This allows you to post customer payments, and write off any small underpaid
amounts as 'discount given'. (See also Writing Off Bad Debts
- this can be
used to write of amounts to discount if you use the Discounts Given nominal
code in the Sales section of the P&L, instead of the Bad Debt nominal code).
Discount transactions are also used where you have agreed that the customer
can pay less than the full invoice amount for paying early. This is known as settlement discount and you should use the Discounts
tab in Customer
Details to indicate that a customer is allowed this.
1. Select Gx Sales on the toolbar.
2. Select Cash Received from the menu.
3. Control Total - enter the total of all payments in this batch.
4. Account Code - enter the customer account.
5. Posting Date - confirm the posting date. Be careful to ensure you post
this transaction to the correct financial period.
6. Cheque Date - enter the transaction date of the payment, i.e. the date on
the cheque or the date cash was received.
7. Cheque Number - enter the customer's cheque number or Cash, Visa,
Bacs etc if the payment is not by cheque.
8. Cheque Amount - enter the payment amount. This amount will be less
than the outstanding invoice amount if you have allowed settlement
discount or if the customer has underpaid. You can check the invoice
to
confirm whether an account is entitled to settlement discount, and that they
have made the correct payment, according to the terms allowed.
9. The outstanding invoices for this account will be displayed on the bottom
right section of the screen headed Transactions to be matched. To
allocate payment to an invoice, tick the check-box in the Match column.
Since the amount of the payment is less that the outstanding amount on
the invoice, it will prompt you to create a discount transaction for the
difference. Choose Yes. The Cash Amount and Discount columns will
be filled in automatically.
10. Click the Save button to save the payment you have just posted and
allocated on this account. The Cumulative Total and the No.
Transactions in the batch will automatically be calculated and displayed
on the top left of the screen.
11. The cursor takes you back to Account Code so that you can enter the
next payment in your batch.
Click here to view the Cash Received screen. This example shows a discount
transaction created where a customer has underpaid their invoice by £0.05.
Review and Amend the Batch
1. Use the Previous and Next buttons to move through the items in the
batch, or use the Transaction No. drop-down menu to view a specific
payment in the batch.
2. You can make amendments such as un-ticking transactions so that
payment is not allocated to them. The amount will added back onto the Cash Remaining figure. You can amend the posting date, cheque date,
cheque number and cheque amount and reallocate to transactions if
required. Remember to Save the changes you make.
3. To remove a payment from the batch, click the Delete button.
4. To add further payments to the batch, click the Add button and enter the
payment as described above.
Update the Ledger
1. If you have posted and allocated all the payments in this batch correctly,
click the Update button. You will be warned if the Control Total does not
match the Cumulative Total. You may wish to choose No to continue
with the update and review the batch first to check for
any mistakes. If you
are certain that you wish to continue the update anyway choose Yes.
2. The payment and the discount transaction will now show on the customer's
account and you can use Customer Transaction Enquiry to view
them.