Receipt Method
Receipt method is the setup stage for processing all remittance. Once it is defined, it is used in receipt transaction without entering detail bank ,account information.
Foundry Bean Global Work System uses Receive Method to identify the financial institution account where the payment from customer/client will be deposited for remittance.
Receipt method also includes information about the accounts needed for creating accounting entries once the payment is deposited.
It also includes accounting generator to create exact accounting entries from the above accounts.
Creating Receipt Method
To create a new receipt method , click “New Receipt Method” . Enter a meaningful name so that it can easily identied in receipt transaction.
Receipt method contains three main sections :
Bank account information
This contains Bank name, account, routing, account type and currency .
Default Bank Accounts
It contains the different accounts needed to create accounting entries for remittence and receive payment from the bank accounts.
Cash Account
Cash clearing account
Bank charges
Unapplied Receipts
On-account receipts
not-identified receipts
Fx rate gain/loss
Workflow
Workflow determines how the accounting entries will be created using above default bank accounts.
Receipt Account Generator Workflow determines the processing flow for creating receipt
Receipt Account Generator Workflow determines the processing flow for creating receipt application.
Save the receive method as this will be used in receipt transaction for processing customer/client payments.
To see all the receipt method defined in the ledger , click “Receive Methods” in AR setup.
