This Help File Page was last Modified on 02/21/2018
This Help File Page was last Modified on 02/21/2018
❑There are three ways available to post Receipts from Subscribers.
1.Open a Subscribers Form.
3.Click the Post Receipts Icon on the Receivables tab on the MKMS Desktop.
✓These last two selections access the same Receipt Posting Form
✓The Receipt Posting Form is used to post a group of Receipts in the quickest manner possible.
❖Also see the Record and Deposit Monies Received chapter for an overview on how these Receipts are to be recorded and then Deposited.
1.Open the Subscribers Form
Receipts Form - Open Invoices list
✓This Receipts Form may be Re-sized by Dragging the Top and/or Bottom up or down, and/or the Right side in or out.
•Navigation Menu - The Navigation Menu is located at the top of the Receipts Form.
Receipts Form - Navigation Icons & Actions Icons
✓This Navigation Menu provides the normal Record Movement, Insert, Delete, Cancel, Save, Refresh and List Icons; as well as Add/Edit Refunds, Auto Apply, Apply Receipt, Bounce Receipt, View History, and Transfer Icons.
•List Data View - A tabular (spreadsheet style) view of the previously entered Receipts is easily accessible.
✓Click the List Icon to display the associated Grid Data.
Receipts Form - List View
▪Use the Slide Bar at the bottom of the Receipts list to see the data listed in all of the columns.
✓The columns of Grid Data may be rearranged, filtered, sorted, and exported as a PDF file and/or an Excel formatted file.
✓Find - Enter text to search for a specific record, then Click the Find option.
✓Clear - To remove the text to search for entry, Click the Clear option
Navigation Menu shown with the List Option
▪Click the List Icon again to Close the List View and return to the Record Editing View.
❖See the Grids - Print Preview - Export Data chapter for complete information on using the Grid Icon.
❑Record Editing View - The details of the currently selected record are displayed within the Receipts tab below the Navigation Menu at the center (Main Body) of the Receipts Form.
Receipts Form - Record Editing View
•Receipts are initially recorded as an Amount Paid to your Company for one of two possible reasons:
a)To reduce the balance owed on a Subscriber's Account to pay off an existing Invoice which will decrease the Balance Amount on the Accounting tab within their Subscribers Form, or
b)As an Amount to be held in escrow (i.e., as a Customer Deposit) which will not decrease the Balance Amount on the Accounting tab within their Subscribers Form.
✓This Receipt entry will document when (the day received and the batch number assigned to it), how (check, EFT, cash, etc.) it was paid, how much was paid, and where (into which Bank account) it should (will) be deposited.
✓When this Receipt is recorded, it must be identified either as one that will be Allocated to one or more selected Invoice(s), or as a Customer Deposit.
1.If the Receipt is for a Customer Deposit, that box should be Checked before saving the record.
2.If this Receipt is to be Allocated to (1.) the oldest Invoice(s) with an outstanding balance, (2.) specific Invoices chosen on the Receipt Allocation Form, or (3.) Invoices you specifically Select on this Form.
oUse the (1.) Auto Apply, (2.) Apply Receipt, or (3.) Open Invoices option, as appropriate, to designate which Invoice(s) should be Paid with this Receipt.
✓Receipts that have been fully Allocated will show a Left To Allocate balance of $0.00.
•Once recorded, a Receipt must then be Deposited by entering that Deposited information on this Receipts Form, or by using the Bank Deposits Form.
▪Deposited On - If the Receipt being posted was (or will be) Deposited individually:
oUse the Drop-Down Calendar/Date Entry field provided in the Deposited On field to record that Date
oThe Receipt will be recorded as deposited (on this Deposited On Date entered here) into the Bank Account identified on the Receipts Form
▪Deposited - Once recorded as Deposited by entering a Date in the Deposited On field (or by using the Bank Deposits Form), the system will insert a Check Mark in the Deposited box for this Receipt.
▪In this case the Check in the Deposited field and the Date in the Deposited On field will be inserted by the system automatically when recorded in the Bank Deposits Form.
•To record a Receipt:
✓Click the Icon to start the Receipt entry in the Record Editing View.
▪Receipt ID - This is a system maintained field which contains the record number of this Receipt, it is assign when the record is initially saved.
▪Date Received - Today is the default Date, but - using the Drop-Down Calendar/Date Entry field - another Date may be Chosen.
▪Amount Paid - Enter the Amount of the Receipt.
oA negative Amount [e.g., -1.00, or (1.00)] is not permitted.
▪Method Of Payment - Check is the default, but - using the Drop-Down Selection List - another Payment Method may be Chosen.
oThe eight Methods of Payment are:
1)American Express - charged to this Credit Card
2)Cash - received an actual Cash payment
3)Check - paid with a Business or Personal Check
4)Discover - charged to this Credit Card
5)Electronic Transfer - received Direct payment from Subscriber's Bank
6)MasterCard - charged to this Credit Card
7)Visa - charged to this Credit Card
8)Other - paid via "In-Kind" or with something else of value to your Company
oIf needed, use the Drop-Down Selection List to Choose a different Bank Account into which these funds are supposed to be deposited (see the Bank Deposits - Depositing Receipts in the Bank for additional information).
oThe same Batch Number (see Batch Number below) should never be assigned - within the same Month - to Receipts that will be deposited into different a Bank!
