Match Payment with Contract
Explanation
A payment on a contract can be entered in the Customer Payment and
Mixed Payment
windows. Only payments that are received on a contract with no
invoice for the payment should be handled as
described here.
If an invoice already exists, it should be handled as
any other payment and it does not need to be linked to a contract.
If the received payment consists of a mix of payments on standard
invoices and payments on applications, the payment of standard invoices should be
handled as normal, and only the payment on applications should have the contract
number added.
If a down payment is received, an application should be created and valued,
based on the amount of the down payment, and then matched as any other payment
on a contract.
By adding the contract number when entering a payment received on a contract,
the payment will always be shown on the
Application for Payment/Payment tab, so
that it is possible to see the total amount paid
on a contract at any given time. After matching with the contract, follow the Allocate Payment on Application activity to complete the matching with the
application.
Prerequisites
General prerequisites:
- The contract number must have been entered for transactions related to a contract.
- The contract must be Awarded, Under Review, Active, or Completed.
- The contract and payment must be within the same company.
Mixed Payment specific prerequisites:
- The mixed payment transaction type must be
Enter Customer Payment and the Payment in Advance check box must
not be
selected.
- The payer/payee identity must be entered and the Completely Matched
check box must not be
selected in order to enter the contract number.
- If check payments are received, they must have been entered in the
Mixed Payment
window.
Customer Payment specific prerequisites:
- The New Payment on Account check box must be selected and the Parked Payments
check box must not be
selected in order to enter the contract number.
System Effects
The full customer payment or part of the customer payment will be matched
against the contract.
Window
Customer
Payment
Mixed
Payment
Related Window Descriptions
Customer Payment
Mixed Payment
Procedure
In the Customer Payment window
- Create a
standard payment on the
General and
Transactions tabs.
- Make sure that the New Payment on Account check box on the
Transactions tab is selected. (Notice that
the Contract Number field will be active only if the New Payment on
Account check box is selected and the Parked Payments check box is not
selected). Make sure that the
transactions get the correct contract number. Use the List of Values to find valid
contracts if necessary.
- Save the information.
In the Mixed Payment window
- Create a
standard payment on the
General and
Transactions tabs.
- Make sure that correct contract number is entered in the Contract Number
field. Use the List of Values to find valid contracts if necessary.
- Right-click
and then click Approve to approve payment (this will then create a customer payment on account for
the amount that has not been matched with any invoice).