Receivable transaction types define every type of transaction that is entered from every source (module) using every method into accounts receivable, such as payments, deposits, credits, late fees, refunds, etc. You can only have one combination of type, source and method per transaction type. If you need to add multiple transaction types with the same type and source, use a new transaction method.
Available Transaction Types
- Adjustments - Used for small balance write-offs, refunds or box office settlement payments.
- Typical GL distribution is:
- Debit - Accounts Receivable
- Credit - One of the following types of accounts: Bad Debt Expense, Miscellaneous Expense, Refunds Payable or Settlement Liability Account.
- If you use the Accounts Payable module (source), check the Refund check box and a voucher is automatically created.
- Check the Transfer to GL check box if you want it to automatically update the general ledger.
- You do not need to set any fields as required in the Required section.
- Typical GL distribution is:
- Applications - Used when there is an open credit you need to apply to an open invoice or you need to apply a negative payment to a positive payment. Your users do not select the application transaction type; the application transaction type is automatically used during the application process.
- Deposits - Track pre-payments received prior to an event (deposit) and you do not want to recognize the revenue until the event is complete.
- Check the Additional GL Entry check box.
- You need to enter GL distribution on both the GL Distribution tab and the Deposit GL tab:
- Deposit GL Tab - Creates the receivable and records the deposit.
- Debit - Customer Deposits
- Credit - Accounts Receivable
- GL Distribution Tab - Records the cash and offsets the customer deposit account.
- Debit - Cash or Credit Card Payment
- Credit - Customer Deposits account
- Deposit GL Tab - Creates the receivable and records the deposit.
- FCA - Tracks foreign currency adjustments.
- Finance Charges - Used to asses finance charges for your customers.
- Typical GL distribution is:
- Debit - Accounts Receivable
- Credit - Interest Income
- Typical GL distribution is:
- Invoices - Used to create manual invoices.
- Typical GL distribution is:
- Debit - Accounts Receivable
- Credit - Revenue Clearing Account
- Typical GL distribution is:
- Payments - Tracks various payment types that take place in the various modules (Events, Membership, etc.).
- Typical GL distribution is:
- Debit - Cash or Credit Card Payment
- Credit - Accounts Receivable
- Required fields depend on the payment type:
- Check/Expiration Date - Used for check payments (Check Date) and credit card payments (Expiration Date).
- Reference - Used for the check number or credit card number.
- Note - Used for the check name or name on credit card.
- Control Number - Used for the credit card authorization number.
- Security Code Used for the 3-4 digit security code on the back of the card.
- Typical GL distribution is:
- Voucher Payments - Used for gift certificate redemption transactions. It validates against the voucher ID (gift certificate ID) set up in the voucher.
Add a Receivable Transaction Type
- Click the Receivable Transaction Types link from the Main Menu. The Receivable Transaction Types screen opens.
- Click the Add button. The Add Receivable Transaction Types screen opens.
- Enter the necessary information. Some fields become available based on selections made in other fields.
- Description - Name of the transaction type.
- Type - Type of transaction.
- Source - Where the transaction type is available.
- Method - Method for the transaction. Only available if Adjustment, Deposit, FCA - Batch, FCA - Order, Payment, Refund or Voucher Payment is selected in the Type drop-down.
- Indicator - Type of payment transaction. Only available if Deposit, FCA - Batch, FCA - Order, Payment or Refund is selected in the Type drop-down.
- Currency - Currency for the transaction type.
- Group - Group for the transaction.
- GL Transfer - If checked, the transaction type automatically transfers to the general ledger.
- Refund - If checked, the transaction type is considered a refund transaction. When using a refund transaction, a refund voucher is automatically created. The GL distribution for the voucher uses the credit distribution on the transaction type.
- Expand the Required section.
- Use the drop-downs to determine which fields are hidden (Hide), required (Required) and/or shown (Show) when using the receivable transaction type.
- Check the Memo Payment check box if the transaction type is for memo use only and should not affect an account's balance.
- Expand the Additional Information section.
- Enter the necessary information:
- Source Default - If checked, the transaction type is the default for the source selected in the Source drop-down.
- Finance Charges - If checked, the transaction type is eligible for finance charges. Applies only to invoice and finance charge transaction types.
- Allow Final Invoice - If checked, the transaction type is available for the final invoice on a payment plan. Only available for deposit transaction types.
- Additional GL Entry - If checked, an additional journal entry is created to reverse the deposit either when the service order is closed or invoiced. Only available for deposit transaction types.
- Entry Trans Type - Type of journal entry created when the additional GL entry is created. Only available for deposit transaction types.
- Select the GL Distribution tab. This is where you configure the debit and credit GL accounts for any GL distribution for the transaction type.
- Click the Insert Row link. A new row inserts into the tab.
- Enter the following information:
- GL Account Name – GL account for the transaction type.
- Type - Select if it is the credit or debit account.
- Right-click on the newly added row.
- Select Insert Row. A new row inserts into the tab.
- Select the GL Account Name and Type for the credit/debit GL account.
- Repeat steps 12 - 14 for any additional GL distribution lines for the transaction type.
- Select the CC Authorization tab if you are configuring a credit card transaction type.
- Enter the necessary information:
- Credit Card First Position - Credit card number is required to begin with the entered numeric value.
- Authorize - If checked, the credit card authorization process is used to process the payment.
- Click OK.
Change a Receivable Transaction Type
You can change most information for a receivable transaction type after you have created it. You cannot change the type, source or method assigned to a receivable transaction type. When you change the information for a receivable transaction type, it updates wherever the receivable transaction type is used. If you don't want to update the already existing receivable transaction type data, then you must add a new receivable transaction type using the steps in Add a Receivable Transaction Type.
- Click the Receivable Transaction Types link from the Main Menu. The Receivable Transaction Types screen opens.
- Select the receivable transaction type to edit.
- Right-click and select Edit. The Edit Receivable Transaction Types screen opens.
- Make the desired change.
- Click OK.
Inactivate a Receivable Transaction Type
If you no longer use a receivable transaction type but want to keep record of it for reporting or other purposes, you can make it inactive. When you make a receivable transaction type inactive, it is no longer available for selection.
- Click the Receivable Transaction Types link from the Main Menu. The Receivable Transaction Types screen opens.
- Select the receivable transaction type to make inactive.
- Right-click and select Edit. The Edit Receivable Transaction Types screen opens.
- Select Inactive from the Status drop-down.
- Click OK.
Delete a Receivable Transaction Type
If you no longer use a receivable transaction type and don't want to keep a record of it, you can delete it. You cannot delete receivable transaction types that are currently used for transactions. You cannot undo the delete process.
- Click the Receivable Transaction Types link from the Main Menu. The Receivable Transaction Types screen opens.
- Right-click on the receivable transaction type to delete.
- Select Mark for Delete.
- Click the Save button.
Comments
4 comments
0 upvotes
When Payment is used rather Deposit, your only option is to reverse the Payment (you may uncheck the Electronic flag to avoid processing credit cards) and add Deposit transaction
0 upvotes
I am getting an error message "Invoices cannot be issued for the selected transaction source. The following invoicing transaction type is inactive: INVMB
Please let me know if somebody has seen this before and how can we resolve this
0 upvotes
It looks like you need to visit the Receivable Transaction Types window and activate the Invoice Membership transaction type. I presume you are trying to issue Membership Invoices?
0 upvotes
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