In the 3-3-1 Cash Receipts window, you can enter payments for invoices, discounts for early payment of invoices, and overpayments. You can also reverse payments using this window.
If you have a merchant account with Sage Payment Solutions, you can use the 3‑3‑2 Electronic Receipts window to enter credit card
For information about electronic receipts, see About electronic receipts
To process receipts, you display client invoices in the 3-3-1 Cash Receipts window, select the invoice being paid, and then enter the amount of the payment and any applicable discount or overpayment. If the payment includes a credit invoice, you enter a negative amount for that invoice.
If a client pays more than the net amount of an invoice but less than the invoice balance, Sage 100 Contractor applies the payment to the retention. For example, suppose you created an invoice for $1000 minus 10% retention, resulting in a net total of $900. The client, however, sends a $950 payment. After entering the payment in cash receipts, the total balance due is $50 and the Retention column shows a balance of $50. It is important to note that this is not a substitute for releasing retention.
When a client pays more than the total balance of an invoice, you can enter the additional money as an overpayment. The total amount of the Paid and Discount cells must equal the amount in the Balance cell before Sage 100 Contractor allows you to enter the overpayment. When you save the cash receipts, Sage 100 Contractor reduces the job balance by the amount of the overpayment. In addition, the invoice now carries a negative balance and acts as a credit invoice.
Suppose a client informs you that he is going on vacation for a few weeks. The client wants to make sure you have enough money to continue building while he is gone, so instead of paying the $5,000 he was billed, he pays $10,000. For the invoice, enter $5,000 in the Paid cell and $5,000 in the Overpayment cell. After saving transactions, the invoice now carries a –$5,000 balance. The next time you invoice the client, you can apply the credit.
Sometimes clients receive a discount for early payment. Sage 100 Contractor automatically determines whether a discount is available based on the due date you indicated on the invoice. When a discount is available, it is shown in the Discount Available text box. If a discount is not available, you can still apply a discount to an invoice.
The Cash Receipts window also allows you to reverse payments and discounts. To reverse payments, you enter a negative amount in the Paid column and in the discount column, if the client took a discount.
If the reversal is for a credit invoice, you enter a positive amount in the Paid column.
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Entering payments against invoices Entering credits and applying payments to invoices simultaneously |
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