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This text refers to program version 4.3  

Transactions in FirstOffice - Receipts

When a Customer makes a payment against an Invoice, the transaction is known as a Receipt. In the Nominal Ledger, the raising of a Receipt credits the Debtor Account and debits the Bank or Cash Account. As with Invoices, you will usually enter Receipts in the Sales Ledger, where you will allocate them to the appropriate Invoice(s), and the consequences in the Nominal Ledger will be handled automatically. Normally, a Receipt will generate a Nominal Ledger Transaction like this:

When Nominal Ledger Transactions are generated from Receipts, the Accounts used are selected as follows.

Debtor Control Account
The Debtor Control Account for the Invoice being paid will be transferred to the Receipt. For details of how this is calculated, please refer to the 'Debtor Control Account' section of the Sales Invoices page.

If the Receipt is not allocated against a specific Invoice (i.e. it is an "On Account" Receipt), the On Account A/C entered in the Account Usage S/L setting will be credited.

Bank or Cash Account
The Bank or Cash Account posting will be determined from the Payment Modes setting, available in the Sales and Purchase Ledgers. This is used to store different payment methods, such as cheque, cash, credit card. Each payment method can be attached to a different Account, perhaps reflecting the usage of different bank accounts for each type of payment.

If any of the Account Numbers refers to a non-existent Account, FirstOffice, in attempting to generate the Nominal Ledger Transaction, will display the error message: "Transaction could not be generated. Check settings".

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