Receipts - Using Payer Option

 

THERE ARE TWO TYPES OF RECEIPTS WHICH ARE RECORDED WITHIN A BUSINESS - RECEIPTS FROM CUSTOMERS / TRADE DEBTORS AND OTHER RECEIPTS.
 
OTHER RECEIPTS ARE RECEIPTS USING THE PAYER OPTION WITHIN THE RECEIPTS ENTRY SCREEN.
 
FOR ANY RECEIPTS ON WHICH VAT HAS NOT BEEN PREVIOUSLY CAPTURED AND FOR ANY RECEIPTS WHICH ARE NOT CUSTOMER RELATED (I.E. GRANTS RECEIVED, BANK INTEREST EARNED ETC) THEN A PAYER SHOULD BE SELECTED BY TYPING THE DESIRED NAME IN THE “CUSTOMER / PAYER” BOX.
 
AFTER THIS, WHEN YOU TAB PAST THE “CUSTOMER / PAYER” YOU WILL BE PROMPTED TO SELECT IF THIS IS A NEW “CUSTOMER" OR “OTHER” SELECT “OTHER” (I.E. PAYER). 
 
THIS WILL ADD THE PAYER TO THE PAYER LISTING FOR FUTURE USE.
 
SELECT THE NOMINAL ACCOUNT RELEVANT TO THE RECEIPT E.G INTEREST EARNED.
 
 

BANK > RECEIPTS

 
 
Received into        
 
Select the bank account from the drop down list into which the funds are being lodged (bottom right hand corner of entry screen). It is important that you ensure you are working from the correct bank account at the start.
 
 
Reference
 
This is the lodgement slip number or the bank statement reference
 
 
Date                                                            
 
Date of lodgement as recorded on the lodgement slip or in the case of credit transfers the date of lodgement into the bank account.
                                                
 
Customer /Payer                           
 
Select a Payer from the existing list (F2) or type the first letter of the Payer name, use arrow down key to scroll through the existing Payer names.
 
To setup a new Payer simply type the new Payer name. The program will recognise the new name does not already exist and prompt you to specify if it is a new “Customer” or “Other”, select “Other” to add the new name to the Payer list.
 
 
Nominal Account              
 
Select the appropriate nominal account, F2 will give a full list of the available accountswhich you have flagged for view within the Receipts screen. Alternatively type the first letter of the account name and use the arrow keys to scroll through the nominal accounts.
 
For income items which are not sales / turnover related you can set up user defined income accounts to group income types together and give further information, see "Customising for your use", "Income Accounts"
 
 
Amount                                          
 
Enter the amount per the lodgement or cheque received or per bank statement in the case of Credit Transfers.  This will always be the GROSS amount when VAT is involved within the transaction.
 
 
VAT 
                                                            
If applicable a VAT rate can be attached to the amount entered which will record the VAT payable to the Revenue through to the VAT account and VAT report.
While within the amount box use the arrow keys to scroll through the VAT rates available in order to capture the VAT on any receipts for which you may owe VAT to the Revenue and for which the VAT was not previously captured. The VAT element will flow through to the VAT report to be included within the Normal VAT Report for the period.
 
 
An example of a non Customer, i.e. PAYER, related receipt is :
 
Cr                    Interest Earned           (20.00) Profit and Loss Account, Income
 
 
Dr                    Bank                           20.00   Balance Sheet, Received increasing fund at Bank
 
 
OR
 
 
Cr                    FAS Employment Grants       (8,000.00) Profit and Loss Account, Income
 
The Payer set up to identify might be "FAS Grants Quarter 1"
 
The Income Account used is renamed using the "User Defined Income Account" option.
 
Dr                    Bank                                 8,000.00         Balance Sheet, Received increasing fund at Bank
 
 
The posting to the Trade Debtors account is omitted as the amount was received straight away so did not need to be treated as a receivable.
 
 
IT IS NOT OBLIGATORY TO SET UP A PAYER OR TO ENTER ANYTHING INTO THE CUSTOMER / PAYER FIELD.  IF YOU LEAVE THE FIELD BLANK THEN THE ENTRY IS RECORDED IN THE SAME MANNER AS A PAYER RECEIPT BUT WITHOUT ATTACHING THE EXTRA NARRATIVE OF A PAYER NAME TO THE TRANSACTION.
 
THE ADVANTAGE OF USING THE PAYER OPTION IS THAT THE PAYER GIVES ADDITIONAL NARRATIVE TO THE TRANSACTION IN ORDER TO IDENTIFY THE PURPOSE OF THE TRANSACTION.
ADDITIONALLY, ONCE A PAYER IS SET UP, THE PAYER IS ADDED TO THE PAYER LISTING AND CAN BE SELECTED AGAINST FUTURE TRANSACTIONS WHERE APPROPRIATE. THE LAST NOMINAL ACCOUNT USED FOR THE PAYER WILL ALSO LINK TO SUBSEQUENT TRANSACTIONS AUTOMATICALLY BUT IS ALWAYS AVAILABLE TO CHANGE AT THE USER'S DISCRETION.

Need help? Support is available at 01 8352074 or support@thesaurus.ie.

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