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How to record payments received?

Last updated on Nov 30, 2024

Payment Received Documentation Guide

Overview

A Payment Received document records and tracks customer payments in the accounting system, ensuring accurate financial records and proper invoice reconciliation.

Document Workflow

1. Creation

  • Access the Payment Received page from the main dashboard

  • Select customer and verify their outstanding invoices

  • Input payment details including date, amount, and payment method

2. Processing

  • Match payment to corresponding invoice(s)

  • Apply payment amounts correctly

  • Account for any deductions or withholdings

  • Verify transaction charges if applicable

3. Finalization

  • Review payment allocation

  • Confirm tax deductions if applicable

  • Save and process the payment

  • Generate payment receipt

Key Features

Basic Information Entry

  • Customer selection with auto-populated history

  • Payment date tracking

  • Unique payment number generation

  • Multiple deposit account options

  • Flexible payment mode selection

Payment Processing

  • Automated invoice matching

  • Split payment capability across multiple invoices

  • Tax deduction handling

  • Transaction charge tracking

  • Reference number system

Financial Controls

  • Amount validation against invoices

  • Tax account integration

  • Balance verification

  • Withholding amount management

  • Payment reconciliation tools

Best Practices

Data Entry

  • Verify customer details before proceeding

  • Double-check payment amounts and dates

  • Include relevant reference numbers

  • Document any special conditions or agreements

  • Maintain consistent naming conventions

Payment Application

  • Apply payments to oldest invoices first

  • Document partial payments clearly

  • Record all transaction charges

  • Note any payment terms or conditions

  • Keep detailed records of communications

Troubleshooting

Common Issues

  • Invalid payment amounts

  • Missing required fields

  • Incorrect customer selection

  • Payment allocation errors

  • Tax calculation discrepancies

Resolution Steps

  • Verify all required fields are completed

  • Check numerical formats and calculations

  • Confirm customer and invoice matches

  • Review tax and transaction charge entries

  • Ensure proper account selection

Important Notes

  • Always verify payment amounts before saving

  • Document any deviations from standard process

  • Keep communication records with customers

  • Regular backup of payment records

  • Follow up on pending or partial payments

System Requirements

  • Stable internet connection

  • Current browser version

  • Proper system permissions

  • Access to customer database

  • Updated account information