Lesson 15 of 63

Journey B, part 4: The accountant matches the customer's payment

For: AccountantAbout 5 min

What you will be able to do

The sale is in the ledger as money the customer owes. Her transfer has been on the bank statement since 10 October. In this part the accountant matches the bank line to that receivable. The match posts the receipt by itself: the bank goes up and the receivable is cleared.

Before you start

  • Part 3 is done: the sale entry is approved and posted.
  • You are signed in as the accountant.

Steps

  1. 1

    Open the bank account

    In Accounting, select Banking, then the card for Al Waha Commercial Bank. The customer's transfer of 105,000 dirhams is the one line still Unmatched.

    • Select Banking3 (3)
    • Select Bank account Al Waha Commercial Bank ****4471
  2. 2

    Select Manual match and choose an open ledger item

    On the transfer, select the chain link, Manual match. Open Match to and choose Open ledger item, tax posting or journal. It settles an item already in the ledger, such as the sale posted from Tax.

    • Select Manual match
    • Select Match to
    • Choose Open ledger item (tax posting or journal)
  3. 3

    Choose the receivable

    Under Receivable or payable to settle, open the list. The sale from part 2 is there with its entry number, the customer's name, 105,000 dirhams and the date of the sale. Choose it.

    • Select Choose a document
    The screen at step 3: Choose the receivable
  4. 4

    Select Match

    Select Match. A message confirms the match, and the line's status changes to Manual matched. The tiles above the list now show nothing Unmatched.

    • Select Match
  5. 5

    See the receipt in Journals

    Select Journals. A new entry says Receipt settles, with the number of the sale entry. It is already Posted: the bank account is debited and Accounts Receivable is credited 105,000.

    • Select Journals
  6. 6

    Check the trial balance

    In the left menu select Financial Reports and select Generate. Accounts Receivable now shows 105,000 on each side and a balance of zero: the customer has paid. The sale is complete in the books. Next, the administrator decides who signs off the VAT return.

    • Select Financial Reports
    • Select Generate

How to check it worked

The customer's transfer shows Manual matched, nothing on the statement is Unmatched, Journals lists the receipt as Posted, and Accounts Receivable is back to zero.

Common mistakes

  • Categorising the transfer as Revenue instead. The sale is already in the ledger, so that would count the revenue and the VAT twice.
  • Matching before the sale is approved. Only entries already in the ledger are offered.
  • Choosing the wrong item when several are open. The list puts the closest amount first; check the customer's name and the date as well.

Check your understanding

  1. 1. What does Match to, Open ledger item, offer?

    1. A.Any draft journal entry
    2. B.Receivables and payables already in the ledger that are not yet settled, including those posted from Tax
    3. C.Only supplier bills
    Show answer

    Answer: B. Receivables and payables already in the ledger that are not yet settled, including those posted from Tax

    The window calls it Receivable or payable to settle. The sale posted from Tax is listed with its entry number and amount.

  2. 2. After the match, who has to approve the receipt?

    1. A.The finance manager, in the Approval Queue
    2. B.Nobody: the match posts the receipt, because it settles an entry that was already approved
    3. C.The tax manager
    Show answer

    Answer: B. Nobody: the match posts the receipt, because it settles an entry that was already approved

    Journals shows the receipt as Posted straight away, with the type Auto payment.