When customers with trading accounts send payments, you will need a way to tell Business Administrator that those payments have been made, and how. This dialogue allows you to do that.
Location: Trade Manager, Trading
Overview
This dialogue generally handles payments from known trading customers. But, on occasion, it will handle supplier payments too: these are known as Extraordinary Transactions. The dialogue works the same way for both types of transactions.
As the dialogue opens, it will list all the invoices for the selected customer where a payment is due. It will also offer Q&A for you to tell Business Administrator how much is being paid, and how it is being paid.
In the list at the top, you can select all the invoices against which payment is being made. The payment being made should not, of course, exceed the total of this list. If it does, the extra funds will be lodged against the customers’ details, and will be shown as ‘Funds in Customer Account’, or similar. It will also appear on newly raised invoices
If you don’t select any invoices, then Business Administrator will apply the payments against the invoices in chronological order, oldest first.
If you select some of the invoices, and the total is less than the payment being made, then Business Administrator will apply the payment to the selected invoices first, then apply to the remainder in chronological order.
Even through selected items, Business Administrator will apply the payment in chronological order, oldest first, though this is not likely to matter.
You are also asked to state how the customer paid. If legal issues arise later, this information could be useful. You must answer the question. Additionally, Business Administrator will want to know if it affects any banking runs, if it is commissioned to manage Banking.
For banking purposes, you are also asked for the name on the cheque, if a cheque was presented.
Business Administrator will also want to know to which account the monies will have been lodged if the payment was made electronically: BACS etc. It will need to know this in order to keep the Cash Book and Bank Accounts up to date.