Difference between revisions of "Customer Prepayment"
From TrueERP wiki
| Line 21: | Line 21: | ||
[[Unpaid Bills]] | [[Unpaid Bills]] | ||
</menu> | </menu> | ||
| − | == Overview == | + | == Overview == |
| − | This button is used to account for payments received from customers, prior to the completed transaction. This will | + | This button is used to account for payments received from customers, prior to the completed transaction. This will create a current liability as it is revenue earned from a transaction that is yet to be completed. Hence the money received has not yet been earned. It is important to differentiate between revenue that has been received, and those that have been received but have not yet been earned i.e. no invoiced transaction, to ensure the flow-through to the accounts is appropriately. |
| − | create a current liability as it is revenue earned from a transaction that is yet to be completed. Hence the money | + | |
| − | received has not yet been earned. It is important to differentiate between revenue that has been received, and those | + | |
| − | that have been received but have not yet been earned i.e. no invoiced transaction, to ensure the flow-through to the | + | |
| − | accounts is appropriately. | + | |
| − | After entry, Customer Prepayments appear in the customer payment list and can be offset against invoices as they | + | After entry,[[ Customer Prepayments]] appear in the [[customer payment list]] and can be offset against invoices as they are generated. |
| − | are generated. | + | |
| − | '''How to Enter a Customer Prepayment''' | + | '''How to Enter a Customer Prepayment''' |
| − | *Select the '''Customer Prepayment''' button and the Customer Prepayment screen will display. | + | *Select the '''[[Customer Prepayment']]'' button and the [[Customer Prepayment]] screen will display. |
| − | *Select a''' customer''' from the dropdown menu, highlighted as above | + | *Select a'''customer''' from the dropdown menu, highlighted as above |
| − | *Fill in the '''payment amount, payment date, Payment method''' and '''Bank Account''' as well as any other | + | *Fill in the '''payment amount, payment date, Payment method''' and '''Bank Account''' as well as any other |
| − | + | ||
| − | + | ||
| − | + | relevent information. | |
| − | + | *Select '''Save''' in the lower left hand side when you have entered all relevant information. | |
| − | Payment | + | '''NOTE''': Customer, Bank Account and Payment Method are mandatory fields. |
| − | + | Currency Code The currency which will be used for this transaction | |
| − | + | Payment date Date the payment was made | |
| − | + | Payment method Means of Payment used (i.e. cash, direct debit, credit card) | |
| − | + | Reference Number Manually entered reference number | |
| − | + | ||
| − | + | Exchange Rate Used for transactions carried out in Foreign Currency | |
| − | When dealing in foreign currencies, the customer must be setup to allow for this. Currencies must be made active | + | Department Allows you to attach the Department to which the transaction relates in order to track profitability / productivity |
| − | with current exchange rates entered. | + | |
| + | Bank Account Assigns the Account to which funds will be transferred (undeposited funds by default) | ||
| + | |||
| + | When dealing in foreign currencies, the customer must be setup to allow for this. Currencies must be made active with current exchange rates entered. | ||
Currencies may be made active within the 'General' Section, under the 'Foreign Exchange List' | Currencies may be made active within the 'General' Section, under the 'Foreign Exchange List' | ||
Latest revision as of 12:50, 9 March 2011
Overview
This button is used to account for payments received from customers, prior to the completed transaction. This will create a current liability as it is revenue earned from a transaction that is yet to be completed. Hence the money received has not yet been earned. It is important to differentiate between revenue that has been received, and those that have been received but have not yet been earned i.e. no invoiced transaction, to ensure the flow-through to the accounts is appropriately.
After entry, Customer Prepayments appear in the customer payment list and can be offset against invoices as they are generated.
How to Enter a Customer Prepayment
- Select the 'Customer Prepayment' button and the Customer Prepayment screen will display.
- Select acustomer from the dropdown menu, highlighted as above
- Fill in the payment amount, payment date, Payment method and Bank Account as well as any other
relevent information.
- Select Save in the lower left hand side when you have entered all relevant information.
NOTE: Customer, Bank Account and Payment Method are mandatory fields.
Currency Code The currency which will be used for this transaction
Payment date Date the payment was made
Payment method Means of Payment used (i.e. cash, direct debit, credit card)
Reference Number Manually entered reference number
Exchange Rate Used for transactions carried out in Foreign Currency
Department Allows you to attach the Department to which the transaction relates in order to track profitability / productivity
Bank Account Assigns the Account to which funds will be transferred (undeposited funds by default)
When dealing in foreign currencies, the customer must be setup to allow for this. Currencies must be made active with current exchange rates entered.
Currencies may be made active within the 'General' Section, under the 'Foreign Exchange List'
