5.4. Cash Receipt/Discount Entry
As you receive payments for invoices sent to your debtors they must be entered into Equity using this option. Any discounts you may have given are also entered here. Posting to the debtor's record and the General Ledger is automatic.
A debtor code must be entered by either typing it in or by pressing [F2] to pop-up a list of debtors. Once you have selected a debtor, their Name, Address, Monthly balances and last payment amount and date will be displayed on screen.
Note : If you don't wish to proceed with the cash receipt, press [Esc]. You can then either enter another debtor code, or press [Esc] again to return to the Debtor Control Menu.
[F3]Allows you to view the debtor's transactions. You can elect to view current transactions only, or all transactions.
Description of all the fields on this screen are set out on the following pages.
Date
The date defaults to the date entered when you started up Equity. This should be changed to the transaction date if necessary.
Amount
This is the actual amount you have received from the debtor.
Discount
If you have given the debtor a discount off an invoice, enter the discount amount in this field. The `Amount' plus the `Discount' should equal an invoice total. Use the [F3] key to check.
Aging
If this debtor is Balance Forward you will have to specify which age balance this payment refers to. Equity will try to guess the age for you but you can overwrite by using the arrow keys. If `Auto' is selected Equity will try to match the payment amount to an invoice. If no match can be found the payment will come off the oldest balance.
If the payment is for invoices that span 2 or more periods select either age. You will have the opportunity to break down the transaction into the appropriate ages in the next screen.
Note : If the creditor is Open Item this field will be ignored.
Reference
You can enter up to six numbers or letters here if you wish. e.g. a cheque number or payment type.
Default G/L accounts
When you post a debtor payment Equity posts amounts automatically to the following default General Ledger accounts.
For Amount Debits Cash at Bank Credits Debtor Control
For Discount Debits Debtor Discounts Given Credits Debtor Control
A message will be displayed at the bottom of the screen -
'Press Enter to Accept' If you wish to change either the default G/L accounts or any payment details press [Esc] and enter the change. If you wish to totally abandon the payment press [Ctrl][Esc] or [Alt][F4] if running under Microsoft Windows.
Assuming you have pressed [Enter], posting will be immediate and automatic and cannot be un-posted.
FOR BALANCE FORWARD DEBTORS
If the debtor is Balance Forward a screen will be displayed that allows you to enter the a manual breakdown of the payment.
Once you have entered the breakdown the screen will be cleared ready for you to enter another payment. If you have no more payments to enter press [Esc]. You will then be returned to the Debtor Control Menu.
FOR OPEN ITEM DEBTORS
If the debtor is Open Item a screen will now be displayed that allows you to allocate which invoice has been paid.
Note : The payment and/or discount you just entered is marked with a yellow arrow.
Payments can be allocated to one or many invoices. If the payment is only a part-payment of an invoice this can be also allocated against the invoice.
To allocate you must tag an invoice or invoices so that the totals at the bottom of the screen match. To tag an invoice move the highlight bar and press [Tab]. Press [Tab] again to untag. Continue tagging transactions until the totals are equal and then press [F10] to process.
Note : If the payment cannot be allocated to an invoice (e.g. you don't know at this time which invoice has been paid or payment has been received before the invoice has been processed) press [Esc]. When you can allocate the payment use the `Cash Allocation' option from the Debtor Control Menu, refer to Cash Allocation in this section.
The screen will be cleared for you to enter another payment. If you have no more payments to enter press [Esc]. You then have the option to print-out a list of payments which is called the Cash Receipts Report. We strongly advise that this report be printed so if for any reason the report total doesn't tally exactly with the bank deposit book you can note why at the bottom of the report. This will help you when you come to reconcile the bank account. File all you Cash Receipt Reports together in date order in their own file.
You will then be returned to the Debtor Control Menu.