Receipts/Payments

Receipts

This tab allows you to enter all checks, cash, and credit card slips you receive and deposit them in your checking account.
To reach receipts tab you go to task menu and select Receipts.

After clicking on the following tab will be open in which you fill all the required information.

As shown in the figure you have to select the customer I.D who makes payments either in full or some partial amount. Then fill the reference and receipt # and the date on which we received the account receivable. Then select the payment method this is already set as we set in customer default. Now on the lower portion of the window there are 2 tabs which is actually the 2 methods in which we can account for receipts in Peachtree…

Apply to invoices:

The 1^st tab is used if there are unpaid invoices for this customer; Peachtree lists them on the Apply to Invoices tab. If we sent an invoice to a customer, we apply the receipt to the invoice. Invoices entered in the Sales/Invoicing window appear as distribution lines when we enter the customer ID. If invoice is being paid in full we can check the pay column. If the customer has only paid a partial amount on the invoice, enter that amount. Peachtree will automatically select the Pay check box.

Apply to revenue:

If there are no unpaid invoices, Peachtree displays the Apply to Revenue tab. Or if we made a direct sale that didn't require an invoice, we use Receipts and enter it on the Apply to Revenues tab.
Last step is to click on the save icon to post the transaction

Payments

This tab is used to record the payments against the vendor invoice and record the payments which don’t have a vendor invoice and also for prepayments and discounts.

To go for payment window click on task menu and select payments.

After clicking on the following window will be open:

Select the vendor I.D, enter the check # and date on which we make payments to our vendor. As in receipts there were 2 ways of recording receipts here are also 2 ways to record payments.

Apply to invoices:

Pay previously entered invoices in this window. If you want to make full payment check the box in the pay column but if you pay partial payment then entered the amount in the amount paid column.

Apply to expenses:

Pay a vendor without using a vendor invoice.

At the end click on the save button to post the transaction.