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cms2AR Procedure Over
Paid-No Tax-Invoice PartiallyPd-Error-Posted
For CMS - CMS to the MAX . net Accounting Software's
Professional Version (all versions)
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When a customer overpays there are many issues to be considered:
- Is the invoice paid in another customer code
- Is there an invoice unrecorded that my turn up later
- Is the effect on overstating the inventory quantity and value
important to adjust (and conversely to Cost of Sales)
- Is the customer taxable and the amount of sales tax needs to be
paid to the state
- Is the overpayment on the account as an unapplied payment,
applied to the wrong invoice or something else
After satisfying that #1-4 above are not an issue
- A sale needs to be recorded with a 20 transaction code.
- The description should be as descriptive as possible
- The source document should be
> if the amount has been applied to wrong invoice the source
document should start with the invoice showing less followed by at
least ADJ
>If its showing as an unapplied payment, the source document should
be the check number with at least ADJ
- Terms should be whatever it is for that customer
- The transaction date is approximate date when the unrecorded
sale unless the financial reports have been issued for that period
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If the invoice was applied with the overpayment in error, its best
to handle it when the next payment comes in. |
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If there was an unapplied payment created with the overpayment, then
a <6><space> transaction code will activate the credit and allow to be
applied to the 20 created to record the charge above. |
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If sales tax is involved, the charge should not be recorded in AR
but an invoice should be created so the sales tax flows through the
normal sales tax reports. |
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For more info, please fill the info below.
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