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How do I record cheques paid in from multiple customers?

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cliff

28 Jan, 2015 09:11 AM

As I'm not an account or bookkeeper, I'm learning as I go along, so please excuse what may be a daft question. If I receive two cheques from two separate customers, what is the correct way of entering them into Easybooks? For instance, if one cheque is to pay an invoice on a customer account, I can 'pay' the invoice from the customer account into the bank account. This enables me to send the customer a receipt for the cheque and automatically shows that invoice as paid. This however, only gives me one transaction in the bank account. When I pay in both cheques into the bank, they will go in on one paying in slip and one transaction for the whole amount will show on the statement. If I create a split transaction in the bank account for both cheques to pay each customer account, i.e. one bank transaction (to tie up with printed bank statement), I cannot then send a receipt, also I'd have to manually type in the invoice number which is being paid.
Therefore, the question is, what is the correct/normal way of dealing with this?
I hope this all makes sense.

reagards,

Cliff Withers

1. Support Staff 1 Posted by Admin on 28 Jan, 2015 10:48 PM

   

   Hi Cliff,

   This is essentially what you'd need to do if you wanted to have one payment into the bank account while still using the "receive payment" option for each sale:

   1. Create a new account under Petty Cash called "Cheques Received".
      
   2. Receive payments for each sale as normal, choosing "Cheques Received" as the account you receive money into.
      
   3. When you visit the bank and deposit all the cheques, add a transaction with Account 1 as the Bank Account, Transaction Type as "In (Received)" then choose Cheques Received for Account 2. You can either set the total amount or add a split, one for each cheque. This would be the most complete way to track each cheque you're paying in, you could include the cheque details in the details line if you wanted.

   This should reduce the balance in Cheques Received to zero if you're paying all of them in.

   I hope that helps,
   Mathew

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2. 2 Posted by cliff on 29 Jan, 2015 09:17 AM

   

   Hi Mathew,

   Perfectly answered, as always.

   Many thanks,

   Cliff

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3. Admin closed this discussion on 29 Jan, 2015 09:52 PM.