Cash Receipt Summary Report

[Heidi5]

Hello Everyone,

My accountant asked me about a report that she has been getting from me for a while and I couldn't answer her question. I was hoping someone here could help me out...
"Cash Receipt Summary" at the bottom of the report it lists
1. Receipts paid on invoice, which I believe is a payment on an invoice.
2. Receipts paid on account, which I believe is a payment on a posted acct.
3. Receipts paid on deposit, what does that mean???
Any help would be appreciated.
Heidi

[Jeff @ Able Auto]

I believe paid on deposit is payments taken before to invoice is completed. 2000.00 job, customer paid 1000.00 deposit. Pays 1000.00 when job is done. First pmt is on deposit, second pmt is paid on invoice. Then I am no accountant !

[steven kiser]

I believe Jeff is correct and as he aptly put it "but I'm no accountant" either. I have found that accountants will want me to make changes in the way I record things as opposed to working with me and adjusting things on their end. I see the deposit issue a lot since I require a deposit on special orders or orders that require a shipping fee and work orders that involve 2 or 3 thousand dollars in parts.

[Heidi5]

Thank you Jeff and Steven very much for your input....It makes sense to me

[dan]

Wondering if Heidi got her answer, as we see this often when there is no deposit applied to an invoice. Say the advisors makes a payment via MC then post the invoice. On the next daily "cash receipts by payment type" one of the invoices may show in the MasterCard, under the heading Paid on Pay Type "Deposit MasterCard". What has taken place in applying a payment and posting the invoice to make this happen and show up this way? It really is not a deposit, it's a payment. This happens often with us, but in few cases it really is a deposit and makes an error in bookkeeping? Great question Heidi, not sure you got the answer you & I were looking for.

[ricmorin]

Actually they are all 'payments' when you think of it, just different types of payments.

If you have an order and are taking a payment before the job is done(posted in this case), it is common to refer that as a deposit. Money down for a specific item before receipt: deposit. It can also be referred as 'down', as in 50% down.

Paid on account is money with no specific intent, therefore not applied to any invoice. It's just 'on account'.

Paid on invoice speaks for itself. The invoice is posted and you're taking a payment against the final balance, whole or partial.

[dan]

Thanks Ric,
If you have an order and are taking a payment before the job is done(posted in this case), it is common to refer that as a deposit. Money down for a specific item before receipt: deposit. It can also be referred as 'down', as in 50% down.[/color][/color]
Not sure what you mean, or maybe I wasn't clear. Isn't the process, after converting to an invoice; to apply payment, then pay, then post and then print the invoice? When we do this, sometimes the Receipts by Payment Type report shows them as a deposit, even though we applied a payment in full and closed the invoice with 0 balance due. So the GL should recognize that as Income ........ right? not as a liability (deposit on jobs)?

Guess my question was; when Pay/Posting an invoice, why at times does it record it as a deposit and other times records it as an invoice payment?

[ricmorin]

That's a good question. My theory seems to have a flaw in it. I'm reviewing some of my reports and some payments are listed as deposits when they were paid on a posted invoice. It would also appear that on account is a payment to posted invoices also.

I will need more data to confirm, but it appears that HOW you pay makes difference, maybe. Of all the payments on my last report, all were done to posted invoices except one. The one exception is labeled Invoice. That makes sense. But the other payments say both Account and Deposit. That's unusual IMO. My SA says there were 2 different ways she made those payments. One from the Batch Payment and one from the History screen. That may be playing a role. Need more data to confirm.

[timbre4]

The typical flow is Invoices getting marked completed, payment processed, posted to history.

If a payment is made for an invoice on a day OTHER than when work was completed, that would likely show as a deposit.

[dan]

Thanks Tim!!

[themasterstouch]

Most lilkely what happens is the payment code that is used for the one you are asking about that are posted as deposit. Have someone go into the payment types and make sure they are the same. I set up one as DEBIT so i can track my cc expense. but if you go to options and put a payment in there it will be listed as Deposit on the invoice. And as an accountant it does make a difference if it is held for over a month end timeframe. (the deposit that is). The main thing with an accountant is that it needs to be done the same way all the time. Hope this helps