Match Payment with Invoice

Explanation

Use this activity to match a payment received with an invoice. If an invoice is already created for an application when the payment is received, the payment should be matched with the invoice as any other payment received. The matching can be done in any of the following windows: Customer Payment, Mixed Payment and Customer Offset.

If a payment is received for an application that does not have an invoice created, the payment is automatically matched with an invoice that is created from the payment matched with the application. See Create Invoice From Matched Application for details. In cases where the automatic matching failed or the automatic matching was rolled back manually the invoice can be matched manually.

Prerequisites

• An invoice must exist.
• A prepayment must exist, or a payment will be entered at the same time it is matched with the contract.
• The invoice and payment must be within the same company.

System Effects

• The payment will be matched with the invoice.
• The payment information will be updated on the application on the Application for Payment/Payment tab, and the invoice will be updated on the application on the Application for Payment/Invoice. No prepayment information will be entered when matching the payments and invoices manually.
• The application status is set to Fully Paid if fully paid, or Partially Paid if not fully paid.

Window

Application for Payment
Match Payment with Application
Customer Payment
Mixed Payment
Customer Offset

Related Window Descriptions

Match Payment with Application
Application for Payment/Payment
Customer Payment
Mixed Payment
Customer Offset

Procedure

Follow the procedures as described for the window used to match the payment with the invoice.

From the Customer Payment window

To enter a new payment:

1. Open Customer Payment. Click on New beside the General tab.
2. Today’s date is default as Payment Date and Voucher Date. You can change these dates if necessary. The accounting period to which the voucher date belongs appears in the Period field. Values for User Group, Voucher Type, and Rate Type are also default. You can also change these values if needed. You can use the List of Values for the User Group, Voucher Type, and Rate Type fields.
3. Enter values for Cash Account, Cash Currency, and Payment Balance if you enter an amount with the same payment currency as the accounting currency. If you enter an amount with a payment currency other than the company’s accounting currency, enter an exchange rate other than the one proposed in Rate; you also can adjust the amount proposed in the Amount in Acc Curr field. Use the List of Values for the Cash Account field. Note that the cash amount must include any fees. Fees are entered in the Fee field.
4. If the customer payment is made by check, you can enter the following check information: Check Number, Bank Number, and Bank Account Number for the check.
5. Select the Transactions tab to continue entry.

From the Mixed Payment window

To Enter Cash Account Information Mixed Payment:

1. Click New in the General tab. Enter the Cash Account or use the List of Values. This will default values for Payment Institute, and Currency. Balance Method and Voucher Type can also be defaulted from the Cash  Account. If the Voucher Type is not defaulted from the Cash Account, it is defaulted from the User Group. Enter the Statement number with the same sequential number as the statement of account, or just accept the automatically suggested number. Today’s date is the default Payment date. This date can be changed, but ensure the validity of any date you enter as this is used for calculating penalty interest. See the section Interest Template for more information.
2. As Actual Opening Balance, enter the opening balance of the statement of account. As Actual Closing Balance, enter the closing balance of the statement of account. Click Save.
3. Continue the registration in the Transaction tab.

From the Customer Offset window

To enter a new customer offset:

1. Select Customer Offset. Click on New beside the General tab.
2. Today’s date is the default for Payment Date and Voucher Date; you can change these dates if needed. The Period field displays the accounting period to which the voucher date belongs. Default values also appear in the User Group, Voucher Type, and Curr Rate Type fields; you can change these values if needed. Use the List of Values for the fields User Group, Voucher Type, and Curr Rate Type.
3. Enter a value for Payment Currency. Values are entered automatically in the Rate and Div Factor fields.
4. Select the Transactions tab to continue entry. You cannot save any information before information is entered in Customer Offset, the Transaction tab.