|Clients & Profits X Online User Guide|
Entries that affect accounts receivable are entered into Client Payments - including payments from clients, adjustments, and write-offs
Entries added into Client Payments affect client
balances, unpaid client invoices, and the general ledger at the
same time. Client Payments is where youll account for most
of the shops incoming cash.
Client payments are typically entered each day as you receive checks from clients. Payments are added using the open-item method, which means youll apply each payment to specific unpaid invoices. Heres how it works: The clients check is added, then saved. The clients unpaid invoices are listed by date, oldest first. The checks amount is applied to invoices automatically, until the payment is fully applied. For flexibility, you can adjust how a payment is applied to invoices.
Client payments must be balanced, which means the payments to invoices must equal the checks amount. If not, the check cant be saved. Early-payment discounts can be applied to unpaid invoices, which post to a special discount account in the general ledger.
Client payments arent posted automatically. A new client payment can be saved, then edited or deleted, anytime before it is posted. Posting makes the client payment permanent. Reports can be printed from Client Payments showing payments made by clients for any range of dates and an accounting period. These reports can be compared to audit trails and journals from the G/L for easy auditing.
To view client payments
1 Choose Accounting > Client Payments
The Client Payments window opens, displaying the last added client payment.
To find a client payment
In the find check field, enter a client payment number to find a payment. Or use the find more link to find one or more payments by check number, date, client, check date, deposit batch, amount, or sequence.
To add a client payment
Client Payments should be added when you receive the client's check. You'll track your cash better, since deposits will be accounted for faster. Client payments are applied to unpaid invoices. When the payment is posted, the invoices will appear as paid. Click here for step-by-step instructions.
To edit or delete a client payment
Client Payments can be edited, redistributed, or deleted entirely anytime before posting. You can change the payment's check number, date, check date, accounting period, dGL, and description. Because a payment amount must balance to its distribution (i.e., line items), you can't easily change a payment's amount. You also can't change the client number, since the payment is linked to one client's unpaid invoices. Click here for step-by-step instructions.
To redistribute a client payment
Redistributing a payment erases its existing line items, which means you'll be applying the total payment amount over again to the client's unpaid invoices. Don't redistribute if you don't want to lose the payment's line items. Click here for step-by-step instructions.
To view a client's diary
The Client Diary/Call Log window lists all of the entries users have made about interacting with the client, whether it is a phone call or just a note (a diary entry) about something that is going on. Click here for step-by-step instructions.
To post a client payment
Posting a client payment updates the client account balance, unpaid invoices in Accounts Receivable and the General Ledger. When client payments are first added they are unposted. Unposted invoices can be easily changed, letting you edit payment amounts before the client balances are updated. Posting is a methodical process that updates clients, invoices, and the General Ledger. The process is the same whether you’re posting one payment or many payments. Posting Client Payments
more about Client Payments
this Clients & Profits classroom video
Running time: 1:42