The New Payment/Credit button on the invoice opens the Payment Add pop-over. This is where all Payment information is added for a particular invoice. Note that this window will have different information depending on the accounting methodology set up by your system administrator in the Settings module.
It is also worth noting that payments for invoices can also be made and applied in the Accounting > Payments module. This is typically done for payment when they are applied to multiple invoices or in situations where the customer is paying a deposit for goods and services not yet invoiced.
Add Payment (tab)
This tab is where new payments are added to the invoice.
- Click the Paid In Full button and iPoint will automatically fill in the total invoice balance due into the Amount Paid field.
- The Date field will automatically default to today’s date on a new payment. Or you can manually type in or select the date from a calendar by clicking on the calendar icon.
- Enter the Amount Paid.
- On a standard invoice, entering a dollar amount greater than the amount due will prompt you to adjust the amount or create a credit on the customer’s account.
- Note that you cannot exceed the amount due on an RFP invoice.
- From the drop-down menu, select the Payment Method. These methods are set up in QuickBooks and synced back to iPoint using Settings > QuickBooks > Lists.
- If the customer pays by check, enter the Check Number in the available field.
- The Process CC/ACH button is available if your company has activated credit card processing within iPoint. Click the button will open the Credit Card/eCheck Payment window.
- The Check Image field is available to store an image of the customer’s check. If you are on an iOS mobile device, tapping in the Check Image field will activate the camera. On a computer, you’ll need to capture the check image outside of iPoint. Then, right-clicking in the Check Image box will prompt you to Insert Picture where you can select the check image.
- Enter any notes about this payment in the Payment Memo.
- Finally, the Class dropdown allows you to classify this payment using various classes. Classes are set up in QuickBooks and synced back to iPoint using Settings > QuickBooks > Lists.
At the bottom of the window are several buttons.
- Advanced Payment Receive will take you to the payment module directly.
- If the customer has credits on their account, there are two buttons:
- Auto Apply Credits – iPoint will take the first available credit and apply it to the invoice.
- View Available Credits will open the first available credit in the payment module where you can decide how to apply it.
- Credits are only applied to the invoices created from the same sales order. So if a customer has to Sales Orders with RFP payments applied to each, iPoint will only display credits associated to the same sales order as the invoice came from.
- Save & Close will save the payment and close the payment popover window.
- Save & Print will save the payment and print the invoice.
Credit Memos (tab)
If the customer has available credits on their account, the Credit Memos tab will display a dollar value on the tab. A credit memo is not to be confused with a payment on account, which is selectable by clicking the Available Credits buttons on the Add Payment window. Credit memos are generally created when the customer returns products for credit. These credits can either be turned into refunds (in QuickBooks) or applied to outstanding invoices.
- To apply one of those credit memos to this invoice, click the Select button next to the credit memo you want to apply.
- Once selected, you will be given the opportunity to choose an Amount To Apply From Credit memo. Enter the dollar amount you want, either all of the credit memo or just a portion.
- Then click the green Apply button. The credit memo amount you entered will now be displayed on the invoice in the payment section, reducing the amount the customer owes.
RFP Credits (tab)
Note: This tab is only visible if you are using RFP Liability accounting (set up in Settings > Module Settings > Proposal > Accounting.) If Liability accounting is not activated, the tab will simply appear as a black nub.
The list of credits displayed are payments made on RFP invoices for the same sales order where the invoice originated. RFP credits from other sales orders will not be displayed here. The invoice number, description of the invoice, and available credit are displayed in the list.
The totals section show the Total Paid of all RFP invoices, the Total Used or applied to this and other delivery invoices, and the Total Remaining credit available on this sales order.
Click the green Apply button and iPoint will automatically take existing RFP payments and apply them to the invoice. When synced to QuickBooks, this process relieves the liability account on the financial statements and transfers the funds to revenue.