11.02. Receipts and Payments

Entering Payments

The Payment window, located in the Open Items menu, is used to register bank transactions (payments and receipts) in SocrateCloud. The following fields are available:

• Document No, Description

• Bank Account - account used for the payment;

• Receipt (system maintained) - is checked if the base document type used is receipt;

• Document Type - indicates the transaction type:

  • "Payment - payment made by the organization to business partners or charge accounts;

  • "Receipt" - payment made by business partners to the organization;

• Transaction Date - date when the payment was registered;

• Account Date - date used for the accounting transactions that result from posting the payment;

Reference section:

• Business partner - the business partner for which the payment is registered;

• Order, Debt to Payment, Invoice, Calculated Withholdings, Charge - document or expense type to which the payment is allocated;

• Project, Activity, Employee, etc. - accounting dimensions used for analysis, determined by the accounting schema. Details in Accounting;

• Courier Service, Tracking No - courier information, displayed if the payment was imported from the integrated courier application;

• Bank Statement Line - the corresponding bank statement line;

  • Note: the line will be displayed even if the bank statement was voided and will be updated only when the payment is allocated to another bank statement;

Amounts section - if a document is selected in the Reference section, the amount fields will be updated accordingly. Multiple currency transactions are allowed (e.g. different currency for the invoice and the allocated payment);

• Payment amount - the total payment amount;

• Currency - the currency used for the payment:

  • for receipts - the default currency is used is determined by the selected business partner (Business Partner window, Customer tab) - v15.07;

  • for currency - the base currency is used;

  • in both situations the currency can be manually edited by the operator;

• Discount Amount - the payment amount registered as a discount. If payment term discounts have been defined for the allocated document, and the payment date is within the payment term, the discount amount will be automatically calculated and completed;

  • Write-off Amount - this amount cannot be allocated later and is not a discount;

  • Over/Under Payment - is checked to indicate that the payment is under or over allocated to the selected document. The amount will be completed in the field with the same name:

    • Over Allocated payments - with negative value and allow a payment with greater value to be allocated to a document. This will affect the document's ballance;

  • Under allocated payment - are entered with positive value and represent the difference between the allocated amount and the payment amount;

  • If a payment is not fully allocated, the remaining amount in the Over/Under Payment field can be allocated to a different document;

Document section:

• • Tender Type - indicates the document type used for the payment (Check, Card, Ticket):

    • "Check" - select to register a payment by cheque:

• • • Routing No, Check No - numbers as written on the check;

      • Account No - allocated acount number

      • Micr (Magnetic Ink Character Recognition) - unique combination of the following: routing no, account no and check no used by banks for check processing;

    • Due Date, Deposition Date - dates on the check;

      • Details in Commercial Bills;

    • "Credit Card" - select to register a payment made by credit card:

• • • • Credit Card - credit card type used (MasterCard, Visa, etc.)

      • Transaction Type - generic type for transaction type operations;

      • Number - the credit card number as written on the card;

      • Exp Month, Exp year - the credit card expiration date;

      • Account Name - the name of the card or card holder;

• • • "Direct Deposit" - select to register a payment made by bank transfer:

• • • • Routing No - number used for the online bank transfer;

      • Account No - source or destination bank account number, depending on transaction type;

• • • "Ticket" - select to register a payment made by pay tickets;

• • • Ticket - the ticket type, defined in the Ticket window, located n the Open Items menu;

    • Ticket No - the number as written on the ticket;

    • "Direct Debit" - select to register a payment made by direct debit;

• • Online Access - if checked, the payment can be processed online through the bank's web application. Additional fields will appear, used for payment processing. Processing is only available if a payment processor has been defined. Details in Open Items Setup;

Status section:

• Document Status - indicates the payments current docuemnt status. The initial status for a payment is "Drafted"

• Document Action button - is used to change the payment document status:

  • "Complete" -> Document Status: "Completed" - the payment will produce it's effects within the system (generate allocations, influence credit amounts);

  • "Void" / "Reverse" -> Document Status: "Voided" / "Reversed":

    • generates a payment with opposite amount with the current date (correct) or the original payment date (void) and with the "Reversed" document status;

      • any existing allocations are automatically voided/corrected by the system;

    • "Close" - Status: "Closed" - permanently close the payment document;

  • Self Service - indicates that the payment was registered through the webstore;

The Reverse Payment at Date process, located in the Open Items menu, allows you to void a payment and select the date for the generated opposite payment.

