Tags: accounting, Credit Memo, Payments, Setup, Training

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 reconciliation; 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 fraud, and check for such activity 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 to do so.  Keep in mind that changing default GL settings ONLY changes transactions moving forward; not any past transactions.