Recording a payment received for a commodity sold on credit

To record a payment received for a commodity sold on credit:

1. Select Transaction Entry from the Transaction menu. The Transaction Entry dialogue box appears.
2. Select Deposit from the Transaction type drop-down menu.
3. Enter the transaction Date or click the arrow to select it from the calendar.
4. Select the Bank account.
5. Enter a Reference to identify the transaction throughout AgExpert Analyst.
6. Enter a Description or click the arrow to choose a previously entered description.
7. Enter the Total amount of the transaction.
8. Enter the transaction details. You can enter as many detail lines as you need for the transaction. Click the + to add a detail line or click X to delete it.

    a) Select Receivable Payment (RP) from the Type drop-down menu.

    b) Click the Account drop-down menu and select the accounts receivable customer. The Accounts Receivable Selection dialogue box appears              displaying the open invoices for the selected customer.

    c) Select the applicable invoice, enter the Payment amount, and click OK. 

The document should now be balanced. To look at the balanced debit and credit entries, click Recap. Click Record to record the document.

The bank account is increased by the deposit total, and the accounts receivable balance for the customer is reduced by the amount of the payment.

Now that the payment has been recorded, the balance for the income account will be the same on both the cash and accrual income and expense statement. 

Last updated on February 6, 2013 by FCC AgExpert