Match Payment with Invoice
Explanation
Use this activity to match a payment received with an invoice.
If an invoice is already created for an application when the payment is
received, the payment should be matched with the invoice as any other payment
received. The matching can be done in any of the following windows:
Customer Payment,
Mixed Payment and
Customer Offset.
If a payment is received for an application that does not have an invoice
created, the payment is automatically matched with an invoice that is
created from the payment matched with the application. See
Create
Invoice From Matched Application for details. In cases where the automatic
matching failed or the automatic matching was rolled back manually the invoice
can be matched manually.
Prerequisites
- An invoice must exist.
- A prepayment must exist, or a payment will be entered at the same time it
is matched with the contract.
- The invoice and payment must be within the same company.
System Effects
- The payment will be matched with the invoice.
- The payment information will be updated on the application on the
Application for
Payment/Payment tab, and the invoice will be updated on the application
on the
Application for Payment/Invoice. No prepayment information will
be entered when matching the payments and invoices manually.
- The application status is set to Fully Paid if fully paid, or Partially Paid
if not fully paid.
Window
Application for
Payment
Match Payment with
Application
Customer
Payment
Mixed
Payment
Customer Offset
Related Window Descriptions
Match Payment with
Application
Application for Payment/Payment
Customer Payment
Mixed Payment
Customer Offset
Procedure
Follow the procedures as described for the window used to match the payment
with the invoice.
From the Customer Payment window
To enter a new payment:
- Open
Customer Payment. Click on
New beside the
General
tab.
- Today’s
date is default as Payment Date and Voucher Date. You can change these dates
if necessary. The accounting period to which the voucher date belongs
appears in the Period field. Values for User Group, Voucher Type, and Rate
Type are also default. You can also change these values if needed. You can
use the List of Values for the User Group, Voucher Type, and
Rate
Type fields.
- Enter
values for Cash Account, Cash Currency, and Payment Balance if you enter an
amount with the same payment currency as the accounting currency. If you
enter an amount with a payment currency other than the company’s accounting
currency, enter an exchange rate other than the one proposed in Rate; you
also can adjust the amount proposed in the Amount in Acc Curr field. Use the
List of Values for the Cash Account
field. Note that the cash amount must include any fees. Fees are entered in
the Fee field.
- If the
customer payment is made by check, you can enter the following check
information: Check Number, Bank Number, and Bank Account Number for the
check.
- Select the
Transactions tab to continue entry.
From the Mixed Payment window
To Enter Cash Account Information Mixed Payment:
- Click New
in the
General tab. Enter the Cash Account or use
the List of Values. This will default values for Payment Institute, and
Currency. Balance Method and Voucher Type can also be defaulted from the
Cash Account. If the Voucher Type is not defaulted from the Cash Account,
it is defaulted from the User Group. Enter the Statement number with the
same sequential number as the statement of account, or just accept the
automatically suggested number. Today’s date is the default Payment date.
This date can be changed, but ensure the validity of any date you enter as
this is used for calculating penalty interest. See the section Interest
Template for more information.
- As Actual
Opening Balance, enter the opening balance of the statement of account. As
Actual Closing Balance, enter the closing balance of the statement of
account. Click Save.
- Continue
the registration in the
Transaction tab.
From the Customer Offset window
To enter a new customer offset:
- Select
Customer Offset. Click on New beside the General tab.
- Today’s
date is the default for Payment Date and Voucher Date; you can change these
dates if needed. The Period field displays the accounting period to which
the voucher date belongs. Default values also appear in the User Group,
Voucher Type, and Curr Rate Type fields; you can change these values if
needed. Use the List of Values for the fields User Group, Voucher Type, and
Curr Rate Type.
- Enter a
value for Payment Currency. Values are entered automatically in the Rate and
Div Factor fields.
- Select the
Transactions tab to continue entry. You cannot save
any information before information is entered in Customer Offset,
the Transaction tab.