Payment Posting

Through Accounting > Payment Posting, StudioPay users can save time when recording processed payments through automated transaction syncing directly from StudioPay.

Jump to:


Overview

The Payment Posting page provides Designers with a streamlined workflow to record StudioPay payments as accounting entries. This page, which can be used in place of Money In displays a list of StudioPay transactions that can be applied to active Items and Projects with the click of a button.

Getting Started

To get started, you'll need to set a default account to use for Payment Posting by heading to Settings > My Company > Payment Defaults.

Select the account from the Cash Account dropdown or click Add New to create and use new account, then click Save.

If you skip this step, you'll be prompted to select a Cash Account before you're able to post any payments.

Navigation

Payment Posting is found under Accounting > Payment Posting. Payments are displayed on the left-hand side, alongside a list of Items and Projects for easy review and posting. 

All recently-synced transactions from StudioPay will appear on the Payment Posting page, but only transactions with a status of Captured can be viewed and posted.

Note: Settled payments from your StudioPay Dashboard will appear as Captured on the Payment Posting page.

Clicking on a valid Captured transaction expands it and displays options for posting on the right-hand side.

Legend

paymentposting_7.12.23

  • Description: an optional field to help identify your payment in the GL; has value of "Receive & Apply StudioPay Transaction" by default.
  • Check #: an optional field to help identify your payment in the GL.
  • Clear Balance to All: removes any values currently present in the Amount to Apply field for all items on the document.
  • Apply Deposit to All: applies the value currently present in the Dep Balance field and distributes it between items on the document.
  • Apply Balance to All: applies the value currently present in the Total Balance field and distributes it between all items on the document.
  • Amount to Apply: how much of the payment to apply to this specific item (or leave blank or $0 to send the money to Funds Available instead); can be entered manually or you can click Apply under Dep Balance or Total Balance  to auto-fill one of those respective amounts into Amount to Apply.
  • Total Selling: total Selling Cost of the item.
  • Payment: payments that have already been applied toward the item.
  • Dep Balance: the current Deposit Balance for the item; click Apply to auto-fill the amount in this field to this item's Amount to Apply only.
  • Total Balance: the entire collectice balance for the item including other documents and previously posted payments; click Apply to auto-fill the amount in this field to this item's Amount to Apply only.
  • Actions: allows you to edit the item.
  • Post Payment: click to finalize the payment; once it's posted, it will disappear from the list on the left.
  • Delete Payment: click the three dots at the upper right-hand corner of each transaction for the option to delete them from the Payment Posting page. 

Note: Deleting transactions only removes them from display within the Payment Posting page; they are still postable through Money In.

Posting Payments

To post a payment, click a Captured transaction in the left column to expand the view.

In the below example, a payment has synced over from StudioPay in the amount of $1.00 for a proposal that has two items on it.

Both items have previously had payments in the amount of $2.10 each (Payment column) applied toward their respective Total Selling prices of $3.60 each. 

If needed, fill out the Description and Check # fields (optional).

How the transaction is recorded is based on the values entered in the Amount to Apply fields for each item before you click Post Payment. This can be typed in manually or, when the payment received is enough to cover the Deposit Balance or Total Balance, you can click Apply Deposit to All/Apply Balance to All to distribute the payment among all the items. This can also be done item-by-item by clicking Apply in the Dep Balance and Total Balance columns when applicable.

  • If Amount to Apply is left as $0.00: payment will go directly into Funds Available/Client Deposits
  • If Amount to Apply is $1.00 (the amount of the payment) across all items: payment will be applied to one or more item(s) as specified by the Designer
  • If Amount to Apply is less than $1.00 (less than the amount of the payment) across all items: the payment will be applied to the item(s) as specified by the Designer, with any remaining funds going into Funds Available/Client Deposits

Once you've entered the Amount to Pay, click Post Payment in the bottom right-hand corner of the screen to bring up a confirmation:


Clicking Yes will post the entry with a green success banner and will clear the transaction from your Payment Posting view.


Credit Card Fee Pass-through with Fee Posting

If your firm utilizes credit card fee pass-through, Fee Posting will easily post the fees you've passed on to clients to the General Ledger. The Payment Details page within Payment Posting shows a breakdown of the Merchant Fee, Fee Pass-through, and Fee Remainder as shown below.

Payment Details 1

Once posted, the General Ledger will have a Debit entry for the Merchant Fee and a Credit entry for the Fee Pass-through to a Merchant Processing Fees account as shown below.

