Select the bank account from the drop down list into which the funds are being lodged (bottom right hand corner of entry screen). It is important that you ensure you are working from the correct bank account at the start.
Amount
Enter the amount as received from the Customer.
If a sales invoice has already been posted then the VAT element has already been captured and should not be captured again as you are only liable to pay the VAT once, also the income side has already been posted to the P&L so therefore cannot be captured again as the income has only been generated once.
If the sales invoice has been posted then the “Trade Debtors” account is showing an amount due from the Customer, the income has already been captured and the VAT has already been captured also.
Upon receipt from the Customer the amount is no longer receivable from the Customer and the bank balance is increased to reflect the receipt, therefore it is a reclassification on the balance sheet reducing the amount receivable and increase amounts received.
So now the bank account balance has been increased because the account has been debited / funds lodged and the “Trade Debtors” account has been credited reducing the amounts receivable from Customers.
Using the Customer option will only allow you to reduce the amounts receivable from “Trade Debtors” and increase the bank balance and will not allow the capturing of VAT at this point as it is assumed that the Sales invoice was posted via the Sales invoice entry.
On posting the receipt the Nominal Account will default to Trade Debtors to facilitate the above entry, this cannot be changed.
Need help? Support is available at 01 8352074 or thesauruspayrollsupport@brightsg.com.
