Τhere are four different types of transactions a document can be associated with: advance payment, payment, overpayment and credit. In the following paragraphs, we will explain the way each transaction can be recorded for a sales invoice. The process is similar for purchasing documents, as well.
Add an advance payment
If you have received a payment in advance for a pending sales invoice, all you need to do is submit the transaction through the Cash receipts management under Cash flow on the main dashboard. Select the transaction type, choose the customer from whom you received the advance, type the date and the amount of payment. In this way you can record all your advance payments and following we will see how to associate them with a certain invoice.
Add a new payment
You can create document payments via the document display page in three different ways:
- By adding a new cash receipt
- By using existing cash transactions (advances/over-payments)
- By applying credit from outstanding credit notes issued to the contact.
The system will display a window with the payment options you have for that contact. The number of options that will appear depends on whether there exist pending transactions that are not yet associated with a document. The window below displays all the possible payment options:
Add new cash receipt
You can create an invoice payment from the document's preview page and the "New payment" section.
In this example we will select the "Add new cash receipt" and all you have to do is fill the date, the amount and submit an optional reason for the transaction
Finally, if you have active tracking categories applying to payments, you can associate them with the payment. From the Select tracking category field, select the desired category and then select an option, as shown in the image below.
> For more information on Tracking categories, visit the related article.
Document payments in multiple currencies
Due to the fact that exchange rates may vary from date to date, Elorus allows you to determine the conversion rate for receipts or payments in three ways:
- Use the suggested rate for a given date
- Use the exchange rate of the document
- Set the desired rate manually
This is especially useful if you have come to an agreement with your client/vendor for a specific exchange rate.
Finally, keep in mind that when you change the transactions date, the exchange rate is automatically adjusted, so that it reflects the actual date's rate. Therefore, it is more practical to pick the preferred date first, proceed with submitting the document payment and then make any exchange rate adjustments manually.
Overpayments are transactions typically handled by the application, in case you receive a payment that exceeds a document’s total amount. If, for instance, in the above-shown form you submit a new payment of £7.000,00, for a document whose total is £6.000,00, Elorus will notify you that two transactions will take place: a payment of £6000, 00, equal to the document’s total amount and an overpayment of £1.000,00.
This also appears in the picture below, where a list of related cash receipts is depicted. Through this list, you can directly erase a transaction or edit its details.
Use existing cash transactions
So far, we have explored the ways you can directly submit a new receipt to a document. However, you may wish to correlate a document with an advance payment already received by a customer or associate an automatically generated over-payment.
By selecting the "Use existing cash transactions" you can correlate, a part or the full amount, of payments received by a particular customer. For example, the following picture shows an advance payment of £2,400.00 available. Depending on the document's due amount you can enter a value in the "correlated amount" field and press "Save".
You can use a credit note to counterbalance an invoice's due amount. In the picture below the amount due is £6,000.00 and by selecting "Apply credit" in the payments options window, you can see all credit notes not yet correlated with an invoice.
By saving, a payment will be generated, found at the "Related cash receipts" section and Elorus informs you that it comes from "Credit from Credit note #".
If you click on the Credit note (here Credit Invoice # PB-2) you will be taken to the credit note's page, which is now Paid.
In case you need to correlate an amount to several documents please visit our "Bulk document payments" article.