Journals > Journal Entries - Processing Receivables
- Kat Grinter
- Kye Hush
In the finance & administration module > general ledger > journals you can allocate payments that you’ve received from debtors
You can find more information on creating journals here - Creating Journal Entries
ON THIS PAGE YOU WILL FIND: |
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BEFORE ALLOCATING DEBTOR PAYMENTS
Make sure that the debtor invoice is posted
Check that all credit notes have been allocated to invoices
CREATING THE JOURNAL ENTRY
There are 2 ways to enter a journal. You can do a single line entry or a multi-line entry. This is down to your preference.
Single line entry:
In the finance and administration module > GL sub menu> journals
Enter the booking date and comment (this is what appears on your bank reconciliation for easier matching)
In type select Debtor
In account select the Debtor you’ve received the payment from (you may need to push enter to apply)
In the panel at the bottom, the invoices on the debtor will appear. Select the invoices that the payment is for:
Make sure that the amount matches the payment received
In the next type select Holding
Select the bank account in the offset account
Multi-line entry
Follow the instructions for creating a journal
Enter the booking date and comment (this is what appears on your bank reconciliation for easier matching)
In type select Debtor
In account select the Debtor you’ve received the payment from (you may need to push enter to apply)
In the panel at the bottom, the invoices on the debtor will appear. Select the invoices that the payment is for (as above)
Line 2 :
Enter the booking date and comment
In type select Holding
Select the bank account in the offset account
Enter the debit amount
CHECKING THE BALANCE
Once you’ve made your transactions, check the balances in the header are 0.00
Depending on your setup, you may need to select dimensions on your transactions before you can approve.
DIFFERENCE IN PAYMENT AMOUNT
Sometimes the amount received from the debtor differs to the invoice amounts. This can be due to bank fees or currency differences. There are 2 ways to handle this:
1. Remainder Handling on Debtor Level:
Once you’ve selected the invoices > override the payment amount on the journal line
This will leave a balance on an invoice
Once you’ve posted the journal, you can follow the instructions here to handle the remainder
2. Add Another Journal Line
Add another journal line with a finance type
Select the GL account > enter the amount
Select the type - holding
In the offset account field > select the same bank account as the payment line
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