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The Receive Payments 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:
- Select the Bank and Check Menu / Receive Payments from the Main Menu.
- Bank Account - The drop-down contains a list of both 'bank' and 'cash' type accounts.
- 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.
Payment Information:
- Receive From - The drop-down contains a list of Vendors, Customers, Payees or Employees the payment is received from.
- Reference No - The reference number that will be reflected in the MTL Reference column.
- Check No - The check number. Automatically assigned by Free Accounting, but it can be overwritten if it is necessary to give the check a different number.
- Memo - The field for additional information about the payment.
- Date - The date the check was received.
- Amount($) - The dollar amount of the payment.
- Stay Open - When it is checked the window stays open for the next Write Check operation.
- Use the Cash/Bank drop-down list to select an account. It is often the Undeposited Funds account that the payment can be deposited to.
- Use the Receive From drop-down list to select a Vendor, Customer or Payee the payment is received from.
- Enter the Reference number.
- Enter the Check Number.
- Use the Date drop-down calendar to select the date the payment was received. By default the date is set to the today's date.
- Enter the ($) Amount of the check.
- Enter the notes about the check in the Memo field.
- Press 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 checked or not).
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