deposit & Transfer”. This will indicate that the funds have officially been deposited in the account they are going to.
Print Deposit Slip: This feature allows you to print a slip that would contain bank deposit information that you would bring to the bank.
This feature is very important so that you can reverse or adjust transactions and correct errors that happened through Money In.
Payment Application: If you are unsure how the original entry was entered you are able to use the "3024 Payment Application" report to check this. If you already know you do not have to do this step.
Reverse a Receipt:
- Payment Method: Select the original payment method (If unsure run payment application report)
- Select the Client you wish to reverse the transaction for
- Enter the Date, Original Payment Type, Check #, and Description if applicable
- Cash Account: Use the same account as the original transaction
- Amount: enter the amount you wish to reverse (Negative Number)
- If your method of payment was “Receive Payment” then select “Post Payment”
- If you selected “Receive and Apply to Items” or “Apply Payment to Items from Funds Available” then scroll down to the items and enter the negative amounts next to each item you wish to remove the funds from.
- Select Post Payment.
Payment Method Explanations: Below are the payment methods and the accounts affected by each
Receive and Apply to Items:
-Client Deposits if the Item has NOT been invoiced
-Account Receivable if the item HAS been invoiced
Apply Payment to Items from Clients Funds Available:
-Will always reduce Client Deposits by the total amount for invoiced items
-Will increase Client Deposits by the amount applied to items that have not been invoiced
-Will increase Accounts Receivable by the amount applied to items that have been invoiced
Receive Miscellaneous Payment:
To see a history of your transactions you have made through Money In you will have to view these in the General Ledger. To get here go to accounting and select General Ledger and Cash Receipts for the Journal