Accounts receivable is the money that a company has a right to receive because it had provided customers with goods and/or services. It is also important for a company to monitor its accounts receivable and to immediately follow up with any customer who has not paid as agreed.
To access Credit Management from the main menu go to:
Main Menu > Credit Sales Management > Credit Management
IMAGE OF THE CREDIT MANAGEMENT SCREEN
How to Receive Payment v/s Invoice
FIRST SELECT YOUR CUSTOMER THEN CLICK INVOICE WISE DETAILS BUTTON
1. Select the check-boxes against the invoices which you wish receive a
2. You will get a Pay amount text box and trade discount text box.
3. Enter the amount being paid and the discount amount if any.
4. Click on the Pay button. A Receipt and Payment pop up box appears.
(a) Select the payment mode by clicking on their images,
(b) Enter the amount to be paid.
(c) Enter the payment type details, like if payment mode is card, you will
have to enter the card number etc..
(d) Enter the Date of Accounting.
(e) Click on Continue
(f) A confirm Payment pop up box appears. There a payment can be edited
or deleted. A new payment can also be added.
(g) Click on the Complete button to create a payment.
5. A transaction complete message will be displayed.
How to Receive Payment Directly
Receiving Payment is very simple; you just need to enter your customer name and
the amount you are receiving. This option is particularly useful when one of your who
customers is settling several invoices at the same time. The amounts received will
added up as Over Payments. This will speed up the process and will allow you to
allocate the amounts received against the right invoices at a later point in time.
1. Click on the Pay button.
2. In the receipt and payment pop up box, enter the payment details
3. Click on Continue.
4. From the Confirmation pop up box, click on Continue.
5. The payment will be saved as Over – payments.
6. To allocate this payment to an invoice,
(a) Click on the Allocate check-box to select the payments
(b) Select the invoices to which the payments need to be allocated.
(c) If no invoice is selected, then payments will be allocated to the oldest
(d) On the right – hand side, click on the Allocate button.
Customer Ledger keeps track of the transactions of the customer and it is posted in
the form of debits and credits. The open balance and the ledger balance must be
IMAGE OF THE CUSTOMER LEDGER SCREEN