▪Check Number - Enter the Check's Number, or any other appropriate characters (such as the last 4 digits of a Credit Card, confirmation code, etc.) which may include numbers, Upper and lower case letters, basic punctuation, and/or spaces for identifying this Receipt.
▪Batch Number - Enter the appropriate number which, by default, will be today's date number but may be changed as needed.
oThe same Batch Number should never be assigned within the same Month to Receipts that will be deposited into different Banks!
oBatch Numbers may be assigned from 1 to 32637 (this limitation is a function of the field type into which you are entering this Batch Number).
a)You may start a new numbering sequence each month (using the current Date's Day number), so the same Batch Number will be used in multiple Months but the date will be different.
b)In some cases, you may use the same Batch Number for more than one day to group certain of these types of receipts together.
c)You may use multiple Batch Number within the same day to separate Credit Card transactions from Cash Receipts, and to separate those Receipts from EFT funds.
d)You may start from 1 and increment the Batch Number perpetually (if you used 2 batch numbers for two separate deposits every day, 5 days a week, it would take over 60 years to use all of the numbers).
e)The down side of the second method is that you must keep track of the next number to be used.
f)MKMS automatically records Receipts in an individual Month & Year group (order by Batch Number within each group) to keep them differentiated.
▪Left To Allocate is listed as $0.00 until the transaction is saved, then it will equal the Amount Paid until it is Allocated to one or more Invoices.
▪Comments - Enter any appropriate Description or Notation relating to this specific Receipt.
oThis Internal Note (Comment) may be entered or modified "after the fact" (i.e., even later, after the Receipt was initially saved) in this Receipt Form.
▪Customer Deposit - Check this box (before saving the record) when this Receipt is intended to be a Deposit on Account in anticipation of a future Sale (to be Invoiced at a later time), otherwise it is assumes that this Receipt is intended to pay for one or more existing Invoice(s), and so must eventually be Allocated to those Invoice(s) - [see the "Allocating the Receipts to Specific Invoice(s)" discussion later in this chapter].
oWhen a Customer Deposit needs to be converted to a standard Receipt record (assuming that is has already been Deposited in a Bank):
➢Note: Until a Customer Deposit is Deposited in a Bank, it may be re-identified as a regular Receipt by simply removing the Check in the Customer Deposit box.
i.Click the Make Deposit button on the Receipts Form
ii.Click Yes to confirm this action.
iii.The will be converted from a Customer Deposit to a standard Receipt and a message to that affect is included on the Receipt Form's information panel.
❖For General Ledger System Users
i.The Receipt Amount is Credited (subtracted from) the Accounts Receivable Asset Account, and
ii.That same Receipt Amount is Debited (added to) the Undeposited Funds Asset Account.
b)However, when the Amount of the Receipt from a Subscriber is an Advance Deposit provided in anticipation of a future Sale to that Subscriber, that Receipt does not affect your Company's Accounts Receivable Account balance.
▪Therefore, when the Customer Deposit box is Checked:
i.That Receipt Amount is Credited (added) to the Customer Deposit (Liab) Liability Account, and
ii.That same Receipt Amount is Debited (added) to the Undeposited Funds Asset Account.
c.When a Customer Deposit is converted to a standard Receipt record (assuming that is has already been Deposited in a Bank):
i.The Receipt Amount is Credited (subtracted from) the Accounts Receivable Asset Account, and
ii.That same Receipt Amount is Debited (subtracted from) the Customer Deposit (Liab) Liability Account
d.When a Receipt is Deposited - regardless of whether it is recorded as a Customer Deposit or a standard Receipt which will be used to pay-off an Invoice:
i.The Receipt Amount is Debited (added to) the Bank Asset Account, and
ii.That same Receipt Amount is Credited (subtracted from) the Undeposited Funds Asset Account.
✓Click the Icon to record this Receipt entry.
•Understanding the Left To Allocate field:
✓As noted above, Left To Allocate is listed as $0.00 until the transaction is saved.
▪Once saved, Left to Allocate is a system maintained field, and will initially be the Amount Paid.
✓The Receipt is initially recorded as either:
a)A Deposit on Account if the Customer Deposit box is Checked, or
✓To Allocate the Receipt:
b)Use the Auto Apply option, or
c)Use the Apply option.
✓The Left To Allocate Amount is automatically adjusted and updated by the system as all (or portions) of the Receipt are applied to designated Invoice(s)..
•Modifying a Receipt record:
✓Once a Receipt record is saved (but has not yet been Deposited using the Bank Deposits Form and/or has not yet been Allocated), a User - with the appropriate User Access Rights to do so - may modify any of the data on the Receipts Form.
✓However, once the Receipt has been Deposited, this Receipt record cannot be modified except that the Batch Number may be changed, even after it is Deposited, when necessary.
▪If someone attempts to do so, a message will be displayed to indicate that modifications to Deposited Receipts are not permitted.
