Create Receipt – A summary of the activity
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This activity allows you to create a receipt for any payment received from the customer.
Receipts can be categorized into three different types like “Regular”, “Deposits” and “Advances”.
“Regular” receipts are created for payments received from customers based on invoices or debit documents raised on them on account of any services or supplies made.
“Deposits” receipts are created for payments received from customers as a security for the material given in hire or as a security for the money to be received for the transactions to be carried out.
“Advances” receipts are created for payments received before the supply of goods is made to a customer.
Payments can be received in the form of checks, demand draft, pay orders, credit cards or by cash. This payment can be adjusted against the corresponding invoice or a debit document. Adjustments can be made automatically by the system or it can be done manually. The business requirements govern the method to be followed during the adjustment process. You can adjust the receipt with an order-based invoice, direct invoice, prepayment invoice or a sale order. You can also adjust the receipt with a debit note.
Once the receipt is created it can be authorized for posting in the selected books of accounts. You can view the posting details of the authorized receipt.
Getting familiar with the pages inside
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Create Receipt |
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Accounting Information |
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Edit Receipt |
What you can do in this activity
Adjusting receipts against multiple debit documents
Raise receipts for payments received in different modes
Receive payments in currencies different from the debit document
Record cost center and analysis details
Authorize a receipt during creation
View posting details of the receipt
View electronic payment details
Link to the “Customer Balance Adjustment” business component
A payment received from a customer can be adjusted in two different ways. Based on the business requirements either “Manual” or “Automatic” can be opted. These adjustment options are available for selection based on the function defaults set. If you prefer the “Manual” adjustment type, you can proceed using the link to the “Customer Balance Adjustment” business component or you could do it later. If you prefer the “Automatic” adjustment type the system adjusts the payments with the debit documents automatically on a First In First Out (FIFO) or Last In First Out (LIFO) basis, which is defined in the “Set Function Defaults” activity.
Go to “Create Receipt” page.
Set the “Adjustment” as “Automatic” or “Manual”.
Adjusting receipts against multiple debit documents
Payments that have been categorized as “Regular” are received based on debit documents raised on the customer. You can search and retrieve debit documents of different types that has been raised on a single customer. You can also apportion the amount to be adjusted accordingly.
Go to “Create Receipt” page.
Select the type of debit documents against which the adjustment must be made.
Raise receipts for payments received in different modes
Payments, irrespective of the category it belongs, can be received in different modes. The frequently opted modes are the “Demand Draft”, “Check” or the “Pay Order”. Apart from raising receipts for payment received through these modes, receipts can also be raised for payments received by “Cash”, “Direct Credit” or “Credit Card”. Receipts are also made for electronic payments received.
Go to “Create Receipt” page.
Enter the necessary information.
Receive payments in currencies different from the debit document
Payments can be received in currencies that are different from the currency in which the debit document like the “Direct Invoice” or the “Sale Order” has been raised. These payments can then be adjusted against the debit documents taking into account the exchange rates during the adjustment process.
Go to “Create Receipt” page.
Enter the necessary information.
Record cost center and analysis details
If payments received from a different city or state, clearing expenses will be deducted before the credit is made to the account. These bank charges are usually posted to a charges account and a cost center is mapped to it. Similarly, you can also do an analysis of the charges account. Analysis of the charge account can be carried out using the cost center and analysis codes mapped.
Go to “Create Receipt” page.
Enter the cost center and analysis details required.
Authorize a receipt during creation
Receipts raised for payments received from a customer must be authorized for posting in the books of accounts. If the receipt details are complete in all respects you can perform the authorization along with the creation of the receipt. The status of the receipt is updated to “Authorized” directly.
Go to “Create Receipt” page.
Enter the necessary information.
Select the corresponding task.
View posting details of the receipt
An authorized receipt is posted in the selected books of accounts. Based on the type of transaction and the number selected, you can view the posting details of the receipt.
Go to “Accounting Information” page.
Select the transaction and view the posting details.
View electronic payment details
Apart from receiving payments through “Bank” or “Cash”, you can also receive payments through electronic transfers. Details of electronic payments can also be viewed.
Go to “Electronic Receipt Information” page.
View the details.
Receipts that are in the “Draft” or “Fresh” status can be modified immediately after it has been created. The receipts can also be authorized after the modifications have been made.
Go to “Create Receipt” page.
Select the “Edit Receipt” link.
Link to the “Customer Balance Adjustment” business component
Payments received from a customer have to be adjusted with the debit documents raised on him. If “Automatic” adjustment has been opted, the adjustment will be made and the results updated in the books of accounts. If “Manual” adjustments have been opted, the adjustment can be made in the “Customer Balance Adjustment” business component. The link to traverse to the adjustment page can be used.
Go to “Create Receipt” page.
Select the “Adjust Receipt” link provided at the bottom of the page.