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How to Enter Accounts Receivable Transactions in Sage Timeslips

You enter all accounts receivable transactions in pretty much the same way in Sage Timeslips. Here let’s walk through how to enter a payment transaction because that’s the transaction you'll enter most often. (let’s assume that you received a check.)

If your client has available money in a funds account, Timeslips can automatically generate transactions that reduce the client’s funds account balance and accounts receivable balance when you prepare a bill for the client, automatically paying yourself for services rendered.

To enter an accounts receivable transaction, follow these steps:

  1. Choose Transactions→Accounts Receivable to display the Accounts Receivable List window.

  2. Click the New (plus sign) button on the vertical toolbar on the right.

    The Accounts Receivable Entry window appears.

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  3. Near the top of the window, do the following:

    1. In the Type drop-down list, select the transaction type.

    2. In the drop-down list next to the Type list, select a payment method.

    3. If you select Check as the payment method, supply a check number.

  4. Select the client for whom you are recording the payment.

    You can click the Find Client by Invoice (magnifying glass) button beside the client’s second nickname to supply an invoice number; Timeslips then finds the client based on the invoice number.

  5. Enter the date of the transaction.

    If you type T, Timeslips will enter today’s date.

  6. (Optional) Select the Deposit Slip check box to create a list of deposits.

  7. Provide an amount for the transaction.

    You can have Timeslips automatically fill in the client’s current accounts receivable as the transaction amount; if the client makes a payment other than the current accounts receivable balance, you can type over the amount. To enable this setting, choose Setup→General, click the Slips, A/R, and Funds tab in the Transactions section, and then select the Use Current A/R Balance for New Payments, Credits and Write Offs check box.

  8. (Optional) In the large text box, edit the default description.

    This description will appear on the client’s next bill.

  9. At the bottom of the window, click the Apply One button. Or if more than one outstanding invoice appears, click the Apply All button.

    By default, Timeslips applies payments to the oldest open invoice first, as dictated by generally accepted accounting practices.

    Timeslips follows generally accepted accounting practices and applies payments first to outstanding interest due, then to outstanding costs, and finally to outstanding fees. You can change this setting on the Accounts Receivable tab of the Client Information window.

  10. If the client pays more than the balance due, do one of the following:

    • Select the Remaining Amount Applies to Future Invoice box to apply the overpayment to the client’s next invoice or if you intend to refund the overpayment amount to the client.

    • Click the Transfer Money button to transfer the overpayment amount either to the client’s funds account or, if you use the Client Project feature, to an open invoice on a different project for this client.

  11. Click the Save button on the window’s toolbar to save the transaction.

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