Receipts

 

THERE ARE TWO TYPES OF RECEIPTS WHICH ARE RECORDED WITHIN A BUSINESS - RECEIPTS FROM CUSTOMERS / TRADE DEBTORS AND OTHER RECEIPTS.
 
 
WHEN RECEIVING FROM A CUSTOMER, TO WHOM A SALES INVOICE HAS PREVIOUSLY BEEN ISSUED AND RECORDED THROUGH THE SALES ENTRY SCREEN, THEN THE RECEIPT OF FUNDS FROM THE CUSTOMER IS SIMPLY REDUCING THE AMOUNT OWED BY THAT CUSTOMER.
 
FOR ANY RECEIPTS WHICH ARE NOT CUSTOMER RELATED / FOR WHICH AN INVOICE HAS NOT BEEN ISSUED SEE "RECEIPTS - USING PAYER OPTION"
 
 

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 Customer (F2) if a sales invoice relating to the receipt has already been posted.
 
 
Nominal Account              
 
If a Customer is selected from the Customer listing the Nominal account will default to Trade Debtors, this cannot be changed.
 
 

Amount

Enter the amount as received from the Customer.

If a sales invoice has already been posted then the VAT element has already been captured and should not be captured again as you are only liable to pay the VAT once, also the income side has already been posted to the P&L so therefore cannot be captured again as the income has only been generated once. 

If the sales invoice has been posted then the “Trade Debtors” account is showing an amount due from the Customer, the income has already been captured and the VAT has already been captured also. 

Upon receipt from the Customer the amount is no longer receivable from the Customer and the bank balance is increased to reflect the receipt, therefore it is a reclassification on the balance sheet reducing the amount receivable and increase amounts received. 

 
The entry is :
 
Cr                    Trade Debtors Account           (123.00)          Balance Sheet Receivable - Reduces amount owed by the Customer
 
Dr                    Bank Account                          123.00            Balance Sheet Received - Increases amount of funds at Bank
 
 

So now the bank account balance has been increased because the account has been debited / funds lodged and the “Trade Debtors” account has been credited reducing the amounts receivable from Customers.

Using the Customer option will only allow you to reduce the amounts receivable from “Trade Debtors” and increase the bank balance and will not allow the capturing of VAT at this point as it is assumed that the Sales invoice was posted via the Sales invoice entry.

On posting the receipt the Nominal Account will default to Trade Debtors to facilitate the above entry, this cannot be changed.

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

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