Entering Payments and Receipts in Journal Entry

View - Accounting - Journal Entry

When registering a payment/receipt for a Purchase or Sales invoice, the original receivable/payable should already have been entered and updated to Financials. The payment can then be registered, either as described below, or in the Customer and Supplier Ledger modules.

For users whose program versions include the Sales and Invoicing and Purchasing modules, journal entry is usually handled when transferring invoices and payments from these modules. Thus you may also use these modules for journal entry. For those users that work with factoring, the journal entry needs to be made from the Customer and Supplier Ledgers.

Entering payments/receipts in the journal entry

Click New to create a new entry.
Select journal type Bank- or Petty cash Payment/receipt. Common to all journal types that they are called Payment/receipt journal types indicate that you are registering a payment. You can change the journal type by using the [/] key, until the journal number in the far left column starts with PI or SI.
Enter 1100 (customers) or 2100 (suppliers) in the N/C column. This opens a list of all contacts that are marked as either customer (1100) or supplier (2100) in the contact card.
Select the Customer or supplier you are making an entry against and press [ENTER].
Alternatively you can enter the contact number directly in the N/C field. You will then avoid having to make this selection. In both cases, an overview of all Invoices registered to the contact will be displayed.
Select the invoice you are registering a payment for. Alternatively you can enter the invoice number directly into the N/C field
Enter the Double entry N/C and press [ENTER]. The double entry N/C is the account the payment is entered against. When registering the journal type Bank, the double entry N/C 1210 Bank deposit account would be a natural selection.

The payment/receipt has now been entered within the journal entry.

The journal can now be updated to the Financials. The open item in the customer and supplier ledger will be updated with the payment and registered as 'Closed' if the payment is identical to the outstanding amount on the invoice.