Accounts receivable

AR transactions post straight to the ledger against the customer, the project and the tax code that apply, and every report drills back to the entry behind it.

• A flexible entry screen that takes a whole transaction — several accounts, several taxes, several payments — on one form.
• Any number of receivable accounts, not just one control account.
• Split a transaction across accounts, and split a payment across invoices.
• Assign a project or job to each line, so project reporting picks it up.
• Due date and tax worked out from the customer’s terms and tax code as you type.
• Tax included in the price or added on top, per customer.
• Reports you shape yourself: choose the columns, filter, sort by invoice or due date, number or customer, and subtotal on the sorted column.
• Aged receivables for every customer or a single one.
• An outstanding-balance report, a tax-collected report and a non-taxable report.
• Enter receipts against open invoices, in part or in full.
• Customer invoices print from a template you control, in the customer’s language.
• Statements go out from the aged report itself: tick the customers, choose print or email, and each one gets theirs in their own language.
• Reminder letters for overdue accounts, and interest and late fees at the rates you set in the defaults.

Where to find it AR › Add Transaction  ·  AR › Sales Invoice  ·  AR › Reports  ·  Cash › Receipt

Entering a receivable

Use AR › Add Transaction for anything you bill that does not come out of stock — consulting, rent, a fee. Anything with parts on it belongs on a sales invoice instead.

1. Pick the customer. Their address, credit limit, currency, terms, department and salesperson fill in from the record; the due date is worked out from the terms.
2. Give it an invoice number, or leave the field blank and the next number from System › Defaults is assigned on posting.
3. Enter one line per income account: amount, account, a description and, if you track it, a project. Press Update to add lines and recalculate.
4. Tax rows appear for each tax code the customer carries; the amount is calculated, but you can overtype it. Tick Tax Included if the amounts you keyed already contain tax.
5. If money changed hands at the same time, fill in the payment row — date, source, amount, method and the bank account — and it posts together with the invoice.
6. Post writes it to the ledger. Print and Schedule (for a repeating transaction) are on the same row.

Recording a receipt

Cash › Receipt takes money against open invoices; Cash › Receipts does the same for many customers at once.

1. Choose the customer (or, on the batch screen, leave it blank to see everyone with a balance), the bank account, the date and the currency.
2. Each open invoice is listed with its amount and what is still due. Type the amount received against each, or tick the box to pay it in full.
3. Source and memo are printed on the receipt and show on the bank reconciliation; use the cheque or reference number.
4. Post. A part payment leaves the balance open; an overpayment can be left on account.

Chasing what is owed

The AR reports are built on the same screen: choose the columns you want, filter, and press Continue.

1. AR › Reports › Transactions lists invoices; Outstanding is the same report limited to unpaid ones. Tick Subtotal to break on the sort column.
2. AR › Reports › AR Aging ages each customer’s balance into current, 30, 60 and 90 days. Tick a customer, choose Statement, and print or email it.
3. AR › Reports › Reminder lists overdue invoices with a reminder level per customer — the letter escalates each time it is sent.
4. Every invoice number and customer name on a report is a link back to the record.

Credit invoice or credit note?

Both reverse a sale; they differ in what happens to stock.

1. A credit invoice (AR › Credit Invoice) reverses a sales invoice line by line: the goods go back into inventory for resale and the sales and receivables accounts are reduced. Use it for returned goods.
2. A credit note (AR › Credit Note) is the reverse of an AR transaction: accounts and amounts only, no stock movement. Use it to reverse services, fees or a wrongly keyed transaction — never for goods, or your stock figures drift.
3. To settle a credit against an open invoice, open Cash › Receipt, pick the customer, tick both the invoice and the credit, leave the amount empty (the two net to zero), put “adjustment” in Source, and post.

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