In MYOB AccountEdge, customer payments are transactions you enter to indicate that customers have made payments for the sales you’ve conducted with them. When you enter a customer payment in AccountEdge, you apply the payment to one or more of the customer’s outstanding sales balances. You also can choose to apply customer credits while preparing to apply the payment.
Step 1: Identify where the money from the customer payment will be recorded
Step 2: Enter details about the customer payment
Step 3: Indicate which sales will be affected by the customer payment
Step 4: Choose what you want to do with the customer payment
You have the choice of recording payments directly into one of these accounts or of grouping payments into an undeposited funds account.
Deposit to Account When you record payments directly into an account, an individual cash receipt transaction is recorded in the account for each transaction. The list in the upper left corner of the Customer Payments window displays all the accounts you’ve specifically designated as Detail Checking accounts or Detail Credit Card accounts. Remember that these accounts can be used for any cash your company receives. Credit cards, petty cash, money market accounts and other methods for receiving money may be displayed in this list. If you want a particular account to appear in this list, you’ll need to create the account first. See Choose the type of account you want for more information.
Group with Other Undeposited Funds When you record payments into an undeposited funds account, individual cash receipt transactions are recorded in the undeposited funds account -- not directly to your checking or credit card accounts. After you’ve grouped all of the cash receipts transactions you wish, you can then make a bank deposit which can include one or many of the grouped transactions. Using this method, a single bank deposit transaction will appear on your bank or credit card statement in place of many cash receipt transactions. To learn how to choose a linked account for undeposited funds see To choose a linked account for undeposited funds transactions.
When you’re entering the details of a customer payment, we recommend that you use the default journal number to ensure you don’t use duplicate journal numbers. If you want to assign a different number, consider leaving the CR prefix assigned to the number, so it’s easy for you to distinguish the transaction as a Cash Receipts transaction.
If you’ve entered payment information for the card in the Card Information window, the payment method will appear automatically. Otherwise, select a payment method, if you wish. If you choose to group your payments, when you use the Prepare Bank Deposit window to enter a bank deposit, you can choose to sort your payments by payment method in the Prepare Bank Deposit window.
Use the Details button to access the Applied Payment Details window. If you wish, enter a check number, for instance, if the payment was made by check, or credit card number and other information if the payment was made using a credit card.
The scrolling list in the middle of the Receive Payment window is the main area where payments are created. When information is entered in a row in the scrolling list, the row is called a line item on the transaction. You can enter as many line items on a payment as you want. You’ll enter the individual amounts that are included in this payment, along with the account or accounts they affect. Typically these are income accounts.
The amount you entered in the Amount Received field in the top half of the window is considered a debit amount, and the amounts you enter in this column are considered credit amounts. Keep in mind that the amount(s) you apply in the Amount Applied column will accumulate in the Total Applied field and the Total Applied amount must equal the amount that appears in the Amount Received field in the top half of the window before you can record the transaction. The Out of Balance amount must be zero before you record.
Choose Recap Transaction from the Edit menu to view the accounting entries that will be made to your financial records when you record the payment.
Click below for the step-by-step procedures:
Identify where the money from the customer payment will be recorded
To choose a linked account for undeposited funds transactions
Enter details about the customer payment
Indicate which sales will be affected by the customer payment
Choose what you want to do with the customer payment
Preparing a bank deposit of undeposited funds transactions
After you record a customer payment, you might want to view the transaction again sometime in the future. AccountEdge makes it easy to find the customer payments you’ve entered into the system.
You can also quickly remove or reverse the effects of a customer payment from your records. If your transactions are changeable, you can remove the payment altogether from your ledger; unchangeable transactions can only be reversed. When you reverse a customer payment, the effects of your original payment will no longer be part of your ledger; however, the original transaction and a record of the reversed payment, called a reversing transaction, will remain. Then, if you want, you can enter a new, correct transaction to replace the transaction you reversed. See What are changeable and unchangeable transactions? for more information.
If you notice a problem with a customer payment you’ve already applied to a sale, be aware that you can’t simply change the payment. You’ll need to remove or reverse the payment first, then re-create and re-apply the payment. If you want to reverse a customer payment that was recorded on a bank deposit for undeposited funds, you’ll have some additional steps to complete.
If a customer’s check bounces, AccountEdge allows you to reverse (or remove) the bounced payment and, if you wish, charge a penalty for the transaction.
Click below for the step-by-step procedures:
To reverse a customer payment if it was recorded on a bank deposit for undeposited funds
Customer Payments Overview