Introduction to Money In

The Money In page allows you to record receipts from any source.

- Receive and Apply Receipts 

- Using Undeposited Funds

There are four different methods to receive payments:

1) Receive and Apply 

2) Receive Payment

3) Apply Payment

4) Receive Misc

Each payment method may include 1 to 4 steps described below: 

  1. Select payment method
  2. Enter payment
  3. Apply payment to items
  • Apply Deposit to All (Use this link to apply a deposit to all items visible, deposits will only be applied to items that have NOT been invoiced)
  • Apply Balance to All (Use this link to apply item balance to all items currently visible)

      4. Post payment

 

1.) Receive and Apply:

The most common payment method is Receive & Apply.

This allows you to enter a payment from a client and apply the payment to specific items.

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1. Select Payment Method

To receive and apply a payment to items, select the Payment Method = Receive & Apply To Items.

2. Enter payment

     Receive From

     The Address ID that represents who the payment is from.

      Date

     The date the payment was received.

     Check #

     The check # received.

     Amount

     The amount received.

     Description

     The description of the payment.

     A standard default description is already entered, “Receive & Apply Client Payment”.

     This description may be overridden at any time.

 

     Cash Account

    The general ledger account you want to deposit the payment into.

             This defaults to “Cash Account” if Use Undeposited Funds in the Company file is not checked.

             This defaults to “Undeposited Funds” if the Use Undeposited Funds is checked.

 

     Income Account

     The Income Account is not used for Receive & Apply.

     It is automatically set to “Client Deposits” or “Accounts Receivable”.

     The Income Account is only used for Receive Misc.

 

     Payment Type

    The type of payment received.

     Cash, check, credit card, etc.

 

    Authorization

     The authorization or reference # if this is a credit card payment.

     This is not required and is for your information only.

 

3. Apply Payment to Items

Enter the proposal #, invoice # or filter to narrow the list of items displayed.

Enter the amount to apply for each item you would like to apply the payment to.

Or

Select the Apply button for a specific item to apply the Deposit or Total Balance.

Select the Apply Deposit to All button to fill in the deposit balance for all items.

Select the Apply Balance to All button to fill in the balance due for all items.

 The Amount Remaining should be Zero.

 

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4. Post Payment

                Select the Post Payment icon to post the payment to the general ledger.

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Note: Watch for a confirmation message at the top right of the screen.  If you don't receive a confirmation, your payment did not post.

The Funds Received will be increased by the total amount received.

The Proposal Deposits will be increased by the amount applied to items that are not invoiced.

The Invoice Payments will be increased by the amount applied to items that are invoiced.

The Funds Available will not change.

 

2.) Receive Payment:

Receive payment allows you to enter a payment from a client and not apply the payment to items.

The amount entered will be added to Funds available for later application.

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1. Select Payment Method

To receive a payment, select the Payment Method = Receive Client Payment.

 

2. Enter Payment

Receive From

The client or project ID that the payment is from.

Date

The date the payment was received.

Check #

The client or project’s check #.

Amount

The amount received.

Description

The description of the payment.

A standard default description is already entered, “Receive Client Payment”.

This description may be overridden at any time.

Cash Account

The general ledger account you want to deposit the payment into.

             This defaults to “Cash Account” if Use Undeposited Funds in the Company file is not checked.

             This defaults to “Undeposited Funds” if the Use Undeposited Funds is checked.

 Income Account

The Income Account is not used for Receive Payment.

The Income Account is only used for Receive Misc.

Payment Type

The type of payment received.

Cash, check, credit card, etc.

Authorization

The authorization or reference # if this is a credit card payment.

 

3. Apply Payment to Items

You will not apply the payment to any items with this payment method.

 

4. Post Payment

Select the Post Payment button to post the payment to the general ledger.

 

Note: Watch for a confirmation message at the top right of the screen.  If you don't receive a confirmation, your payment did not post. 

 

The Funds Received will be increased by the total amount received.

The Proposal Deposits will not change.

The Invoice Payments will not change.

The Funds Available will be increased by the total amount received.

 

3.) Apply Payment 

Apply payment allows you to apply payments from Funds Available to specific items.

