Receiving Customer Payment

To receive a customer payment, navigate to the Role Center page and use the Cash Receipt Journal action from the Daily group.

To receive payment in the Cash Receipt Journal, follow these steps:

1. Check the Posting Date in the Cash Receipt Journal and modify it if necessary.
2. Set Document Type to Payment.
3. Select Account Type as Customer and find the customer in Account No. field.
4. Select agreement in Factoring Agreement No.
5. Set Factoring Entry Type to Debtor Collection and Contract Type to Factoring.
6. Modify the Description if necessary.
7. Enter the negative amount in the Amount field.

Use the Apply Entries action to apply the amount to the correct entries. In the Apply Customer Entries page, locate the invoice to which you want to apply entries, select it, and use the Set Applies-to ID action. This will create an Applies-to ID on the chosen line. Once the Applies-to ID field is filled out, the Balance will change at the bottom right corner of the page, showing you the remaining amount on the line. Click OK to go back to the Cash Receipt Journal.

After applying the entries, you can post the payment. To do so, navigate to the Home action group and use the Post action. (refer to Picture 28).

Verify Customer Payment Impact on Invoice

Return to the agreement and locate the Open Invoices section to understand how customer payments affect factoring invoices. You’ll notice that Debtor Collections are now calculated, and Debtor Outstanding is reduced for the invoice to which the customer payments were applied.