The payment document is influenced by the customer's credit status and credit limit. Details in Business Partners.

When a customer's credit status becomes Credit Stop, when attempting to complete the payment, it will go into the "Blocked Credit" status and the user will receive a warning message regarding the customer's credit status. The following document actions are available:

• "Complete" - select to complete the invoice, after changing the credit status;

• "Void" and "Close";

Allocating Multiple Invoices

The Allocate tab from the Payment window is used to allocate the payment to multiple invoices. The following fields are available:

• Payment - reference to the payment;

• Invoice - select an invoice to allocate the payment with. When selecting an invoice, the amount and discount amount fields will be updated automatically;

• Invoice Amt - displays the due amount on the invoice;

• Amount - payment amount allocated;

• Discount Amount - discounted payment amount;

  • Write-off Amount - this amount will not be allocated in the future and is not a discount;

  • Under/Over Payment Allocation - difference between the due invoice amount and the allocated amount;

Reference section:

• • Remaining Amt - displays the payment amount available for allocation, determined by all the records in this tab. If the remaining amount is negative the payment cannot be completed. If the amount is positive, the payment is still available for allocation.

  • Allocation Line - reference to the payment-invoice allocation document generated after completing the payment;

Note:

• You cannot enter records in this tab if the payment has already been allocated using the Reference section in the Payment window.

• The tab is only available if the Show advanced tabs option has been selected in the User Preferences window;

  • Starting with 15.09, payments for vendor invoices with multiple due dates can only be allocated using the Payment Allocation window.

Accounting

After completing the payment the Not Posted button will be available, which is used to transfer the payment into accounting.

The accounting transactions generated by payments and receipts are described below:

• Receipt

  • Debit: Bank Account

  • Credit: Unallocated Number

• Payment

  • Debit: Checks to be created

  • Credit: Bank Account

• Prepaid Order Receipts

  • Debit: Bank Account

  • Credit: Customer Prepayments

Commercial Bills

Granted or received check type commercial bills can be registered in the Payment window, found in the Open Items menu. Create a new record and fill in the following fields:

• Payment window

  • Organization: the organization to/from which you make/receive the payment/receipt;

  • Bank Account: the bank account (iban) for the payment/receipt;

  • Document No: manually added, otherwise it will be automatically completed by the system;

  • Document Type- select Payment or Receipt from the list;

  • Transaction Date= Account Date: the date the commercial bill is issued/received;

  • Description: optional, an explanation for the transaction;

  • Business Partner: the Vendor/Customer to/from whom you have paid/received the cash;

  • Payment amount: the Payment/Receipt document amount;

  • Tender Type: Check: this will activate the fields:

    • Check No: complete the check note number;

    • Due Date: the check's due date

    • Deposition Date: the date the money is deposited at the bank (the discount date on the bank statement)

If a single invoice is fully paid, select the corresponding invoice in the Invoice field, by accessing the Info-Invoice window (to display vendor invoices, select No in the Sales Transaction field).

• Allocate tab:

  • If you pay multiple invoices partially/wholly and these are entered in the system via the New Record button, you need to fill in the fields:

    • Invoice - Click on the magnifier pictogram to the right of the field to have the Info-Invoice window displayed and select the corresponding invoice.

    • Amount - The balance amount of the invoice (limited by the payment/receipt amount) will be displayed. This will further be replaced with the amount paid/received on the invoice. Save the line.

    • Write-off Amount -The difference between the amount on the payment document and the paid amount on the invoice will be displayed.

    • Over/Under Payment Amount - The invoice balance will be displayed.

    • Press the New Record button to add a new allocation with a different invoice, following the steps described above.

    • After entering all the lines and covering up the entire payment/receipt amount, go back to the Payment window and press the Complete button then select Complete in the Document Action window and press OK.

The Payment-Invoice allocation can also be done in the Payment Allocation window, after the payment document has been completed: choose the Business Partner, select the corresponding Payment and then check the invoice(s) that need to be allocated. In the case the invoice balance is only partially written-off, enter the amount you wish to allocate in the Applied Amount column and press the Process button (this will only be active if the payment amount is equal to the invoice amount).