Entering Receipts

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The Receipts option of the Receivables system is used to enter payments received on miscellaneous invoices or contract billings.  Amounts, including over payments, may be applied to any invoice that has not been paid in full.  Once an invoice has been paid in full, the invoice will be removed from the open accounts receivable invoice file (openar.adt).  Amounts received that are not applicable to any invoice may also be entered through this option.  This type of entry may include interest income, refunds and cash transfers.

 

There are three types of receipts that may be posted against the open receivable invoices:

 

1.Direct Payments are those checks made payable only to your company.

 

2.Joint Checks are those payments which are made payable to your company AND a supplier or other vendor. The joint check receipts can optionally be linked to the payable invoices in the Payables system, and the totals for all joint check receipts will be accumulated in the Payables system for 1099 purposes.

 

3.Backcharges are amounts that are not actually deposited into the cash-in-bank account but are still applied to an invoice to reduce the amount due. A backcharge receipt may be posted against an open receivable invoice to reduce the total amount due, and then the amount may be charged to the appropriate general ledger account and the associated job and phase, as desired. This type of receipt is helpful in clearing an invoice from the accounts receivable aging schedule where there are a few cents discrepancy between the amount that was billed and the amount that was received.

 

The Misc Non-Invoiced option is the only option that will not require a receivable invoice to be referenced with the cash receipt amount.

 

All receipts, regardless of type, will be accumulated in the Receivables system, and if they are related to a contract billing, then they will be accumulated in the Job Cost system as well in order to track the total amount of receipts for each job.