I have a customer who buys items for credit frequently and settles the payment for almost all the invoices in one payment at the end of the month as a round figure.
ex: the customer has 20 bills payable which totals up to a sum of $ 2345/- he pays me $ 2,000 and continues to buy for credit until the next month end.
please advice how should i go about receiving money for these invoices?
Thanks in advance
Receive money against
Accounts receivable, selecting the oldest sales invoice to apply the payment to. Manager will automatically carry forward the overpayment to the next invoice, and the next, until it runs out of money. Invoices not fully covered will show as partially paid or unpaid.
To see how it all happened, go to the
Customers tab when done and click on the customer’s balance.
Never realised it would be that straight forward!
Cleaner way is to use
Customer credits account, then select customer. This will automatically allocate credit across unpaid invoices too.
On this topic, is it possible to show the amount of the invoice (under account receivable) and not just the invoice no. I have a very large client that insists on using Xero, and one of his gripes about Manager is that payment allocation to invoices (via accounts receivable) does not show the invoice amount- Using Customer Credits is not an option ( and is not an option for many of my clients) as quite often when the customer gets the following months statement, they will argue they have paid particular invoices as per their remits etc and insist on getting the statement re done to reflect their payables data. I could just allocate to the invoice as per their remit, but am never knowing if they are paying the correct invoice amount without going back and forward from “invoices” to “bank”. Yes, the amount owing SHOULD be the same despite the system used to allocate, but many accounts payables personnel (of which I used to be one of) can be very precious. And I am really keen to get my large client to move over to Manager thanks again, Jan
I’m sorry, but if your client insists on using Xero, Quickbooks, MYOB or whatever else, then let them.
I’m not planning to show balances when selecting accounts at this point.
Noted, i shall give it a try.