Introduction

When entries are made on the Payments screen (via Sales screen) the values are reported on the Payments Report.  The report is used by the accounts department:
 

·         to verify that all payments received have been entered against the applicable invoices.

·         to record payments that have actually been banked into the businesses accounting program.

The report can display details:
 

·         within a specified date range

·         all payments, or

·         of un-banked payments only (default)

Procedures

1. Paperwork to Payments Report Reconciliation

Typically the accounts section will have received cash dockets, credit card receipts, cheques, direct deposit details etc on a daily basis. 

They will then go to the Payments Report and be able to tick in the Rec column that they have received the details of the payment.  This serves two purposes:

·         It is a record that they have the paperwork for payments that have been recorded against invoices.

·         It verifies that all payments that have been entered have paperwork.

Click save so that these ticked items remain after the closure of the report.

At this point the accounts person will investigate any discrepancies between their records and the Payments Report.  For example, they will process any payments against invoices that had not been done and/or locate receipts etc for payments that have been processed for which there is no paperwork. 

2. Record Banking

Each payment method may reach the bank in a different way.  For example, cash and cheques may accumulate for a few days before taking to the bank but credit cards may be automatically applied at the bank, one deposit for a number of credit card payments on the day.

The accounts person will then use the Payments report Bnk column to tick payments once they have been received at the bank.  When you tick payments in the banked column, the Banking Total at the bottom of the screen will accumulate the total.  This can be verified against the bank details.

Once the totals are the same as that on the bank statement, click save.  You can optionally print a Banked Report which lists the payments that have been ticked as banked.

You can either now move out of the Payments Report Screen or click Refresh.  If your option at the top of the screen was to Show Unbanked Payments Only, the saved banked will no longer be displayed.

3. Use of the Print Banked Report

If one wanted to take cash and cheques to the bank, you would tick the relevant payments in the Bnk column, verify the totals at the bottom of the page and then print the Payments Report.  This report could be used as a cheques detail list to go with you bank deposit.

Some businesses may require a report that lists all payments made in the month under the relevant payment methods.  For this you would click Show All and enter the relevant dates at the top of the screen.  Then click Print Banked Report.

Some business may print the Print Banked Report each day or week and file it.