Apply Cash Receipts

Modified on Tue, 06 Sep 2022 12:14 by Freddy Donovan — Categorized as: Accounts Receivable


General Information

Default Menu Location: Transaction >> Accounts Receivable >>Apply Cash Receipts

Screen Name: CASHREC

Function: The Apply Cash Receipts screen is used to enter cash receipts and apply them against open AR invoices.

To apply cash to an invoice, select the invoice(s) that is/are being paid and click Add button.

The system will automatically allocate the amount of the payment across the invoice(s) selected. The allocated amount can be change by editing the PaidAmt column in the bottom grid.

To enter an open credit, enter the amount of the credit and click Save. Any unapplied amounts can be issued as an Open Credit.

After the payment has been allocated across the selected invoices, click Save to complete the cash receipt.

Apply Cash Receipts and Adjustments

Apply Cash Receipts and Adjustments


Fields

Cash Acct: Select the appropriate Cash account from the drop down box. The default Cash Account can be set by the CID Maintenance-Accounts-Accounts Receivable Cash field, then by the System Cash Checking Accounts screen 'Default AR Account' checkbox, then by the entries in the POSACCT Rule Maintenance record. Any Cash Account entries in the POSACCT rule will override the previous two defaults.

Adj Acct: If making an adjustment to an invoice (bad debt, bank fees, write-off, etc), enter the offsetting account to use for the adjustment.

ID: Select the customer making payment from the drop down box. (Typing the first letter will filter the list)

Ref #: Enter a reference number for the cash receipt; this may be the check number.

Amount: Enter the amount of the payment.

Bank Dep #: Enter a reference number for the bank deposit (optional); this may be the check number, date or a sequential number of your choice.

Transaction Date: The date when the transaction will go into Adjutant. This is often referred to as a the accounting date, because this is when the transaction will show as posted to the general ledger.

PostMark Date: The PostMark Date is the 'paid' date. This is the date which is primarily used for calculating discounts.

Custno/Company: Enter/select the customer that the payment is from.

Deposit: Check this box if the cash receipt is a deposit

Tag CR/DEP with Project/Phase: Select Project/Phase from dropdown box.

Note: Enter a note for any comments related to the payment.

Type: Drop down of type of cash receipt. Cash receipt types can be added through rule maintenance under crtype.

Related Videos

Apply a Cash Receipt Against Open Invoices



Enter a Deposit or Credit



Fix an Incorrect Cash Receipt



Reverse an Applied Credit



Apply a Discount



Time-Saving Tips



Enter Cash on a non shipped/produce order