Payments
Money a customer paid, applied to their issued invoices and posted to the general ledger.
Record each payment once, and every invoice it pays shows what is still due. Its lines apply it to the customer's issued invoices, an amount to each.
How it works
A payment is a Document: a draft has no number, and receiving it makes it final. You draft the payment with the customer, the day it arrived, and the deposit account where the money landed, such as 1000 Cash. Add a reference, such as a check number, to find it later.
Receive payment does three things at once:
- Numbers the payment per entity, such as PAY-US-3.
- Posts the deposit against the customer's receivable to the general ledger, and applies it to each invoice it pays.
- Makes the payment final.
Each line settles at most what its invoice still owes, and only an issued invoice of the same customer. Each invoice then shows what it was paid and what is still due.
Void payment reverses what it posted, such as for a bounced check. The invoices it paid fall due again.
Document: final once committed; a new document corrects it.
Status
- Draft
- Received
- Void
Fields
- NumberSet by Continual
- Number per legal entity, starting PAY-
- Open itemSet by Continual
The ledger entry it keeps open on a reconcilable account, such as a receivable, which matches settle.
- Text
- Amount dueSet by Continual
What it still owes on its open item, such as an invoice's receivable, as payments and credits settle it; none before it posts.
- Money
- Entity
- Link to a legal entity
- TotalSet by Continual
The sum of its lines' amounts.
- Money
- Customer
The customer who paid, one of the entity's customers.
- Link to a customer account
- Received
- Date
- Deposit account
Where the money landed, such as 1000 Cash.
- Link to a ledger account
- Book
The general ledger book it posts in; receiving it without one names the entity's primary book. Another currency than the book's converts at the latest exchange rate on or before the received date.
- Link to a book
- Reference
How the payer identified it, such as a check number or a Stripe charge.
- Text
- Memo
- Text
- LinesEach has Invoice (link to an invoice), Applied (money).
- List
Actions
- Receive payment. Receives a draft payment: numbers it, posts its deposit against the customer's receivable for each invoice it applies to, settling each invoice's open item, and makes it final. Each line settles at most what its invoice still owes, in the invoice's currency; a payment at another exchange rate than the invoice's posts the realized gain or loss.
- Void payment. Voids a received payment, such as a bounced check: unapplies it from its invoices and reverses what it posted, dated today; the payment stays final, now void, and its invoices fall due again.