When you receive payment for one of the invoices, you enter it into VersAccounts as a Payment Receipt.
Enter payment receipts as follows:
In such cases, you can accept payment on the invoice and then regard the remaining, unpaid portion of the invoice as a "discount granted". So, granting a discount is a two-step process.
Enter payment receipts as follows:
- Go to Invoices Menu, then Receive Payment
- Select the Cash account to which you will be depositing the payment.
- Select the currency if it is not already selected.
- Select a Customer from the drop-down list of the Payment Receipt screen. (Only customers with outstanding invoices will be listed.) The outstanding invoices will appear in the green area below.
- Check the tick-boxes beside the invoices on which you would like to receive payment. Their related line-items will appear in the white area below.
- If you wish to make partial-payment on any of the invoice line items, then enter the amounts to be applied in the Amount Applied fields of the affected invoice items.
- Note: When you move your cursor out of a modified Amount Applied field, the payment total will be highlighted in yellow to indicate that it needs to be updated. Click the Update Total button accordingly.
- Select the date on which the payment is being made (If you've received a post-dated cheque, then enter the date on the cheque.)
- Enter a reference number for the payment. (Most people will use the cheque number. But you can use any convenient reference number.)
- If the invoice was in your base currency (typically Canadian currency for Canadian companies), then only Canadian Dollar accounts will be available in the drop-down list. Likewise, if the invoice was in a foreign currency, then only that currency's corresponding cash accounts will appear in the drop-down list.
- If the invoice is in a foreign currency, you will likely want to enter a multiplier other than 1.0. The multiplier is the factor by which the foreign currency is multiplied to get the base currency. (ie. If your base currency is in Canadian Dollars then [US Dollars] x multiplier = [Canadian Dollars])
- Select the method of payment.
- Click on the Post Payment button.
Payment Receipts: Granting Discounts
There might arise some instances when you will wish to give your customers a discount on the total value of their invoice. Perhaps some goods were damaged in transit to the customer. Perhaps the products were not exactly as the customer expected.In such cases, you can accept payment on the invoice and then regard the remaining, unpaid portion of the invoice as a "discount granted". So, granting a discount is a two-step process.
- Enter a partial payment on the invoice as per the above instructions.
- Enter a second payment against the invoice for the remaining outstanding amount, selecting the "Discount Granted" option from the "Receive to Account" drop-down list.
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