Receive payments

Use the Receive Payments page to do the following:

  • Receive and record payments from a customer.
  • Apply credit memos, advances, and overpayments.
  • Apply discounts.

Intacct lists only those invoices upon which you can act. Invoices that are fully paid are not displayed; you can see them by going to Accounts Receivable > All > Invoices.

Are you trying to process a refund from a vendor? Learn how to Deposit and record a vendor refund.

To create a journal entry, adjustment, or advance for the payment before you receive it, you can do so directly from the Receive Payment page.

  1. Go to Accounts Receivable > All > Invoices and select Add (circle) next to Receive payments - New!.

  2. From the More actions dropdown menu select Create journal entry, Create adjustment, or Create advance.
  3. Enter the journal entry, adjustment, or advance information as needed.
  4. Select Save.

Receive a payment

Use the Receive payments page to receive and record a full or partial payment made by a customer against specific invoices. If you are not ready to post the payment, save it as a draft. You can post the payment from the Posted payments page when you're ready.

Advance payments, such as prepayments or retainers, use a different process. There's a different process because an advance is a payment that you receive before you have an invoice for the customer.

Subscription

Accounts Receivable

Regional availability

All regions
User type

Business
Permissions

Manage payments: List, View, and Add

  1. Go to Accounts Receivable > All > Invoices and select Add (circle) next to Receive payments - New!.

  2. Enter the payment information, including the Customer, Amount received, and Payment method.

    Are you a company that uses multiple base currencies and receives payment by credit? Slide into an entity to receive a payment using this payment method.

  3. Select Show invoices.

    • Customer has one open invoice: The invoice appears in the grid below.

    • Customer has more than one open invoice: A list of open invoices for the customer appears.

      1. Use Filter sets to filter for specific invoices.
      2. Select invoices from the list, then select Add and close.

  4. The Payment amount automatically populates if you have payment suggestions set to ON.

    If turned off, enter the Payment amount for each invoice selected.

    Select the Transaction amount by the invoice you want to see details for.

    The Payment amount field is an editable field. You can adjust the amount in the Payment amount field by selecting that field and entering a new amount.

    1. Find the invoice for which you want to apply the payment by line item.

    2. Select Line details.

      The Invoice Details page appears.

    3. Enter or adjust the Payment amount as needed for each invoice line item.
    4. Select Save.

  5. If the customer does not have credits or discounts to apply, select Post or Draft.

    Posted payments are immediately recorded, affecting your cash balance and your receivables accordingly. Invoices that were paid in full no longer show in the customer aging report.

    You can find the payments on the Posted payments list. If you need to correct a posted payment, such as to change the payment method or date, reverse the posted payment. Then, receive it again with the corrected information. Learn more about reversing posted payments.

    Draft payments are not yet posted and do not impact subledger balances. These payments appear on the Posted payments page as drafts. You can select and post a draft payment from Posted payments when you're ready.

    Invoices that are included in draft payments have a state of Selected. After you post the payment, Intacct updates the invoice state to Paid or Partially paid.

Apply credits and discounts

Restriction: You cannot apply foreign currency overpayments to base currency invoices.

  1. Find the invoice to apply credits to.

  2. Enter the credit amount in the Credits to apply column for that invoice.

    1. To select and apply specific credits, select the Credit available amount instead.

      The Apply Credit page appears.

    2. Select the credits and enter the amount in the Credits to apply column.
    3. Select Save.

When you apply a credit using the Credits available link, the credit state changes to selected and the credit is essentially locked. This means that if there's a leftover balance on the credit, that amount is not available to apply to another invoice until you post the customer payment. If you want to apply the credit to more than one invoice selected in this payment, use Apply credits instead.

  1. Select Apply credits.

    Apply credits is available when you receive a payment from a single customer.

  2. Select the credits that you want to apply.

    The total amount of the credits to apply must be less than the sum amount of the selected invoices. Adjust the Credits to apply amount as needed.

  3. Select Save.

    Intacct applies the credits to the invoices that you selected for payment, distributing them using the waterfall payment method.

  1. Find the invoice for which you want to apply credits by line item.

  2. Select Line details.

    The Invoice Details page appears.

  3. Find the line item to apply credits to.

  4. Select the Credit available amount for that line item.

    The Apply Credit page appears.

  5. Select the credits and enter the amount in the Credits to apply column.
  6. Select Save.

The Term discount column shows the discount available for each invoice based on the Payment date and the term that you set up for the customer.

To apply a term discount, you must also receive payment for the invoice balance at the same time.

  1. Select Apply discount next to the invoice.

    • If your organization has custom discounts turned on in Configure Accounts Receivable, Intacct copies the term discount into the Discount to apply column. This amount is deducted from the Payment amount when you post the payment.
    • If you are not using custom discounts, Intacct subtracts the term discount from Payment amount.

    When Apply discounts automatically is turned on in Configure Accounts Receivable, Intacct automatically applies the term discount.

