How can we help?

720 - Remote Training - Payments and Credit Memos

Greg Stevens
Tags: accounting, 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.