Use the cash receipts application to enter credit and receivables information. For example, you can apply money received against money owed for a specific customer, you can track how much the customer has paid, and you can apply money so that the system pays the oldest transactions first.
Cash receipts are locked to the user for editing when opened. If you select a receipt being edited, the system displays an error. In addition, in a closed accounting period, you can view existing cash receipts, but you cannot edit them or enter new cash receipts.
Batch receipt entry streamlines your cash entry process by using a common lock box at your bank. They bank enters your receipts for you, then sends you a file to process through the system. After processing, you can reconcile those receipts which have errors using a review queue.
If you have accounts that have multiple open invoices for which you have received multiple payments, you can apply payments in a batch. The system applies the payments beginning from the oldest invoices, and creates a single cash receipt.
Auto Suggest is a new feature in Solar Eclipse that you can use to determine to which open invoices to apply cash. With this method, the system reviews the invoices and suggests those whose combined total matches the amount paid, beginning with the oldest invoices first.
From the Cash Receipts application, you can select an open invoice and adjust the owed amount. If you owed the customer a discount and for some reason missed it, you can deduct that amount, or if all collection efforts have failed, you can write off the open amount as bad debt.
At the end of each business day, you need to reconcile the cash you have received with the amount that the system recorded online. Once the cash and the receipts match, you then post the cash total to the general ledger as a miscellaneous cash receipt.
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