    If a discount is not applied automatically with this configuration, verify that the Amount received is greater than or equal to the payment amount minus the term discount.

  2. Select Save.

If your organization has custom discounts turned on in Configure Accounts Receivable, you edit the discount amount. You can even apply a discount when no term discount is available.

You must receive a payment, even a partial one, if you want to apply a custom discount.

  1. Enter the custom discount in Discount to apply, next to the invoice.

    Refer to the Applied discounts column to see if any custom discounts were applied to the invoice previously.

  2. Select Save.

After you apply credits and discounts, select Post or Draft.

Result: 

Posted payments are immediately recorded, affecting your cash balance and your receivables accordingly. Invoices that were paid in full no longer show in the customer aging report.

You can find the payments on the Posted payments list. If you need to correct a posted payment, such as to change the payment method or date, reverse the posted payment. Then, receive it again with the corrected information. Learn more about reversing posted payments.

Draft payments are not yet posted and do not impact subledger balances. These payments appear on the Posted payments page as drafts. You can select and post a draft payment from Posted payments when you're ready.

Invoices that are included in draft payments have a state of Selected. After you post the payment, Intacct updates the invoice state to Paid or Partially paid.

Enter overpayment dimensions

If you receive a payment for more than what the customer owes on all invoices, enter the amount of the payment. Intacct tracks the excess as an overpayment, which can be applied to future invoices. You can tag the overpayment to specific dimensions for future use.

At the top level of a multi-entity shared environment, the Overpayment location must be the same as the bank you're using to receive the payment, or the location of the invoice you are paying. If you're applying payment to a multiple line item invoice belonging to a different entity, then the bank location is designated as the overpayment location by default.

At the entity level, you can use the invoice entity and sub-location as the overpayment location.

If the customer would rather have the excess money returned, refund the overpayment.

Receive other payments

The system offers three additional ways for receiving payments:

  • Advances: Receive a customer payment like a prepayment or retainer, where the customer does not yet have an invoice for the payment. Save the payment as an advance, and apply it to the corresponding invoice later on.
  • Manual Deposit: Receive a customer payment without applying it to a specific invoice. Instead, it deposits the receipt directly into a bank account. See Create a manual deposit for more details.
  • Other Receipts: Receive payments from customers that do not have an account in AR. The system either deposits the payment into an undeposited funds account or directly into a bank account. See Other receipts for more details.

Field descriptions

The following table describes each field on the Select Invoices for Payment page:

Payment Information

Some fields change depending on which payment method you select.

Default for departments without specific rules field descriptions
Field Description

Account type

Select the type of account associated with the payment method: bank account or undeposited funds account.

Account

The account you want Intacct to deposit the payment to.

Attachment

You can store your supporting documents by uploading them to your company and attaching them to transactions. Learn more about who can add attachments.

Invoices selected for payment

Default for departments without specific rules field descriptions
Field Description

Invoice no.

The invoice number for the invoice you're applying the payment to.

Customer

The customer who was invoiced.

Outstanding amount

The outstanding amount due on the invoice after payments, credits, and discounts are applied.

Credits available/Credit details

Default for departments without specific rules field descriptions
Field Description

Transaction no.

The information that was entered when the credit was created. Select view details or the invoice # for more information.

Credit type

The credit type. The credit available can be from an adjustment, an overpayment, or an inline credit from a previous invoice.

Credits to apply

You can enter a "lump sum" dollar amount of credit against an invoice. All the credit memos, negative invoices and advances available for this customer are added together and displayed in the Credits Available field so you can decide how much that lump sum will be.

You can take the credit shown in the Credits Available field in one invoice, or divide it between multiple invoices. However, you can't take more than the total available credit. (That is, you can't enter the same amount in this field for all the invoices for that customer, or enter amounts that add up to more than the credit available.) Advances are applied before any credit adjustments or prior overpayments.

To take some or all of the credits and/or advances, enter an amount in the Credits To Apply field. Intacct applies credits in the following order: advances, overpayments, negative invoices, and then adjustments.

In other words, say you received an advance of $1,000 and also issued a credit memo for $500. You’ll have a total credit available of $1,500. Let's say you then enter $1,200 in the Credits To Apply field. Intacct first uses the entire $1,000 advance, and then uses $200 of the credit memo, leaving $300 on that credit memo.

The amount of credit that you apply is automatically subtracted by Intacct when you select Save. If an invoice is fully paid by the application of credit, Intacct removes it from the list when you save. In addition, the amount of credits/advances that you applied to the first invoice is no longer available to apply to other invoices. For example, say you had $132 in credits for that customer, but you only apply $100. Intacct remembers that you have an additional $32 that you can take later. However, if you reverse the resulting transaction, the amount of the credits/advances is returned to the full original amount.

Overpayment dimensions

Default for departments without specific rules field descriptions
Field Description

Department

If applicable, you can assign any overpayment amount to a specific department.

Project

If applicable, you can assign any overpayment amount to a specific project.