Entering Receipts
Use the Receipts window to enter new or query existing receipts. For each receipt, you can see whether the receipt is identified and what portion of the receipt has been applied, placed on-account, and left unapplied.
You can enter two types of receipts in Receivables:
- Cash receipts: Payment (such as cash or a check) that you receive from your customers for goods or services.
- Miscellaneous transactions: Revenue earned from investments, interest, refunds, and stock sales.
You can apply receipts to invoices, debit memos, deposits, guarantees, on-account credits, and chargebacks. You can partially or fully apply a receipt to a single debit item or to several debit items. You can enter receipts and apply them to transactions in either Open or Future accounting periods. You can also create chargebacks or adjustments against these transactions.
If you do not specify a customer for a receipt, the receipt is unidentified. In this case, the receipt amount appears in the Unidentified field in the Receipts window (Application Summary alternative region). You cannot apply an unidentified receipt.
Receipt Status
A receipt can have one of the following statuses:
Approved: This receipt has been approved for automatic receipt creation. This status is only valid for automatic receipts.
Confirmed: The customer has approved the application of this receipt and their account balances have been updated within Receivables. This status is only valid for automatic receipts.
Remitted: This receipt has been remitted. This status is valid for both automatic and manually entered receipts.
Cleared: The payment of this receipt was transferred to your bank account and the bank statement has been reconciled within Receivables. This status is valid for both automatic and manually entered receipts.
Reversed: This receipt has been reversed. You can reverse a receipt when your customer stops payment on a receipt, if a receipt comes from an account with non-sufficient funds or if you want to re-enter and reapply it in Receivables. You can reverse cash receipts and miscellaneous transactions.
Prerequisites
To manually enter a receipt:
1. Navigate to the Receipts or Receipts Summary window.
2. Choose a Receipt Type of 'Cash'.
3. Enter the receipt information, including Receipt Number, Currency, Receipt Amount, GL Date, and Payment Method. The default GL Date is the same as the batch GL Date. If there is no batch information, the GL Date is the current date. However, if the current date is not in an open period, the default GL Date is the last date of the most recent open period.
You can enter transactions in any currency defined in the system if you have at least one remittance bank account whose Receipts Multi-Currency flag is set to Yes. If no such bank account exists, you are limited to entering only those currencies in which bank accounts exist. If the currency for this receipt is different from your functional currency and you have not defined daily conversion rates, enter exchange rate information. See: Foreign Currency Transactions.
Receivables uses the payment method to determine the accounting and remittance bank accounts for this receipt. You can only select payment methods that have remittance bank accounts assigned to them in the same currency as the receipt.
4. If you are using manual document numbering, enter a unique Document Number. If you are using automatic document numbering, Receivables assigns this transaction a unique number when you save. See: Implementing Document Sequences.
5. To help identify the customer for this receipt, enter a Transaction number (optional). Receivables displays the customer associated with this transaction. If multiple customers have transactions with the number you entered, Receivables displays a window from which you can select a customer. If you enter a number here, Receivables displays the customer number in the Applications window when you apply this receipt.
6. If you did not enter a Transaction number and the receipt is not unidentified, enter customer information for this receipt, including Customer Name or Number and Bill-To Location. When you enter the customer, Receivables enters this customer's primary Bill-To Location, if one exists (you can change this value). If the system option Require Billing Location for Receipts is set to Yes, you must enter a Bill-To Location.
Attention: If you do not enter a Bill-To Location and the customer has no statement site, any unapplied or on-account receipt amounts will not appear on statements sent to this customer.
7. If you are manually entering an automatic receipt, enter a Bank Name or Account Number.
8. Open the Remittance alternative region, then enter the receipt Deposit Date. The default deposit date is either the deposit date entered at the batch level or, if there is no batch information, the receipt date. You can change this value, but the deposit date cannot be earlier than the receipt date. The default receipt maturity date is the deposit date.
9. Receivables derives the default remittance bank account from the payment method you entered. You can accept this value or enter any bank account assigned to the payment method if the bank account is in the same currency as that of the receipt or the Multi-Currency flag for the remittance bank is set to Yes. See: Manually Entering Automatic Receipts.
10. To prevent the receipt Remittance bank from being automatically overridden during the remittance process, choose Don't Allow in the Override Bank Account field (optional). If you choose Allow, Receivables can automatically change the receipt remittance bank to the remittance batch bank during the remittance process. See: Creating Remittance Batches.
11. If bank charges apply, open the Application Summary alternative region, then enter an amount for Bank Charges. Bank charges may apply if the receipt's creation status is 'Cleared' (the clearance method of the associated receipt class must be set to 'Directly'). See: Receipt Classes.
12. Save your work. If you entered a customer, the receipt amount appears in the Unapplied field in the Application Summary alternative region. Otherwise, the entire receipt amount appears in the Unidentified field.
See Also
Receipts Field Reference
Entering Miscellaneous Transactions
Batching Receipts for Easy Entry and Retrieval
Creating Chargebacks and Adjustments
Reversing Receipts
Reapplying Receipts
Receipt Analysis - Days Late Report
Receipt Register
Unapplied Receipts Register
Bank Charges
Define receipt classes