How to Centralize Invoice Payments for Multiple Subsidiaries ?
This feature is for Parent Company Consolidated Payment
Step 1: Access the New Payment page:
Navigate to the "New Payment by Batch" page in invoicing/AR.
Step 2: Organize payments into batches:
Before entering the payments, it is common practice to organize them into batches for deposit.
Choose a Batch Number to identify the batch of payments. A recommended method is to use the date and type of payment, such as "071617-Check" for payments received on July 16, 2017, in the form of checks.
Select the Deposit Date, which is the date you want the payments to be deposited.
Calculate the Batch Total, which is the total amount of money being paid in this batch of all the multiple invoices . Make sure to calculate this amount accurately beforehand.
Verify the Running Balance, which is the total amount of money you have entered into the system as payment so far. Compare it with the Batch Total to ensure accuracy.
Step 3: Choose the deposit bank:
Select the bank where you will be depositing the payments from the drop-down list provided.
This helps in tracking and organizing the deposits made to different banks.
Step 4: Click "Continue":
Once you have entered the necessary batch information and selected the deposit bank, locate the "Continue" button on the page.
Click the "Continue" button to proceed to the next step and enter the payment details.
Step 5: Enter check details:
Start by entering the Check Number provided on the check.
Enter the Check Amount, which is the monetary value of the check.
Enter the Invoice Number in the "Inv#" box. Alternatively, if the customer doesn't specify the invoice, you can search for the company's name by typing into the "Inv#" box.
After selecting the appropriate invoice, enter the amount being paid for invoice.
If there is any remaining money after paying the invoice, it will be displayed in the next row. (The remining balance row is like in the picture below)
Enter the Invoice Number in the "Inv#" box in the remaining balance row and enter the check amount to apply it to that invoice.
Repeat the above steps to allocate funds to all the invoices that your customer needs to pay.
Once it is completed, it should be like in the picture below
Step 6: Continue entering payment details:
After entering the check details and making any adjustments, continue entering payment information for other checks or payment methods.
Ensure accuracy and review the entered information before proceeding.
Click "Save & Exit" to save the entered payment details.
Step 7: Posting payment
Click on the provided link to proceed with posting the payment.
By following these additional steps, you can enter check details, allocate payments to specific invoices, make adjustments, and apply credits to the customer's account if necessary. This allows for more parent company consolidated payment tracking and management within the system.
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