Overview:

Bank customer receipts refer to the process of recording payments received from customers against their outstanding sales invoices. When a customer receipt is posted in Zumzum Financials, it reduces the customer’s balance owed, increases the bank account balance, and updates the Debtors Control Account. The system creates multiple records to track these transactions, including Batch Bank Receipts, individual Bank Receipt records, and associated Ledger Transactions. This ensures accurate financial tracking and proper allocation of payments across sales invoice line items.

Bank Customers Receipts

Use the Customer Receipt screen to record your customer payments against a Sales Invoices. A number of records are created in the system when you post a Customer Receipt, which will reduce the balance owed by your customer, increase the balance in your bank account and reduce the balance of your Debtors Control Account.

Creating a Customer Receipt

1. Go to the Zumzum Financials Bank tab.
2. Select the Customer Receipts option.
3. Select the Bank Account the customer payment should be received into.
4. Now select the Tax rate to be applied to the Amount.
5. Find the Customer account for the Bank Receipt you wish to post.
6. Select the Date of the Bank Receipt, today’s date is auto selected but you can edit the date by selecting the field and choosing a new date from the drop-down calendar.
7. Now choose how much has been paid off each Invoice, the Invoice must be posted for it to appear in the list.
8. You can manually enter the amount you wish to allocate to each each Sales Invoice Line.
9. Alternatively, you may enter the Amount paid including Tax into the amount field and:
   1. Us the “Automatic” button to split the Amount paid between all the invoice line items, allocating the amount to the oldest transaction first.
   2. Use the “Pay in Full” button next to each Sales Invoice Line item to allocate the full amount to your line item.
10. Click Save or Save and New to post the Customer Receipt.

Additional Records Created in the System when posting a Customer Receipt in Zumzum Financials

When you post a Customer Receipt in Zumzum Financials, several records are created in the system to record the transaction.  The Customer Receipt will be recorded against the Sales Invoice “Paid Amount” to reduce the Unpaid Amount on the Sales Invoice.   If the Gross Amount of the Sales Invoice is paid, then the Sales Invoice will be set as Pad = Y.

The Customer Receipt posting will create new records in Zumzum financials:

Also, when a Sales Receipt is posted to the ledger, the system will create a Batch Bank Receipt record in the system. You can find the  Batch Bank Receipt Tab to view the Bank Receipts posted in Zumzum Financials. Batch Bank Receipts record the relevant information you added when posting a Customer Receipt (amount, currency, bank account, date, etc.).  The Batch Bank Receipt record contains the following child records;

1. Each Batch Bank Receipt record will contain one or more Bank Receipt Records, to store the details of the customer payment.
2. Each Bank Receipt Record will contain one or more Bank Receipt Line Items to display one record for each Sales Invoice Line Items that the customer payment payment is allocated to.
3. Each Bank Receipt Line Item has displays Ledger Transactions (Receipts) related list.  This list displays the ledger records created for the customer payment related to this line item.
4. In the Ledger Transactions (Paid) related list, the system will display the corresponding Ledger Payment History records. Each time a payment or credit note are allocated to a Sales Invoice, the system creates an Allocations record.  The allocations records are also visible on the Sales Invoice and Sales Invoice Line items.

Learn more about customer receipts in Zumzum Financials.