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Receive Payment screen is for recording the payment you receive from your customers. This screen lets you record the payment against the unpaid invoices.
On the Customers menu, click Receive Payments
To enter a payment for a customer's unpaid invoices, you must select the customer and the accounts receivable.
After selecting the customer and the accounts receivable, all the open invoices are displayed in the list. The amount due column shows the invoice balance. Column Credits shows the customer's credits you have applied using the Set Credits button. To apply the credits, click Set Credits button. The Payment column shows the amount you have applied to the invoice.
You need to specify the bank account into which the money is deposited. You also need to specify the payment methods. If the payment method is cheque, you must enter the cheques number and the cheque date.
If you do not want the payment to be reflected in your general ledger and bank account, uncheck ’Post this transaction’ option. If you check Post this transaction option the transaction will create records in general ledger, update your bank account, accounts receivable, and the customer balance. However if you uncheck the option only the Customer balance is updated. This option is useful if the customer pays you a post-dated cheque (PDC). There will be a reminder to remind you when the post-dated cheque is due to be deposited.