Introduction to Money In

The Money In page allows you to record receipts from any source. This guide will show how to receive client payments, apply funds to items, and use your clients' Funds Available.

Overview

There are four steps on the Money In screen to record received funds

  1. Select Payment MethodThis determines the flow of funds.
  2. Enter Payment: This is where you enter the details about the payment itself.
  3. Apply Payment to Items: Here you can filter for specific items on proposals or invoices and apply funds directly to an item
  4. Post Payment: Finalize the payment and view balances for a client.

     

    Select Payment Method

    There are four different methods to receive payments:

    1. Apply to Items from Funds Available
    2. Receive & Apply to Items
    3. Receive Client Payment
    4. Receive Miscellaneous Payment

     

    Apply Payment to Items from Funds Available

    This allows you to apply payments from Funds Available to specific items. It also allows you to move funds to Funds Available by using negative amounts

    1.  Select Payment Method: Select the Payment Method: Apply Payment to Items from Funds Available
    2. Enter Payment: Fill out the appropriate information for this payment. Important things to note when entering payment for this Payment Method
      1. Receive From: This will be the Client or project ID for the items you want to apply payments to. (If you cant find the vendor in the Received From drop-down menu, click on the magnifying glass and change the Type then select from there. Typically Received From only displays client type addresses)
      2. Amount: The amount is not used for Apply Payment. The amount must be left as 0.00 or you will receive an error message and be unable to post the payment.
      3. Description: The standard default description is set to “Apply Client Payment” to note how the payment was entered.
      4. Cash Account: The cash account is not used for Apply Payment.
      5. Income Account: The Income Account is not used for Apply Payment. The Income Account is only used for Receive Misc.
    3. Apply Payment to Items: Filter for the items you need and apply the appropriate amounts to each item. More on how to filter and apply funds in Apply Payment to Items below. If you are moving funds from an item into Funds Available, enter a negative amount. More on Reversing Funds
    4. Post Payment: Select the Post Payment icon to post the payment to the general ledger. Funds Available will decrease by the total amount applied to items

     

    Receive & Apply to Items:

    The most common payment method is Receive & Apply to Items. This allows you to enter a payment from a client and apply the payment to specific items.

    1. Select Payment Method: Select the Payment Method: Receive & Apply to Items
    2.  Enter Payment:  Fill out the appropriate information for this payment. Important things to note when entering payment for this Payment Method.
      1. Income Account: The Income Account is not used for Receive & Apply to Items. It is automatically set to “Client Deposits” or “Accounts Receivable” for general ledger entries, depending on if the items are invoiced.
      2. Amount: You will need to enter the total amount of the payment you are applying to items. This will help with the Amount Remaining tool in step 4.
      3. Description: The standard default description is set to “Receive & Apply Client Payment” to note how the payment was entered.
    3.  Apply Payment to Items: Filter for the items you need and apply the appropriate amounts to each item. More on how to filter and apply funds in Apply Payment to Items below.
    4. Post Payment: Check that the Amount Remaining is 0 and review the amounts on your items. Then select the Post Payment icon to post the payment to the general ledger. The balances in this section should change accordingly.
      1. Funds Received will increase by the total amount received.
      2. Proposal Deposits will increase by the amount applied to items not invoiced.
      3. Invoice Payments will increase by the amount applied to items that are invoiced.
      4. Funds Available will not change.

     

    Receive Client Payment:

    Receive Client Payment allows you to enter a payment from a client and not apply the payment to items. The amount entered will be added to Funds Available.

    1. Select Payment Method: Select the Payment Method: Receive Client Payment
    2. Enter Payment: Fill out the appropriate information for this payment. Important things to note when entering payment for this Payment Method.
      1. Income Account: The Income Account is not used for Receive Client Payment. It is automatically set to “Client Deposit"
      1. Description: The standard default description is set to “Receive Client Payment” to note how the payment was entered.
    1.  Apply Payment to Items: You will not apply the payment to any items with this payment method. Funds are deposited into Funds Available
    2.  Post Payment: Select the Post Payment button to post the payment to the general ledger. The balances in this section should change accordingly.
      1. Funds Received will increase by the total amount received.
      2. Proposal Deposits will not change.
      3. Invoice Payments will not change.
      4. Funds Available will increase by the total amount received.

     

    Receive Miscellaneous Payment

    This allows you to enter a miscellaneous payment from a client or any other address.

    This is frequently used for owner contributions, interest income postings, employee advance repayments, and office payments/refunds.

    1. Select Payment Method: Select the Payment Method: Receive Miscellaneous Payment
    2. Enter Payment:  Fill out the appropriate information for this payment. Important things to note when entering payment for this Payment Method
      1. Receive From: The Address ID that the payment is from. If you are not receiving this from a client you should create an Address ID for the payment source.
      2. Description: The standard default description is set to “Receive Misc Payment” to note how the payment was entered. This should be changed to provide details about this payment.
      3. Income Account: The Income Account you want to post the payment to. This is not the Cash Account you are receiving funds to. This is how you categorize the payment in your books to show how much was earned. You should consult with your accountant or bookkeeper on the best account to use for Miscellaneous payments
    3. Apply Payment to Items: You will not apply the payment to any items with this payment method.
    4. Post Payment: Select the Post Payment icon to post the payment to the general ledger.

     

    Enter Payment

    Here are more details on each field in the Enter Payment section

    Receive From: The Address ID that represents who the payment is from. This is usually the client you received the payment from.

    Cash Account: This is the cash account the payment was deposited to. General Ledger entries will be created to show the payment was deposited into this account.

    This defaults to “Cash Account” if Use Undeposited Funds in the Company file is not checked. This defaults to “Undeposited Funds” if the Use Undeposited Funds is checked in your Company settings.

    Date: The date the payment was received.

    Income Account:  This is how you categorize the payment in your books. When applying funds to Funds Available or uninvoiced items this will be your Client Deposits account. When applying funds to invoiced items this will be your Accounts Receivable account. You should consult with your accountant or bookkeeper on the best account to use for Miscellaneous payments.

    Payment Type: The type of payment received. Cash, check, credit card, etc.

    Check #: The Check number of the payment. If this was a credit card payment, you can include a reference number to help you locate the payment on a statement.

    Amount: The total amount received.

    Authorization: The authorization or reference # if this is a credit card payment.

    Description: The description of the payment. A standard default description is already entered for each Payment Method but you can update this field to include more information on the payment.

     

    Apply Payment to Items

    Here are more details on how to use the Apply Payments to Items section to narrow down the items for payment.

    Filters: Enter the Proposal # or Invoice # to narrow the list of items displayed.

    The Filter field can help you narrow down items further based on their current balance. If you cannot find an item, it's best to set this to "All" to make sure all your items are visible.

    Apply Funds: Enter the Amount to Apply for each item you would like to apply the payment to. You can also select the Apply button for a specific item to apply the Deposit or Total Balance.

    The Apply Deposit to All button will fill in the deposit balance for all items visible. This will only apply the deposit for items that have NOT been invoiced.

    The Apply Balance to All button to fill in the balance due for all items visible.

     

    Post Payment

    Select the Post Payment icon to post the payment to the general ledger.

     

    Watch for a confirmation message at the top right of the screen.  If you don't receive a confirmation, your payment did not post.

    You can also use the balances underneath the Post Payment button to confirm the funds were applied correctly.

    • The Funds Received will increase by the total amount received.
    • The Proposal Deposits will increase by the amount applied to items that are not invoiced.
    • The Invoice Payments will increase by the amount applied to items that are invoiced.
    • The Funds Available will increase by the amount transferred to Funds Available.