Money received in any way by a business is a receipt. Before one can be recorded, at least one cash account must be established.
Basic receipts
Once at least one cash account exists, receipts are recorded in the Cash Accounts tab by clicking on Receive money:
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The first stage of the entry screen appears, requiring selection of the cash account where the money will be received. If both bank and cash on hand accounts exist, selection options will be grouped accordingly:
When a cash account is selected, the full entry screen appears:
Complete the entry:
• | Date is automatically filled with today's date, but can be edited. |
• | Reference is optional. This field can be used for bank confirmation numbers, internal sequences, or other helpful information. |
• | Status is set to Cleared by default. Another Guide4 covers cleared and pending transactions in greater detail. |
• | Payer is the source of the money, a person or entity. |
• | Description is an optional summary of the transaction. |
• | Item field can be used to enter predefined inventory3 or non-inventory items3. If you have no predefined items, this field will not appear. Making a selection here will prefill several other fields on the line. |
• | Account is the account to which the receipt will be posted. |
Remaining fields are self-explanatory. The completed form can be given to the Payer as a receipt:
Receipts against sales invoices
Receipts from customers against sales invoices can be entered two ways:
• | As a basic receipt |
• | From a sales invoice |
As a basic receipt
To enter a receipt against a specific invoice, allocate it to Accounts receivable, the Customer, and the Invoice:
Partial receipts
When receiving money for only part of the balance due on a sales invoice, allocate the transaction exactly as above, entering only the amount actually received.MYBOS will credit the partial amount against the sales invoice and show a reduced balance due. No other special steps are necessary.
Receipts for multiple sales invoices
When receiving money from a customer for multiple sales invoices, leave the Invoice dropdown box blank.MYBOS will allocate the receipt against the oldest sales invoice with a balance due first, then the next oldest, etc. However, if the receipt is designated for specific sales invoices, add lines and designate amounts for those invoices individually.
From a sales invoice
To record a receipt while viewing a sales invoice, click on Receive money:
A receipt entry form will appear. After a cash account is selected, the remainder of the form will be prefilled with information to enter the full amount due on the sales invoice. If the receipt is for only part of the balance due, edit the amount received by adjusting quantity or unit price.
Other situations
You are not restricted to using only simple income accounts to post receipts. For example, if money is received from a business owner set up under the Capital Accounts tab, select the matching capital account and subaccount:
Inventory and non-inventory items can also be directly sold using receipts.