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18 - Part 7 – Accounting
D.
Type (enter) the part of the receipt that you wish to apply to this invoice. (either full or partial payment)
E.
Click your cursor in the payment field of a second invoice to be paid.
F.
Type (enter) the part of the receipt that you wish to apply to this second invoice. (either full or partial
payment)
G.
Continue these actions until the Unapplied amount is zero.
4.
Partially pay an invoice, write-off the balance due
A.
Add the payment for a receipt that is less than the full amount of the invoice. (in this case, $3,900.00)
B.
Click on the invoice to be partially paid.
C.
Click the Pay Balance button. This will leave a “negative” unapplied amount.
D.
Click the Adjust button.
E.
On the Adjustment form, click the Unapplied choice. It will contain the unapplied amount.
F.
On the Adjustment form, select the appropriate Write-off account from the combo box list.
G.
Click the OK button on the Adjustment form.
H.
Click either the Post Payment or Add Payment button.
This action will have caused the invoice to be satisfied in Quantrac 2005. The receipt will be reported to
your Cash Deposit GL Account. The Write-off amount will be reported to the write-off or bad debt account
that you specified. The Accounts Receivable GL Account will be debited by the full amount, of the
invoice.
5.
Process a customer payment, which overpays the selected invoice by a substantial amount. Create a
customer credit for the over-payment amount.
A.
Add a payment for the amount of the receipt (but which is more than the outstanding invoice balance due.)
B.
Click on the invoice to be fully paid.
C.
Click the Pay Balance button. The invoice will be paid in full, but there will still be unapplied funds.
D.
Click the Advance Payments tab
E.
Click the Pay Unapplied button. This will insert the remaining unapplied amount into the payment amount
field. It will also date the action.
F.
In the Payment Reference field, enter a description of the action. “Overpayment for Inv. #XXXX.
G.
Select your Overpayment Liability GL account from the combo box list.
H.
Click either the Post Payment or Add Payment button.
The above actions will pay the invoice selected, with the customer’s overpayment becoming a customer
credit. Each time a new payment is created for this customer, this credit will appear, for you to apply to an
invoice if desired. NOTE: All overpayment credits will be reported as an increase to a Liability GL
account, per Generally Accepted Accounting Principles.
Applying payments to invoices can involve any combination of the above five scenarios. With a little practice,
processing receipts and creating a deposit ticket will be a very streamlined operation.
The usual office operation is to have a stack of receipts (checks and cash) from customers…and to apply those
receipts to the proper invoices. You can have an unlimited number of receipts in a single deposit. Sometimes, it is
necessary to make a deposit with only one check, as in the case for a very large receipt that you do not wish to wait
for more customer payments before depositing. You can begin a deposit (by applying receipts to invoices) one day,
and continue adding to the same deposit ticket each day until you have a deposit substantial enough to take to the
bank. We recommend, however, that you do not carry over a deposit ticket through successive accounting periods,
as it will only complicate account reconciliation between the bank and your accounting system.
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