Enter New Payment

Select:

Payment Selections -> Enter New Payment

After selecting Enter New Payment you must enter the Customer Code (Fig. ) to select a customer before you can access the Payment Entry Window. (Fig. ) Clicking the SAVE button causes a payment entry to be automatically made in the BasicBooks General Ledger Deposit Journal. The entry will increase the General Ledger Bank account and reduce the General Ledger Accounts Receivable account. This is the only journal entry that results from entering a Payment.Payments do not reduce the customer's balance due until they are applied to that customer's invoices. Applying payments causes the balance due on individual invoices to be reduced.

Figure: Payment Entry Window

After selecting the customer the Payment window will have the customer name, customer code, a computer generated Payment Reference Number, and today's date in the upper entry boxes. You may change the date and reference number but not the Customer Code or Customer Name. The default accounts receivable account number is the same as the number in the Customer's data file. The bank account number will be the same as the AR Control File bank account number. Entry boxes in the bottom portion of the window are not activated until you Save the deposit.

Cash Sale Note - You may use the BasicBooks Accounts Receivable to enter cash sales. If the Payment you are entering is for a cash sale double click the Payment Bank Account box and select your cash account (assuming you have created a cash account in the BasicBooks General Ledger). You must also enter the ``cah sale'' as an invoice in the Invoice Entry function, if you have not already done so. Apply the ``cash sale'' Payment to the same invoice used to enter the sale. This creates an ``in and out'' transaction showing the Sale in the relevant accounts and the Payment in the cash account.

• Payment Reference Number - Payment Reference Number Each payment must have a unique identifier in the Payment Reference Number box. (Any alpha/numeric combination up to 12 characters.) For your convenience the program will automatically generate a random number and place it in this box. However, you may override this random ID number by entering a different identifier in this box if you prefer.
• The Payment Bank Account account number box will automatically contain the default bank account number from the Accounts Receivable Control File. You should make sure the number in this box is correct for the actual bank account where this payment will be deposited. You may select a different bank account number by double clicking the account number entry box.
• The Accounts Receivable Account account number box will automatically contain the default accounts receivable number for this customer. You may not select a different account number.
• Payment Amount Received - You must enter the amount of the Payment in the Payment Amount Received box. This is the amount that will be added into the Payment Bank Account and removed from Accounts Receivable Account in the general ledger. When you Save the payment entry this amount will be automatically entered into the General Ledger Deposit Journal as though it had already been deposited in the bank account. (So don't forget to make the deposit!).
• The Amount Applied and Balance Available To Apply are maintained by the program. You can not make entries in these boxes. They will be automatically updated as you apply the Payment.
• Payment Comments are note spaces which you may use if you wish to attach any comment to this payment. They serve no purpose other than for your information only.

When you have entered the data about the Payment click the Save button. After you have saved the Payment the bottom portion of the window becomes active and you may now apply the Payment against invoices issued to this customer.

Or, you may click the Close button to exit and the payment will be saved and can then be applied at a later time.