GL2


How to Setup a Merchant Fees Account

A default expense account has been set up for you called Merchant Fees.  You can check this by following the steps below:

Step 1. Go to Settings > My Company > Payment Defaults

Step 2. Scroll down until you see StudioPay Convenience Fee Account

Step 3. The Merchant Fees expense account will automatically be selected. If you wish to change it, click ‘Add New’ or select an expense account from the drop-down menu.

After you’ve confirmed the StudioPay Convenience Fee Account, you will be able post the fees through Accounting > Payment Posting.


Payment Details Legend

Payment Detals Legend

Payment: The amount your client entered in the Payment field at the time of payment.

Payment + Fees: The amount your client entered at the time of payment plus the credit card fee pass-through fee.

Fee Account: The expense account you entered as your StudioPay convenience fee account via Settings > My Company > Payment Defaults.

Fee Passthrough: The 3% fee passed onto your client.

Merchant Fees: The amount you paid as the merchant to process this transaction.

Fee Remainder: The actual expense you incurred as the merchant to process this credit card transaction.

Apply to Funds Available: If there is any overage, this will be the amount applied to Funds Available.

Payment Posting without Fee Posting

NOTE: The fields above will only be present on payments posted with a credit card fee pass-through.


FAQ

If I post an entry through Payment Posting, do I still need to make a Money In entry?

Payment Posting creates the Money In entry for you, so no additional entries are needed for StudioPay transactions unless a payment is refunded. Refunds must be manually posted through Money In as a negative payment.

If a Client has paid more than the current total on a proposal, how does Payment Posting record the payment?

In the event of a Client overpaying (for instance, if the total on a finalized proposal is adjusted to be lower after a Client has already made a payment in a higher amount toward it), Payment Posting will apply funds to fully cover the invoice or proposal with the payment method Receive and Apply to Items; the remaining funds will go to Client Deposits/Funds Available.

How can I apply the payment as a general retainer toward the proposal instead of toward specific items?

Leave the Amount to Apply as $0 and click Post Payment at the bottom of the screen. The funds will go straight into Client Deposits/Funds Available.

If I've already posted a specific payment through Money In, will Payment Posting automatically disregard and/or filter that transaction out?

At this time, Payment Posting will show all Captured transactions as postable, even if an associated entry has already been created through Money In. Review the General Ledger to ensure you aren't creating duplicate transactions. If you are certain you have already posted the payment through Money In, you can delete the entry from Payment Posting by clicking the three dots at the upper right-hand corner of each transaction.

Pro Tip: Negative figures in the Total Balance field on a transaction in Payment Posting may indicate that you've previously applied this payment; best practice here is to verify against the General Ledger.

How long after a Client pays will the transaction sync in from StudioPay to the Payment Posting page?

New payments should sync in as soon as your Client has made the payment. You can Refresh the page to sync in new payments; however, payments are not postable through Payment Posting until they reach Captured status.

How does Payment Posting handle recording the date on a transaction?

At this time, the transaction will automatically record the date that the Client made the payment rather than the date that the entry is posted by the Designer. Backdating your payment will not change this. Future enhancements to Payment Posting will look to include additional options around which date should be used.

Why can't I click on a transaction?

Transactions that do not have a status of Captured cannot be posted through Payment Posting and cannot be clicked. If you still want to post a payment for a transaction that has not yet passed through StudioPay as Captured, you can do so manually through Money In.

Why is an item missing from the synced transaction?

Inactive items will not show on the Payment Posting page. If you can't find the item you want to apply the payment toward and have confirmed that it appears on the paid invoice/proposal, check first to ensure that the item is active.

How can I change the account to which these transactions should post?

Under Settings > My Company > Payment Defaults, select the account from the Cash Account dropdown or click Add New to create and use new account, then click Save.

How are refunded payments and returned payments handled through Payment Posting?

At this time, Payment Posting does not sync transactions that have a status of Refunded. If you notice a refunded payment in your StudioPay dashboard, you'll need to manually post the negative payment through Money In. Transactions with a status of Returned do sync in, but they are not considered actionable. This means they aren't clickable, and no payments can be posted to them through Payment Posting. See the next FAQ question for information regarding removing these transactions.

How can I clear out the transactions on the left-hand side?

Transactions clear from the left automatically once they've been posted, but you can manually clear them by clicking the three dots in the upper right-hand corner of each transaction for the option to remove them from the Payment Posting page.

Which level of access (Employee Permissions) does a user need in order to access Payment Posting?

Users with access to Money In should have access to Payment Posting.

Why can't I access the Payment Posting page?

Payment Posting is exclusive to StudioPay users. To learn more about how to get StudioPay set up for your firm, click here.