Cannot Modify a Deposited Receipt
Edit Receipt? - Receipt has been allocated
▪If this modification was started in error, Click the No button.
▪If a modification is required, Click the Yes button.
▪An Authorize Transaction dialog will be displayed requesting that the User specify the reason for this modification.
▪Enter the appropriate reason for this modification and Click the OK button to proceed with the required modification.
✓If the information in any of the Mandatory field(s) must be changed, the first step is to Unallocate the Receipt.
▪Attempting to convert a regular Receipt - that has been Allocated - to a Customer Deposit will cause an error.
▪Then, make the required changes and Click the Icon to record those changes.
•Transfer - Transferring a Receipt to a different Subscriber:
✓Under certain circumstances, a posted Receipt may be Transferred to a different Subscriber (usually because it was initially posted to the wrong Account):
✓If the currently selected Receipt has not been Allocated (see "Allocating Receipts to Specific Invoice(s)" below), and has not been Bounced (see the Bounced Checks chapter for that information), the Transfer Icon on the Navigation Menu will become available.
▪Click the Transfer Icon to transfer this Receipt to another Subscriber.
▪Using the Select Subscriber dialog provided, Choose the Subscriber to whom this Receipt is to be Transferred and Click OK
Receipts Form - Transferred Receipt record
▪A transferred Receipt record will be created for the Subscriber to whom this Receipt was Transferred
▪The Comments field will describe the source of the Transfer in detail.
✓The original Receipt record will be removed.
The Amount Paid is deducted from the Accounts Receivable Asset Account Balance when the Receipt was initially posted..
The Allocation process does not create, nor require any General Ledger Financial Transaction entries
•This Allocation process may be referred to either as "Allocating a Receipt" or as "Applying a Receipt" to an Invoice.
1.In the Open Invoices field of the Receipts Form (as illustrated immediately above), use the Open Invoices Drop-Down Selection List provided to display a list the Open Invoices for this Subscriber:
a.Check the Pay box on each open Invoice record to which this Receipt Amount is to be applied, and Press the Tab F key.
b.The Amount field will be populated with the Balance that was Due on this Invoice.
c.The Left to Allocation field will be updated with the remaining Amount that is available to apply.
d.The Total Amount designated to be allocated will be summed at the bottom
e.Click the Post button to record this Allocation.
2.If you want the full amount of the Receipt to be applied automatically to the Subscriber's unpaid Invoice(s) - also see the "#2. - Automatically Allocating the Receipt" discussion.
a.Click the Auto Apply option on this Actions Menu of the Receipts Form
b.Application of these funds will progress from the oldest Invoice first, then the next, and next, until the total Amount of the Receipt has been allocated.
3.If you want to specify what part of the Receipt is to be applied to which of the Subscriber's unpaid Invoice(s) - also see the "#3. - Manually Allocating Receipts to Specific Invoices" discussion.
a.Click the Apply button to use the Allocated Receipts to Invoice(s) procedure's Allocations Form
b.Then, designate which specific Invoice(s) and/or specific Detail Line Items on Invoice(s) are to be paid with this Receipt.
4.If you want to specify which Detail Line Items on a specific Invoice are to be paid with this Receipt, see the Itemized Receipt Allocation chapter.
5.Use the automated Post Pending Credits & Deposits procedure.
•#2. - Automatically Allocating the Receipt - If you want the full amount of the Receipt to be applied automatically to the Subscriber's unpaid Invoice(s), applying these funds to the oldest Invoice first, then the next, and next, until the total of the Receipt amount is used, Click Auto Apply .
✓The Receipt will be automatically and instantly applied, starting from the oldest Invoice and working forward, until the Receipt's value has been completely allocated.
▪This may leave a partially paid Invoice at the end of the automatic allocation process.
▪This may also leave a Receipt that still has a partial balance remaining to be allocated at later time, when the Subscriber has additional Invoices entered.
▪If no Invoice is available to which this Receipt may be Allocated, an Informational message is displayed.
•#3. - Manually Allocating Receipts to Specific Invoices:
✓Click the Apply button on the Receipts Form to use the Allocated Receipts to Invoice(s) procedure to designate which Invoice(s) and/or specific Detail Line Items on Invoice(s) are to be paid with this Receipt.
•#4. - Itemized Receipt Allocations - To assign a portion of the Receipt to specific Detail Line Items, see the instructions in the Itemized Receipt Allocation chapter
❑Dealing with Bounced Checks:
•Reversing an Allocation of the Receipt because of a Bounced Check or Credit Card was Declined after an initial approval, is quick and easy - though painful in many cases.
•See Bounced Checks for detailed information of how to make these changes.
•See the dedicated Allocate Form's instructions for more detail on reversing Receipts that have already been allocated to Invoices.
❑Dealing with Refunds
•Refunds happen, either because of an error in billing that the Subscriber accidentally paid anyway, or caused by an adjustment offered by your Company.
•See Refunds for detailed information of how to make these entries.
❑Issuing a Credit Memo:
•Sometimes Credit Memos are needed - whether to satisfy a Customer Complaint or to simply correct a Billing Error.
•See Issue a Credit Memo for detailed information of how to make these entries.