 

1. Select Payment Method

To apply a payment to items, select the Payment Method = Apply Payment.

 

2. Enter Payment

Receive From

The client or project ID for the items you want to apply payments to.

 Date

The date the payment will be applied to the items.

 Check #

The check # of the payment applied to the items.

 Amount

The amount is not used for Apply Payment. The amount must be left as 0.00 or you will receive an error message and be unable to post the payment.

Description

The description of the payment.

A standard default description is already entered, “Apply Client Payment”.

The description may be overridden at any time.

 

Cash Account

The cash account is not used for Apply Payment.

 

Income Account

The Income Account is not used for Apply Payment.

The Income Account is only used for Receive Misc.

 

Payment Type

The type is not used for Apply Payment.

 

Authorization

The authorization is not used for Apply Payment.

 

3. Apply Payment to Items

Enter the proposal #, invoice # or filter to narrow the list of items displayed.

Enter the amount to apply for each item you would like to apply the payment to.

Or

Select the Apply link for a specific item to apply the Deposit or Total Balance.

Select the Apply Deposit to All link to fill in the deposit balance for all items.

Select the Apply Balance to All link to fill in the balance due for all items.

 

4. Post Payment

Select the Post Payment icon to post the payment to the general ledger.

Watch for a confirmation message at the top right of the screen.  If you don't receive a confirmation, your payment did not post.

 

The Funds Received will be increased by the total amount received.

The Proposal Deposits will not change.

The Invoice Payments will not change.

The Funds Available will be increased by the total amount received.

 

4.) Received Misc: 

This allows you to enter a miscellaneous payment from a client or any other address.

The example below was a refund from a utility vendor, but this is frequently used for owner contributions, interest income postings, employee advance repayments, etc.

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1. Select Payment Method

To receive a misc payment, select the Payment Method = Receive Miscellaneous Payment

 

2. Enter Payment

Receive From

The address ID that the payment is from.

Date

The date the payment was received.

Check #

The misc payment check #.

Amount

The amount received.

Description

The description of the payment.

A standard default description is already entered, “Receive Misc Payment”.

This should be changed to provide details about this payment.

Cash Account

The general ledger account you want to deposit the payment into.

             This defaults to “Cash Account” if Use Undeposited Funds in the Company file is not checked.

             This defaults to “Undeposited Funds” if the Use Undeposited Funds is checked. 

Income Account

The Income Account you want to post the payment to.

Example: Interest Income

Note: A common mistake is to set this to the cash account.  The only time that you might select a cash account here would be if you were transferring funds between two accounts.  In this case, the Cash Account selected above would represent the account the $ are going into, the Income Account would represent the account the $ are coming out of.

 

Payment Type

The type of payment received.

Cash, check, credit card, etc.

 

Authorization

The authorization or reference # if this is a credit card payment.

3. Apply Payment to Items

You will not apply the payment to any items with this payment method.

 

4. Post Payment

Select the Post Payment icon to post the payment to the general ledger.

Note: Watch for a confirmation message at the top right of the screen.  If you don't receive a confirmation, your payment did not post.

 

The Funds Received will not be changed.

The Proposal Deposits will not be changed.

The Invoice Payments will not be changed.

The Funds Available will not change.

 

Undeposited Funds:

 

By default, we assume that you will deposit each check into the cash account individually as received.
However, if you will deposit multiple checks at one time, or may hold checks for a period prior to depositing, you might want to use the undeposited funds account to hold your receipts until you are ready to actually deposit them.
This option allows you to receive multiple checks at various times, but deposit them as one lump sum into your cash account which can be very beneficial for large bank reconciliations.
To use this feature:
 
  • Select Settings
  • Select My Company
  • Select Codes Tab
  • Select Use Undeposited Funds

 

This does three things:
 
  1. The Undeposited Funds account will now automatically come in as the default "Cash Account" in Money In.
  2. The Undeposited Funds account will now automatically come in as the default "Account" in Make Deposit.
  3. You will be able to select each Money In receipt from within the Make Deposit screen so it can be deposited.
Note: It is very important that you select this option before you use the Undeposited Funds account.  There are additional triggers that are needed for Make Deposit to work correctly that do not happen if this has not been selected.

 

 

 

 

 

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