How to create Financial Receivable before the Deal is Capped and posting the payment later.
Creating a Financial Receivable before the Deal is Capped and postponing adding a payment until later.
After you have created the financial receivable, and when you choose “No, do not create a Payment”, you will return to the deal. It has created the place holder for the finance invoice, as you can see on the Payments, Finance Tab of the deal itself. Note that Amount Paid is at zero.
At any time after the initial invoice has been created, you can apply further payments and/or adjustments to the invoice through the AR transaction screen. You are not able to apply a payment onto a finance invoice through the deal itself except when you initially create it.
If you wish to add an adjustment payment to a finance invoice AFTER it has already been created, go through the Receivable Transactions screen to Invoice Payment. Click on Add Invoice and input the deal # as the invoice number. Continue as usual, ensuring you do NOT tag a cash drawer.~Either method #1 or #2 can be used to process a payment via Daily Book, but only method #1 can be used to process an adjustment – such as an automatic transfer of funds straight into your bank account.
One such payment that would go through Daily Book could look like this:
Next - double click on the correct finance company and the following screen will be displayed:
After you have created the financial receivable, and when you choose “No, do not create a Payment”, you will return to the deal. It has created the place holder for the finance invoice, as you can see on the Payments, Finance Tab of the deal itself. Note that Amount Paid is at zero.
At any time after the initial invoice has been created, you can apply further payments and/or adjustments to the invoice through the AR transaction screen. You are not able to apply a payment onto a finance invoice through the deal itself except when you initially create it.
If you wish to add an adjustment payment to a finance invoice AFTER it has already been created, go through the Receivable Transactions screen to Invoice Payment. Click on Add Invoice and input the deal # as the invoice number. Continue as usual, ensuring you do NOT tag a cash drawer.~Either method #1 or #2 can be used to process a payment via Daily Book, but only method #1 can be used to process an adjustment – such as an automatic transfer of funds straight into your bank account.
- New Vendor Payment – choose New Vendor Payment – this method is the same as before.
- Click on Add item to choose finance invoice and add to this payment
- Click adjustment and choose account if you do not want this going to Daily Book – this is also the method you would use if it is an ACH or electronic funds transfer – in that case you would choose your bank account that the money is being deposited into
- Click on Payment Method, input Check/Ref #, and Cash Drawer (ONLY choose a Cash Drawer if it is NOT an adjustment and you want it going to Daily Book)
- Put in the amount of the payment in the “Amount Paid” box.
- Confirm the Date
- Post
Note that the Amount Due is a negative $14,000.00.
This is because there was a previous payment put on this finance invoice via the initial creation (though it could have also been from payments after the fact), and the deal has not yet been posted yet. Since the deal has not yet been posted, it has no value yet, thus payments show as a negative amount due. Once the deal is posted, this will not be the case.
This is because there was a previous payment put on this finance invoice via the initial creation (though it could have also been from payments after the fact), and the deal has not yet been posted yet. Since the deal has not yet been posted, it has no value yet, thus payments show as a negative amount due. Once the deal is posted, this will not be the case.
One such payment that would go through Daily Book could look like this:
- New Customer Vendor Payment – used only if you want the money to go through daily book - click on the icon for New Customer Vendor Payment and then type in the name of the finance company:
Next - double click on the correct finance company and the following screen will be displayed:
- Click the box next to the invoice(s) you wish to process a payment against
- Input the Amount Paid
- Confirm the Date
- Choose Payment method
- Insert Check/Reference #
- Choose Cash Drawer
- Insert Notes/Memo as applicable
- Post
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