When money is transferred directly to a bank account as payment for an open order or invoice, you can create the customer payment record during the bank statement import. This prevents you from having to manually apply the payment to the order or invoice as a separate process.
Create the Receivable Transaction Type
You can tag a cash book transaction type to an existing or new receivable transaction type. To configure the receivable transaction type to apply to a cash book transaction:
- Click the Receivable Transaction Types link from the Main Menu. The Receivable Transaction Types screen opens.
- Select the receivable transaction type adjustment to use for the cash book transaction.
- Right-click and select Edit. The Edit Receivable Transaction Types screen opens.
- Expand the Additional Information section.
- Select Yes from the Create Cash Book Transaction drop-down. This drop-down is available if Payment or Deposit is selected from the Type drop-down and Check, Cash or Wire is selected from the Indicator drop-down.
- Select the corresponding cash book transaction from the Cash Book Transaction Type drop-down. You must configure the corresponding cash book transaction as a deposit transaction type with the GL Transfer check box unchecked.
- Click OK.
Process AR Transactions from a Bank Statement Import/Cash Book Transaction Import
When Bank Statement Imports occur, you can manually match items to an order or invoice and ensure the customer payment gets created against the order or invoice.
- Click the Bank Statement/Cash Book Transaction Imports link from the Main Menu. The Bank Statement/Cash Book Transaction Imports screen opens.
- Import the bank statement or select the import with the transaction to match to an order or invoice.
- Right-click and select Edit. The Edit Bank Statement Import screen opens.
- Expand the Bank Statement Detail section.
- Select the transaction to match to an order or invoice.
- Right-click and select Edit. The Edit Bank Statement Transaction Detail screen opens.
- Expand the Additional Details section.
- Check the Customer Payment check box.
- Select the receivable transaction type configured in Create the Receivable Transaction Type from the Payment Type drop-down.
- Select the order from the Order Number drop-down or the invoice from the Invoice drop-down.
- Click OK. Return to the Edit Bank Statement Import screen.
After posting the transaction or bank statement, a payment is created against the assigned order/invoice. You can then generate the payment journal entry using your organization's usual process:
- If you usually batch the cash receipts to generate the journal, this process also creates the journal entry for the transaction.
- If you manually pull the AR entries from the Journal Entries screen, it also flows through as expected.
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