Topic: Miscellaneous Receipts
The majority of receipts will typically be client payments and be recorded in the system as a Receipt against the appropriate Job and Debtor. The Receipt should be reconciled against the Progress Claim previously posted in the system (refer Method 1).
However, there may be a variety of miscellaneous receipts that do not relate to progress claims and these will need to be posted in the system in an appropriate manner.
Method 1 - as a Claim and Receipt posting:
Periodic forms of income may be best controlled and processed using Method 1. This method would apply in the case of Property rented out to tenants, in which case it is suggested that there be a specific Cost Centre Bank for Rental Property with its own Income account and a list of cost centres, such as Maintenance; Security; Rates, etc. There would be a Job with the tenant created as the Debtor/Client to whom Claims would be processed or posted. GST may be applicable depending on the nature of the property and nature of rental (refer to the ATO and/or Tax Accountant).
The following maintenance should be performed:
1. General Ledger (GL) accounts
create a GL account in the Income section e.g. 3.1500 Rental Income, and a Cost of Sales account e.g. 5.1500 Rental Property Outgoings
2. Cost Centre Bank & Cost Centre (CC)
create a CC Bank for Rental Property with the default GL Acc "Income" set to 3.1500 and GL Acc "Default Expense" set to 5.1500, as discussed in the previous point.
3. Job
create Jobs and Debtors for each Rental Property.
Method 2 - as a Direct to GL Receipt:
For the miscellaneous types of receipts that are not BAS and GST applicable/reportable; such as Loan draw downs; sale of second-hand materials, etc. Method 2 may be more convenient. Select Posting – Receipts, and choose "Apply to" Direct to GL (refer to screen below).
Method 3 - as a negative Invoice and Payment posting:
This method would be required where the receipt did not relate to a Debtor (Contract) and where there was a GST reporting requirement. An example of this type of receipt may be a refund for the overpayment of material supplies on a Job (refer below for an example).
While in this screen the Payment can be recorded by selecting the PAID icon on the toolbar. The reference on the Payment should be chosen with the Bank Reconciliation in mind. The resulting negative Payment will appear in the Deposits section of the Bank Reconciliation screen.
Refer to the How Do I – Control Panel Number and Currency Format (using Parenthesis) if you wish to have dollar amounts formatted and displayed in parenthesis as opposed to a negative sign.
End of Document