Enhanced interface

Payment Summaries overview—Accounts Receivable

Received payments are batched into payment summaries so you always have a record of payments entered into Sage Intacct. The payments listed in a payment summary include payments that your company has received from customers regardless of the payment method.

Overview

Payment summaries are different from regular AR summaries. Payment summaries are collections of payments that you receive from customers, such as invoice payments, grouped together for processing. Until you or Intacct creates a new summary, no line items appear in the Payment summaries list page.

Payment summaries are created in two ways.

Automatically, by the Intacct system at intervals you configure.
Manually, such as payment summaries you create to handle specific situations.

Automatic payment summaries

Intacct automatically creates payment summaries for items such as invoice payments so that a summary always exists for payments as they are entered throughout the day. These payment summaries are created according to preselected time intervals that you configure in Accounts Receivable. You cannot edit automatic payment summaries.

Intacct standardizes the date format for all automatically created payment summaries on the internationally accepted format of YYYY-MM-DD24:MI:SS. Standardizing the date format in the payment summary title ensures that transactions are always grouped or matched to the appropriate payment summary. This format helps to eliminate the risk of posting errors due to a date format mismatch.

Manual payment summaries

When Accounts Receivable is configured to create User-specified payment summaries, payment summaries are manually created anytime a user receives an invoice payment. You can also manually create a payment summary to handle specific situations.

Configuration

To configure Accounts Receivable payment summaries, go to Accounts Receivable > Setup > Configuration > Account settings > Summary frequency. Use the dropdown to configure how payment summaries are created for each payment type.

Option	Description
Payments frequency
One per payment	Automatically create a payment summary with each payment.
Daily	Automatically create a payment summary at the end of each day.
Monthly	Automatically create a payment summary at the end of each month.
User-specified	Manually create a payment summary when a user receives an invoice payment.
Additional settings
Per payment method	Create a separate payment summary per payment method.

Balance forward configuration

When Accounts Receivable is configured to handle balance forward situations, the forwarded balance is included as a payment in the payment summary.

For example, say that your company is configured for Balance forward. You create an invoice for a customer that totals $100 and receive a check payment for $150. Intacct creates a payment summary for $100 for the invoice payment. The next month, you create a $20 invoice for that customer and apply a 20% discount memo for $4. The Intacct system will create a payment summary for $12 after you create the invoice. When you drill into the payment summary, you will see the -$4 discount and a $16 payment from the customer's previous balance listed.