Payments Received

What is Receive Payments?

Receive payments is the amount to be received from the customer for the product or service delivered. This screen helps to receive single or multiple payments at the same time from different customer for the variety of jobs delivered to them.

Receive Payment Screen shows only the customers from whom the payment is due making it easy to manage the defaulters.

Prerequisites:

Payments can be received against receivables created in the below screens

• Sales Order  -> Invoice
  
• Invoice

How to Receive Payments?

Goto --> Payments --> Payments Received --> Create New 

Select the Customer at the top level from the dropdown box. The grid will automatically get loaded with all the invoices associated with the selected customer for which he/she has to make payments to the firm.

Note: The Invoices for which the payments are already received from the customer will not appear in the grid list. 

Discount During Payment:

When there are cases where the entire amount is not received from the customer, Discount is used.

Sometimes, the company itself would give a discount on the invoice raised. In such cases, you can use the discount field to offset the balance amount. 

For example, if the Total pending value is 1000, and the customer is paying only 950 as payment, then 50 is discounted to close this invoice. 

Discount can also used in case of dispute by making the entire receivable amount as discount  and close the invoice.

Multiple Receivables

Multiple receivables refers to the pending payments yet to receive from the customer.This can be achieved by

• Entering payment amount on top or in the grid item wise i.e., it will automatically matches with the amount that is present inside the grid.

You can use this screen to receive multiple payments for a selected customer very easily. If a customer has more than 1 invoice pending, all of them would show in the grid below on selecting the customer.  

• To receive payment against multiple invoices, either enter payment amount on top of the grid in the Total Field or you can enter the amount in the payment column in the grid, item wise .
• If you enter the amount in the total field above the grid, it  automatically match the amount being entered and smartly apply the payment to your invoices. 
• In many instances, you would receive the payment as a bulk amount from customer across many invoices. In such a case, you can enter the bulk amount on the top of the grid, and the amount would get split automatically and apply from top to bottom in the grid.
• If you enter a smaller amount, the system will try to match any bill with the exact amount and apply to it. You are still free to change the amounts in the grid as you would do in excel.

Refer screenshot below for more details

What is Linked Advance?

Linked Advance is the amount that customer has paid in advance to the company as a token of confirmation.

The Customer Advance is received using Payments --->Customer Advance screen and linked to the Invoice. 

This Linked advance will be shown when the customer is selected to receive payment. 

Then the total receivable  will be Total - Payments - Linked Advance = Balance