Receive and Apply Cash

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15 comments

  • Lloyd Leanse

    The Apply screen would be another one which I think would benefit from field sets. We use a custom billing number field which appears on the face of the Billings which we send our clients. They often put that number on the check stub or in the wire information which should make it easy for us to apply the payment to the correct Billing. However, since our custom billing number doesn't appear on the Accounting Seed Apply Cash screen, it's not as easy as it could be.

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  • Jeanae Remala

    I have a related company who sends us a check each month for a loan payment that needs to be split between interest and principal when the cash receipt is recorded.  How do I add an additional G/L line to a cash receipt?

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  • Ryan Faulkingham

    Hi Lloyd,

    Try using a workflow to populate the Proprietary Billing Number field with your custom field. This will then show up on both the pdf invoice and the cash receipts application screen.

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  • Ryan Faulkingham

    Hi Jeanae,

    It sounds like your cash receipt does not have an associated billing. In this case, you can either create a billing with separate billing lines pointing to each G/L account and then apply the cash receipt to it or create a journal entry with multiple lines. You may also benefit from our recurring billing. If you have more questions about this, please submit a ticket with support. 

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  • Jeanae Remala

    Hi Ryan,

    You are correct, we do not send bills for this loan as it is not a sale and does not generate revenue other than the interest.  I'm not sure if the recurring bililng would work as the split between principal and interest changes as every month.  Thanks

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  • Ryan Faulkingham

    Jeanae,

    Please submit a support ticket to support@accountingseed.com so we can walk through your specific options. 

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  • Jeanae Remala

    I have a customer who overpaid an invoice and has no other oustanding invoices to apply the overpayment too.  How do I handle this when applying the payment and I have a positive balance left on the "Cash Receipt Apply" page?  Thanks!

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  • Theresa Arawole

    Hi Jeanae, 

    In this case you may want to do one of two things: keep or refund the overpayment. I have inserted the knowledge base article below that shows you how to complete the steps for both options.

    https://accountingseed.zendesk.com/hc/en-us/articles/217368428-Customer-Overpayments

    If you still have more questions regarding this topic, feel free to submit a support a ticket at 

    https://accountingseed.zendesk.com/hc/en-us/requests/new

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  • Jeanae Remala

    Customers sometimes OVERPAY by a few cents, for which we aren't going to issue a credit memo or make a refund.  The "Adjustment Amount" on the cash receipts screen needs to allow for "negative" numbers as well for these small payment differences.  It costs $$$ in labor to now have to make a billing for 2 cents on an over-payment and then go back into the cash receipt to apply the extra 2 cents remitted.  This happens a lot when you're processing payment of 800 - 1,000 invoices a month.  

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  • Anna Anderson

    We changed the validation rules on the adjustment field to allow negative numbers

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  • Ryan Faulkingham

    Hi Anna,

    Turning off that validation rule allows for a negative cash receipt, but Jeanae is asking about the "adjustment amount" field in the cash receipt application page. Currently, this is useful if a customer underpays and you just want to write off the remaining balance of the billing. If a customer overpays by just a little, it would be useful to write that off by using this field and this improvement is on our roadmap. 

    Thank you,

    Ryan

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  • Lloyd Leanse

    Is there a new validation rule which prevents booking a Cash Receipt in, say 2018-07, and applying it to a Billing which has 2018-08 as its Accounting Period? If so, do you have a suggestion about how to account for prepayments by our clients?

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  • Ryan Faulkingham

    Hi Lloyd,

    In this example, as you are applying the cash receipt to the billing, are you entering in 2018-07 as the applied accounting period? If so, yes there is a rule in place to not allow this since the billing is created in 2018-08. If this was applied in 2018-07, then A/R would be incorrectly decreased because the related billing has not yet been posted to it. 

    The best practice for prepayments are to enter in the cash receipt and credit some prepayment GL account in 2018-07. Then, create the billing in 2018-08 and apply the cash receipt with a application accounting period of 2018-08. 

    Thank you,

    Ryan

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  • Justin Feldman

    I have a couple of questions:

    1. What exactly is the purpose of applying a Cash Receipt? What is the end-result?

    2. When trying to apply a cash receipt, I am getting the following error: "The cash receipt does not have any matching billing records for NDPI " ... However I have got Billing records associated with that Organisation, and those Billings have been posted. Why am I seeing this error?

    Thanks!

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  • Mitch Gerwin

    Good morning Justin,

    Can you please log this as a support ticket to our support desk?

    www.support.accountingseed.com

    Thanks!

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