How to Allocate a Payment to an Invoice in Sage Intacct
There are several ways to allocate a payment in Sage Intacct, offering options to suit your own personal ways of working.
In this week’s tip, Haris Naeem, Sage Intacct Consultant, will show you the easiest ways to allocate payments in Sage Intacct.
(Click the images to expand for easier viewing.)
Receive Payments Screen
Navigate to:
Applications > Accounts Receivable > All > AR sales invoices > Receive payments – New!
Tip: Click the + to go straight to add new.
Then, click Add.
Select the customer, payment method, bank account and currency. Then, enter the amount you’re going to receive for the payment.
Click Show AR Sales Invoices to bring up all the open invoices for the selected customer.
When you enter the Amount received it will automatically populate in the Payment amount column.
The date received and the payment date will auto-populate with today’s date. You can also add any memos and attachments at this point.
Once you’re happy with everything, click Post.
To partially receive the payment, override the Payment amount field. If you have credits available, you can also use the Credits to apply field to clear the balance without requiring payment from the customer.
Reconcile Bank Account Screen
You can also allocate payments as you go through the banking queue.
Navigate to:
Applications > Cash Management > Reconciliation > Bank
Select the Account to reconcile and then click Continue.
To show more transactions, change the State dropdown and click Apply filters.
Find the transaction you’d like to allocate, then click Action > Receive Payments.
This ensures the banking queue is up to date with the invoices on the system.
Bank Transactions Screen
You can also allocate payments directly from your bank feeds data.
Navigate to:
Applications > Cash Management > All > Transactions > Bank transactions
Find the transaction in the list and click View.
Click: More actions > Receive payments
Select the Customer, complete the rest of the details and then click Post.
Allocating a Payment to Multiple Customer Invoices
You can also allocate payments for multiple customer invoices.
To enable this, navigate to:
Applications > Accounts Receivable > Setup > Configuration
Scroll down to Enable functionality and tick Enable single payments for multiple customers.
Scroll down to Document sequencing and select one of the options from the Payments dropdown or click Add.
Complete the document sequence details and then click Save.
Then, when you go back to the Configure Accounts Receivable screen, click Save.
Now, when you receive payments, you’ll have the option to apply payments to multiple customers’ AR sales invoices.
If you need more help with allocating payments or anything else in Sage Intacct, contact us and we’ll give you a hand!
