The start of each season brings fresh business. New products are introduced and orders are taken. However, the payments for these orders must be managed efficiently in order to ensure good cash flow.
As your customers send payments and you deposit their payments into your account, you’ll also want to track them within ApparelMagic for reference. By keeping accurate records of funds received in ApparelMagic, you can monitor a customer’s payment history and modify their creditworthiness or terms as needed. ApparelMagic’s accounting capabilities are made their most powerful when businesses monitor transactions like their income from customer payments.
In this lesson, we’ll receive a payment from a customer on an outstanding invoice. When you’ve finished the walkthrough, use one of the invoices you’ve created to collect payment from a customer.
Click A/R on the left-hand navigation bar to begin.
Select Payments Received from the submenu.
Click + New at the bottom of the screen to create a new payment.
Here, you’re allowed to create a new payment or credit card payment. For this example, we’ll select New Payment to pay by check.
Payments can also be brought in through credit card processing for those connecting to gateways such as Authorize.Net, other point of sale and ecommerce integrations such as Shopify, or through B2B wholesale sites such as NuOrder.
We’ll enter the customer name in the Customer field.
Using the Type field, we can enter the type of payment.
Customers can pay via multiple methods, including Check, Wire, and CC.Our customer paid via Check for this example.
Click Finish to continue.
This page shows payment information at the top of the screen, and all invoices we’ve sent to the customer at the bottom of the screen.We’ll first enter payment information.The first step is to add the GL, or Grand Ledger, account.
The Grand Ledger is a record of all financial transactions a company makes. This accounting record is used to keep track of all finances for use in financial statements and includes all expenses and income from orders.We’ll choose 1000 Cash in Bank.
Next, we’ll enter the amount of we received from our customer in the Funds Received field.
You’ll notice tat the Amount Remaining field will show how much of the Funds Received total has not yet been used. At this point, the fields will be equal.
Our customer sent a payment for their most recent order, 1134. We’ll use the arrow to the right of that order’s balance to apply funds to that invoice.
The invoice will show up in the table at right. Notice that at the top of the screen, $0.00 is remaing, and $4,350.00 is applied.Customers can send payments for multiple invoices, and they can be applied all at once.
Click Save to finalize application of this payment.
You may choose to send a confirmation of receipt of the payment to the customer. Click Print at the bottom of the screen.
From this page, you may print or save the Payment Confirmation to send to your customer.This concludes the ApparelMagic Cloud Collecting Payments tutorial.Now that you know how to collect a payment, try entering a payment for an invoice you’ve sent.
1. Payments can be brought into ApparelMagic via integrations including:a) Authorize.Netb) Shopifyc) NuOrderd) All of the Above
Answer: d) All of the Above
2. True or False: A single payment can be applied only to a single invoice.
Answer: False. You may add multiple invoices to a single payment.
3. True or False: The Grand Ledger is a record of all financial transactions a company makes.
Answer: True. This accounting record is used to keep track of all finances and includes all expenses and income from orders.