Receipt Remmitance

[rihan m]

Hi All,

Our current set up is, when receipts are entered , it will be at cleared status (remittance function is also not used).

If we were to use the remittance function. (i.e. to have receipting and deposing at two difference stages) what would be the impact on our receipting practices.

Also, can anyone explain me the process with double entries of the same.


Thaks,
Rihan

[tgs100]

1. First you need to list down all the receipt methods.
2. Group by the routing. Some receipt methods may go through Receipt --> Remittance --> Clearing (Ex: Cheque), Some receipt methods may go through Receipt --> Remittance --> No clearning (Ex: Cash), etc.
3. Create the receipt class and define the receipt methods.
4. Create receipts selecting appropriate receipt method.

For Receipt --> Remittance --> Clearing process

Receipt
=====
To be deposited Account (Confimation Account)- Dr
Receivable - Cr

Remittance
========
To be cleared Account (or Remitted Account) - Dr
To be deposited Account (Confimation Account) - Cr

Clearing
======
Bank Account - Dr
To be cleared Account (or Remitted Account) - Cr

Based on your receipt method, the process should be followed.

Cheers,
Saravanan TG