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720 - Remote Training - Payments and Credit Memos

Greg Stevens

Payments & Credit Memos


This training program covers:

1.   Receiving funds from customers for invoices or work in progress.  

2.    How to deposit those funds into the bank.

3.    Credit/Debit memos that are applied to customer accounts and/or orders or invoices.

4.   “Generic” checks that might come from a vendor or business owner for purposes other than
sales.  i.e. Owner investment or refunds from a vendor.


Payments & Credit Memos - Admin Setup



Receiving Payments



Credit Card Processing



Making Deposits



Credit and Debit Memos



Credit Debit MemoWizard



Procedural Considerations

1.   Make sure the same person who is receiving payments is NOT also doing bank reconciliations…this is a recipe for FRAUD.   Use small business "best practices" when considering the handling of checks and cash and consult with your accountant on simple procedures to discourage and check for fraud on a monthly basis.

2.   Separate bank accounts for credit cards and your main operating account will make your life much easier especially with regard to bank reconciliations.  This also allows you to separate funds and control user access to see only certain accounts in your system.

3.    Once you setup your default GL accounts these usually do not need to be changed.  Few users should have the ability to change these defaults and you need to have very good reason so change them.  Keep in mind that changing default GL settings ONLY changes transactions moving forward, not any past transactions.






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