How to Apply a Cash Receipt to certain GL's during posting
My clients sometimes deduction certain fees and costs off my invoices when sending in payments. If they deduction is a cost, how am I able to make sure the funds were applied to the fee GL instead of the cost GL?
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On the cash receipt apply screen, when you are applying the cash receipt to a billing there is a field to enter a discount/adjustment amount and a field for which GL account you wish to have it coded to. For example if the invoice is $100 but the client only pays $90 and you wish to book the difference to an adjustment GL account, then the resulting accounting entry recorded as part of the BCR (Billing Cash Receipt) record is:
DR Unapplied AR 90
DR Adjustment expense 10
CR Accounts Receivable (100)
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