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How to pay / record Post dated checks in Acumatica?

  • 2 November 2022
  • 2 replies
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Userlevel 1

Hi,

Is it possible to process an Invoice with multiple payments in 1 entry or without creating multiple Payments? Let say I have an open Invoice worth 12,000 and customer will pay in advance through 6 Post Dated Checks (the date is every 6th of the month). How can I record those 6 checks in Acumatica?

Thanks in Advance.

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Best answer by Laura02 2 November 2022, 10:28

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Hello,

Current versions of Acumatica have no standard screen/process to enter 6 customer payments by check at one time, in one entry and yet post the payments across 6 months. A custom screen will be required to enter the checks at once, to enter them as one batch that splits across more than one financial period.

Acumatica offers installment payment terms to customers, maybe consider using installment terms features.

To record the 6 future checks now:

  1. Use Manage Financial Periods to open future periods
  2. Enter the payments to 6 future periods in AR Payments & Applications.  Use “Undeposited Funds” bank account in AR to record payments.
  3. As checks are deposited at your bank each month, use Banking → Deposits screen (or Fund Transfers, or GL Journal Transactions) to move funds from Undeposited funds bank account to the Operating Cash account. 
  4. If using GL, entry in step 3 can be set up as a Recurring Transaction.
  5. With any method, Step 3 can also be recorded to future periods, released in advance.  If we forget to deposit the future checks, the difference will show in the Bank Reconciliation Statement.
Userlevel 1

Thanks for the help. Ill try these steps.

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