Overview:
The Cash Receipt window allows you to apply cash in several different ways:
- Apply a Cash Receipt against specific customer invoice numbers.
- Apply a Cash Receipt as a “miscellaneous sales” transaction, crediting a selected OU and account number (i.e., service charges paid by the customer).
- Apply a Cash Receipt against open an AR invoice “on account,” meaning a credit is posted to the customer AR balance with no reference to an existing customer invoice number (i.e., you are not sure which invoice the customer is paying).
- Apply a Cash Receipt as a credit to job cost, typically a back charge situation.
This video walks you thought the process of recording a cash receipt for the full amount of an AR Invoice. There are two tabs within the Cash Receipt Entry window that can be used to perform this function, the below training video will walk through both options.
Benefits:
- Stay current with deposits, this proceeds feeds into PENTA Bank Reconciliation process
- Remove AR invoices from customer statements and accounts receivable aging reports
- Automatically updates Manage Customer Receivables window to display the paid status
There may be certain situations where additional cost is incurred on the job, and cash is later received to offset this additional/unexpected cost. This is most commonly known in the construction industry as a back charge. Back charges most commonly take place when a Subcontractor or Vendor makes a mistake and causes additional expenditures on the job site where there shouldn't have been. Common examples include:
- Subcontractor causes damage to the Job Site
- Subcontractor/Supplier provides defective materials
- Subcontractor delivers defective work
- Additional clean up costs needed due to work of Subcontractor
The video below walks through the process of receiving cash through the Cash Receipts Entry window, and offsetting that cash received against job or work order cost to reduce that cost
Benefits:
- Quickly receive cash from a subcontractor/vendor and reduce job cost
Roles:
- Accounts Receivable Clerk
- Accounts Receivable Manager
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- Billing & Accounts Receivable > Cash Receipts > Cash Receipt Entry
Video:
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