How to get paid and what to do if a customer overpays. How to process a credit and settle returns and credits, and how to process a bank deposit.
As stated in previous articles, you CANNOT pay Sales in the Banking Command Center using Receive Money. Payments must be made in the Sales Command Center using Receive Payments.
In the Sales Command Center, click Get paid. At the top, you have the option of depositing to the account or pooling with non-deposited funds. We’ll do both, but first click on Deposit Account. The checking account should appear as the default, but make sure this account number is your company’s main account. Enter the Client who is making the payment, the Amount Received, the Payment Method and an Identification Number if you are going to use this or leave the default and finally enter the Date.
In the window below there should be a list of all outstanding invoices for that customer. Find the correct amount and click in the Applied Amount column. If the customer has overpaid, they will need to enter the actual payment amount and click Register. A window will appear stating “This payment will result in 1 credit note. Use Settle Credits to apply credit to an open receivable or to issue a refund check.” Click OK. In the gray menu bar at the top of your screen, click Command Centers. Scroll down to Sales and Accounts Receivable, then through and down to Settle Returns and Credits. Clicking on this will take you to a window showing all your returns and credits that have not been applied or refunded. At the bottom of the window on the left side, you have the option to Pay Refund or Apply to Sale. If you click Pay a refund, a window will appear as if you were writing a check. Complete the data and register. (Don’t forget to write the check!) If you click Apply to Sale, a list of all open customer invoices awaiting payment will appear. If the Customer does not have any outstanding invoices, the Credit will remain here and at a later date when they receive a Payment to that Customer, they will be reminded that they have an outstanding Credit.
If you are making a single payment, it is best to use the Deposit to account option in the Receive payment window. However, if you are making multiple payments that will appear on your bank statement as a single amount, then it is better to use Group with non-deposited funds. In the Receive Payments window, click Pool with Undeposited Funds. Process your payments as indicated above for all Client payments to be deposited. Once you have completed your payments, click outside of this window and go to the Banking Command Center. At the bottom right of this center, click Prepare Bank Deposit and enter the date of the deposit. The Payments you have made for this date will appear on the screen. Click next to Deposits in the Deposit column and verify that the total at the bottom is the amount you are depositing. Click Burn. This is the amount that will appear in the bank registration window as a bank deposit. There will be a white arrow to the left of the deposit and you can drill down to see who the Payments were from.
