Payments
Payment functionality helps you capture the payments received from customers. If you present your customer with an invoice of $90 and they provide you a check of $100, you can create a payment record of $10. You can now apply this payment of $10 to your next invoice.
Creating Payments
To create a Payment,
Applying Payments from Payment Record
You can apply payments to approved, and unpaid or partially paid invoices. To apply a payment,
The status of the payment record changes to Applied if you applied the entire amount of the payment or Partially Applied if a part of the payment was applied to an invoice. Available balance changes to reflect the remaining balance of the payment.
Related A/R Transaction records are created for each invoice that was paid through the payment. A destination Related A/R Transaction record is created with Ending Balance equal to the Available Balance of the Invoice.
The invoice Status changes to Paid or Partially Paid and Total Due Amount is updated.
Applying Payment from Invoice Record
The invoice status is Approved.
The invoice payment status must be either Unpaid or Partially Paid.
Related A/R Transaction records are created for transactions from each payment term. A destination Related A/R Transaction record is created with decreased Ending Balance equal to the applied amount.
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