In an earlier blog we discussed how you can use the Autocash functionality to save time as you can set it up to apply cash receipts to A/R invoices automatically. However, sometimes you receive money from clients in forms that cannot be processed through your Autocash setup (and this does not happen frequently enough to add to your setup).
For these situations, where you cannot use bulk processing, you can use either of the following cash receipt entry programs:
- Standard Receipts (P03B102)
- Speed Receipts (P03B0001)
Here’s an overview of what these programs can and cannot do:
Use either the Load or Select feature to display open items for a customer.
Use one form to enter multiple receipts.
Enter information directly from a customer's remittance slip.
Enter logged receipts.
Apply receipts to invoices that include discounts or write-offs.
Enter balance-forward receipts.
Create chargebacks for discount amounts or short payments.
Create automatic write-offs.
Create deductions for short payments.
Create stand-alone chargebacks, write-offs, and deductions.
Apply unapplied amounts to invoices.
Apply receipts that are logged through Speed Receipts Entry.
View the results of receipts entry.
Locate and revise receipts.
Delete unposted receipts and receipt pay items.
Void posted receipts and receipt pay items.
Designate receipts as insufficient funds (NSF).
Apply receipts in an alternate currency.
Enter negative receipts
Enter receipts as quickly as you can using Speed Receipts Entry because you use multiple forms to access open items and enter receipt information.
Create chargebacks, manual write-offs, or deductions.
Enter logged receipts.
Preload open items.
Apply receipts using a balance-forward method.
Use this program as a stand-alone system.
Locate or revise receipts.
Delete or void receipts.
Designate receipts as NSF.
View the results of receipts application.
Use alternate currencies.
Enter negative receipts
Regardless of which program you use to enter manual receipts, there are three steps to the process:
- Enter the receipt
- Review the receipt, and revise it if necessary
- Post the receipt
Before you can enter a receipt, make sure that the following is set up:
- Set up these AAIs and make sure that the G/L accounts attached to them exist and can be used by the G/L Post (R09801):
- RKD for discounts taken.
- RCxxxx, where xxxx is the chargeback G/L offset code, for the chargeback A/R trade account.
- RAxx, where xx is the write-off reason code.
- RN, for the deduction suspense account.
- Set up these UDC tables for any reason codes you want to use:
- 00/DE for discount reason codes
- 03B/CB for chargeback reason codes
- 03B/RC for write-off reason codes
- 03B/CR for deduction reason codes
When you create a receipt, the system creates at least two records in the following tables:
- A receipt header record that stores the amount of the receipt, the check number, receipt and general ledger dates, and so on. The system stores receipt header records in the Receipts Header table (F03B13).
There is only ever one record per receipt in this table.
- A receipt detail record that stores the amount of the receipt that is applied to each invoice. The system stores receipt detail records in the Receipts Detail table (F03B14).
There is one record for each invoice matched on the receipt, and one for each standalone record (write-off, deduction, or chargeback), and one for any amount left unapplied.
In the receipt header there are two date fields:
- the Receipt Date
- the G/L Date
The Receipt Date field can be set to the date on which you enter the receipt into the system, or it can be set to the date on the customer’s check, or to the date on which the EFT payment from the customer came in, for example. However, the system does not use this date field for anything, so it is for informational purposes only.
The G/L date on the other hand is used for the following:
- exchange rate calculations,
- to determine whether a discount is earned, and
- to update account information when you post the receipt.
Because the system uses the general ledger date for so many reasons, you cannot change the general ledger date after you enter the receipt, even if the receipt is not posted yet.
To apply a receipt manually to an invoice, you need to use something called a Type Input Code. This Type Input Code will automatically calculate amounts to apply for payments, discounts, write-offs, chargebacks, and deductions. The following Type Input Codes are available:
- 10: Simple Invoice Match
- 11: Invoice Match with Automatic Chargeback for Discount Amount
- 15: Invoice Match with Write-Off
- 16: Invoice Match with Chargeback
- 17: Invoice Match with Deduction
- 25: Stand-alone write-off
- 26 (Stand-alone chargeback)
- 27 (Stand-alone deduction)
There is much more to processing standard receipts than can be included, so if you need more information, please have a look at the following knowledge articles: