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Part 7 – Accounting - 27 -
8.
Click OK.
B. To apply full payment for the invoice plus partial payment for the finance charge:
1.
Enter the check number (or the word ‘Cash’) in the Reference Number field.
2.
Enter the total payment amount in the Amount field.
3.
Enter the type of payment, then click the OK button.
4.
Select the invoice to pay. (notice that the finance charges accrued for this invoice are also shown)
5.
Click the ‘Pay Balance” button to pay the invoice in full.
6.
Click the ‘Finance Charges’ button to access the Finance Charges form
7.
Enter the amount to pay in the Amount to Apply field. This will leave a finance charge balance.
8.
Click OK.
C. To apply full payment for the invoice, and no payment for the finance charge, leaving a finance charge balance:
1.
Enter the check number (or the word ‘Cash’) in the Reference Number field.
2.
Enter the total payment amount in the Amount field.
3.
Enter the type of payment, the click the OK button.
4.
Select the invoice to pay. (notice that the finance charges accrued for this invoice are also shown)
5.
Click the ‘Pay Balance” button to pay the invoice in full. This will leave an outstanding finance charge
for this invoice.
6.
Click Post Payment or Add Payment if you have more receipts to apply.
D. To apply full payment for the invoice, and write-off the finance charge balance for this invoice:
1.
Enter the check number (or the word ‘Cash’) in the Reference Number field.
2.
Enter the total payment amount in the Amount field.
3.
Enter the type of payment, then click the OK button.
4.
Select the invoice to pay. (notice that the finance charges accrued for this invoice are also shown)
5.
Click the ‘Pay Balance” button to pay the invoice in full.
6.
Click the Finance Charges button.
7.
Click the button adjacent to Amount of Finance Charge to Write-off. (This enters the full finance
charge balance for the invoice.
8.
Click the combo box button adjacent to the Write-off Account field. Select the appropriate account.
9.
Click OK.
10.
Click the Post Payment button
E.
To Write-off the entire invoice and the finance charge balance for this invoice:
1.
Enter the words “Write-Off” in the Reference Number field.
2.
Enter an amount of 0 (zero) in the Amount field.
3.
Enter the type of payment, “Write-off”, then click the OK button.
4.
Select the invoice to write off. (notice that the finance charges accrued for this invoice are also shown)
5.
Pay the balance of the invoice (to satisfy the invoice in Quantrac 2005). This will leave a negative
amount in the Unapplied Amount.
6.
Click the ‘Adjust’ button, the Adjustments form will appear.
7.
Click the ‘Unapplied’ bullet, selecting the entire unapplied amount.
8.
Click the combo box button adjacent to the Adjustment Account field. Select the appropriate account.
9.
Click OK.
10.
Click the Post Payment button
There may be other scenarios, which utilize these forms, in which case, all accounting functions will follow GAAP.
F.
Note: Remember, Finance Charges are Revenue, and will increase the desired revenue account and Accounts
Receivable. Writing off a finance charge will decrease the Accounts Receivable and increase your Uncollectable
or Bad Dept expense account.
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