Receive Payments: Find Invoice - Accounting Software Secrets
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Receive Payments: Find Invoice

Receive Payments: Find Invoice

Receiving Multiple Payment Types

Q – I”ve a specific question: How to apply 2 different payments (say credit card and check) to one invoice or sales receipt.

A – The trick to receiving multiple payment types when creating an invoice or sales receipt is to use a payment type item.

So, in the question, if you want to include multiple payment methods, you would create multiple payment items (i.e. one for VISA, one for MasterCard, one for American Express, one for checks, one for cash, etc).  Typically the item is coded to undeposited funds to permit making one deposit for the day for multiple payments that have been received.

When entering the invoice, enter the payment item for the amount received at the time and the remainder will remain as a balance due on the invoice. 

TRICK: Keep in mind, however, by using this method a statement will show the net balance due unless you include the detail when the statement is prepared.  This is in contrast to entering the invoice then a receive payment for the amount received.

When entering a sales receipt, the payment item can be used for the partial payment and the remaining balance can be applied to the correct payment type on the form itself.  The alternative, which works equally well, is to enter a payment type item for each component of the money received so the net balance at the bottom of the sales receipt is zero.

TRICK: If an invoice has been generated and sent, then when the payment is received there are multiple payment methods, a separate receive payment will need to be entered for each one.

 

More information on this topic

What’s New in Version 2005

Receiving Payments and Discounts