Record payments on account
If a customer sends you a payment, or you send a vendor a payment, and you don't have an invoice to allocate it to, you can record this as a payment on account. You can then use the payment on account at a later date to pay off an invoice. See Allocate credit notes and payments on account for more information.
If you or a customer have overpaid an invoice, you can record the payment against the invoice as normal and the extra amount as a payment on account.
If you have set up check printing, you can print checks from the Check Register. For more information about printing checks, see the following topics:
To record a customer payment on account
- Go to Banking.
- From the New, and then click Sale/Receipt.
Note:
You can also create a new receipt directly on the Banking page. If you choose to enter the receipt from here, you must select the correct bank account when entering the receipt details.
- Click Customer Receipt and complete the following information:
Customer * Choose the customer who has made the payment. Paid into Bank Account * Check the correct bank account appears. If you need to change this, choose the correct account from the drop-down list. Method * Specify the payment method. Date Received * Enter the date the payment was received. Your Reference (Optional) Enter a reference for this receipt. Amount Received * Enter the total amount of the payment on account. * Indicates a required field.
- If your customer paid an invoice with part of this payment on account, select the relevant invoice.
- Click Save. To add another payment, open Save drop-down menu and click Add Another. Repeat as above.
To record a vendor payment on account
- Go to Banking.
- Click the required bank account.
- Open the New Entry menu and click Expense/Payment.
Note:
You can also create a new payment from the Banking page. If you choose to enter the payment from here, you must select the correct bank account when entering details of the payment.
- Click Vendor Payment and complete the following information:
Vendor * Enter either the company name or reference. As you start to type the list of vendors appears, choose the vendor you've paid. Paid from Bank Account * Check the correct bank account appears. If you need to change this, choose the correct account from the drop-down list. Method * Specify the payment method.
Note: If you select Check, you must also select a vendor for the transaction in order for it to appear in the Check Register. You can print the check from the Check Register.
Date Paid * Enter the date you made the payment. Your Reference (Optional) Enter a reference for the payment. Amount Paid * Enter the total amount of the payment on account. * Indicates a required field.
- If you're paying an invoice with part of this payment on account, select the relevant invoice.
- Click Save. To add another payment, open Save drop-down menu and click Add Another. Repeat as above.