This help article will help walk you through receiving client funds into Studio Designer to apply to invoices and proposals or just hold in funds available until you are ready to apply them.
There are several different ways to receive funds. These can be seen and selected in the "Payment Method" drop-down menu on the Money In Screen:
- Apply Payment To Items From Funds Available
- Receive & Apply To Items
- Receive Client Payment
- Receive Miscellaneous Payment
Each method serves a different purpose depending on what your goal is exactly with your client's funds. Figuring out whether or not you are ready to apply funds directly to proposals, invoices or items or have the funds go directly to the client's funds available account to apply at a later date.
Let's define these terms.
Apply Payment To Items From Funds Available - Simply using applying funds to proposals, invoices or items fund the Funds Available account.
Receive Client Payment - Receiving client funds directly into the Funds Available account to use at a future date.
Receive Miscellaneous Payment - The method used to receive client-related funds. (Example:
To receive funds for a Client/Project:
Step 1. Select a Payment Method. Depending on which method you choose, you can also select the Cash Account to direct the payment to a specific account.
The other fields are optional, like Check #, Authorization and Payment Type. These only help to further define the payment you are receiving in Studio Designer. The Description will auto-populate, but it is required and it can be edited.
Note: If the Payment Method you select is Apply Payment To Items From Funds Available, you will not need to enter anything in the Amount field. The funds are already in the system and can be applied to the items at the very bottom of the Money In screen.
Step 3. Here you can narrow down the items to a specific proposal or invoice. This will populate the items at the bottom of the Money in screen. The filter dropdown will help you further define items with the selections shown in the image below.
Deposit Balance - Will list items that have a deposit balance that has not been satisfied yet in full.
Invoice Balance - Will show invoices that have balances that are not satisfied yet in full.
Item Balance - Will show you items that have balances that are not satisfied yet in full.
Inactive - Will show you all items that are currently inactive associated with the Client/Project and/or a proposal or invoice.
Step 4. Now you need to tell Studio Designer how you want to allocate the funds. At the bottom, you will see the items listed. On the right side of the results, you will see "Amount To Apply". YOu can manually enter an amount here or you can use the Apply buttons for Dep Balance and Total Balance to have the amounts above be automatically entered into the "Amount To Apply" field.
Note: If you are "Receiving Client Payment", skip step 4, and perform Step 5.
Step 5. When you are ready, click the Post Payment button. You will notice that the Funds Available Account will have had the amount you applied deducted.
You will also notice that prior to posting the payment, you can see the breakdown of what is being applied and the amount remaining in funds Available. If you are receiving a payment for the first time, you will also see the amount you have set to receive as well.
Note: All funds paid by the client including via Payscape and Paypal must be entered in the system through Money In.