Debtors > Remainder Handling - Debtor Payments

Debtor payments are handled in the finance & administration module..

Debtor payments don’t always match so, this article takes you through the steps to handle those differences. The differences are usually due to exchange rates or bank fees.

RECEIVING THE PAYMENT

In this scenario we’ll look at a payment from a debtor in a different currency.

• Sephora have a balance owing of $1320 USD. We received $1801.25 AUD into the bank account which differs to the expected amount of $1848.90 AUD

Open

• To change the amount to what was actually received the currency rate needs to be changed to:

OR

• Change the currency from USD to AUD and enter the received amount in the amount field

Open

• Finalise as usual

REMAINDER HANDLING

• Go to debtors > debtors list > and select the client (in this case it’s Sephora) >

• Go to the remainder handling tab > you’ll see the remainder amount (in this case it’s $47.65)

• In the remainder cost codes column > select the remainder code that applies from the drop down box (in this case it’s currency difference)

• Finalise selection by clicking the finalise selection button

• Add the date of the transaction

• Click ok

• This will finalise a journal entry to transfer the balance from the debtor to the currency difference account.

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