Cash Receipts
Overview
Shafer's Accounts Receivable Cash Receipts option facilitates the cash receipts process, disbursing across multiple invoices/customers. In addition, reapplying a cash receipt from one invoice to another and/or one customer to another is dealt with in a manner that will leave a clear picture in the General Ledger.
Our software automates the task of writing off small balances, bad debt or interest charges and will handle deposits from customers for future work. You will be able to give your customers discounts for early payments, apply open credits to an invoice or enter income directly to a GL account and never have to think twice about the process. A powerful search engine allows you to track down the customer quickly and, for those customers with a large amount of invoices, we also provide a smaller search engine directly within each customer's file to help track down specific invoices by invoice/reference number.
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· Search Options
The Cash Receipts Search Engine is the first screen presented when accessing the Cash Receipts input screen and provides options for finding the desired customer. Similar to all other modules' search engines within Shafer's Integrated Accounting Software, the search engine provides filters to narrow the information you are requesting. Keying data into any of the search fields will display a list of related customers. The available search fields are Name, Phone, Customer Number, Keyword, Street Number, Street Name, Apt./Suite, City, User 1, User 2, and Bill-To.
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· Enter Payments
Shafer's Cash Receipts Payment Entry screen is a user-friendly interface for distributing or allocating revenues quickly and efficiently across a single or multiple invoice(s). When entering payments, the customer account number, name, and billing terms will be retrieved from the customer master record. Total dollar amounts of Open Invoices, Open Credits, Open Deposits and balances owing on this account will be displayed as well as a listing of the open invoices. Choose from different transaction types -- Payment, Bad Debt, Interest Write Off, or Pay with Discount-- key in the information for the current transaction and apply monies by double-clicking on the invoice.
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· Posting Payments/Batches
As soon as a batch is ready for posting, users are notified by the presence of a new batch icon. Clicking on this icon will evoke a dialogue box displaying all Cash Receipt entries that have been processed and that are currently unposted. From this screen you can easily review each record prior to posting and/or select the items you wish to post. You may “tag all” records, or select an individual record. During the posting process, the selected records will be posted to the customer’s account as well as to the appropriate General Ledger Accounts for Cash in Bank, Accounts Receivable, Discounts, Bad Debt, Interest Write Off, etc. Additional entries can also be posted as ~Voided~ entries or ~NSF~ fees.
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· Enter Deposits on Account
Shafer's Cash Receipts Entry will also allow you to process other sources of income into your bank deposits. You simply select the appropriate General Ledger Account the income will be posted to. It will also allow you to distribute the payment over one of more general ledger accounts of your choice. A reference field is provided for the check number associated with this source of income, along with the date and the Source of Income field to key in the description and notes pertaining to this income item.
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· Apply Credits/Deposits
The Open Deposits field, when an open deposit is present, will be displayed in green. This alerts the user immediately to any open deposits available for applying to the account. Open credits present on the customers account are also highlighted in green.
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· Write-off Interest, Bad Debts or Small Balances
Interest write-offs are available for those customers that are either unable to pay interest charges or for which your company regularly chooses to waive such charges. Shafer's allows you to easily write-off interest on any invoice by choosing the Interest Write-Off feature from the Cash Receipts entry screen. On some occasions your customer may not pay an invoice or leave a small amount remaining after payment. If you choose to write-off the invoice as a bad debt or small balance write-off, Shafer's Bad Debt Write-Off feature will allow you to do so.
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· Bank Deposits
Let Shafer's Service Industry software automatically prepare your bank deposit slip. Because it has your account number listed you may send it to the bank instead of itemizing each check on your bank slip or just print for your records and documentation. Having this document will save time on creating a manual tape total as well.
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