The Receive Payments Free Accounting option is used to record the information about the payments received against the invoice or billing
statements. Payments can be received from Customers, Vendors, Payees or Employees. Later on a payment can be adjusted against an
appropriate charge.
Use the following steps to Receive a Payment in the Free Accounting program:
- Select the Banking Menu / Receive Payments from the Free Accounting main menu.
- Cash / Bank - The drop-down contains a list of both 'bank' and 'cash' type accounts. If you want to
create a new account of the Cash or Bank Type, go to the New Account
window by selecting Add New from the Cash/Bank drop-down.
- To Default Branch - If it is checked the payment will be assigned to the default Customer's branch. If it is unchecked the payment will be assigned to the current working branch of the Free Accounting Software.
Payment Information:
- Receive From - The drop-down contains a list of Vendors, Customers and Payees the payment is received from.
Note: Free Accounting gives possibility to create Vendor, Customer, or Payee
right from the Receive Payment drop-down.
- Reference No - The reference number that will be reflected in the MTL Reference column.
- Check No - The check number.
- Get From Account - The drop-down contains a list of accounts. Select the account, from which the money should be taken.
To create a new account, go to the New Account window by selecting
Add New from the Get From Account drop-down.
Note: The Get From Account drop-down will appear if you select Payee from the Receive From drop-down.
- Memo - The field for additional information about the payment.
- Date - The date the check was received.
- Amount - The amount of the payment.
- Stay Open - When it is checked the window stays open for the next Write Check operation.
- Use the Cash/Bank drop-down list to select an account. It is often the Undeposited Funds account that the payment can be deposited to.
- Use the Receive From drop-down list to select a Vendor, Customer or Payee the payment is received from.
- Enter the Reference number.
- Enter the Check Number.
- Use the Date drop-down calendar to select the date the payment was received. By default the date is set to the today's date in Free Accounting.
- Enter the Amount of the check.
- Enter the notes about the check in the Memo field.
- Click the OK button to save the changes or the Cancel button to exit the window without saving (regardless of whether the Stay Open box is selected or not).
|
|
