Entering an Invoice/Payment Wash
You can create an invoice at the time you enter a payment.
If operating on an accrual basis, you increase your revenue with the invoice, and you increase your cash with the payment. Because both are entered at the same time, they wash each other out. Washing an account only means bringing the accrual account to a zero balance.
In ACS, when you select the Invoice/Payment Wash option, an invoice is automatically generated at the time you post the payment, so a wash occurs.
- Under Manage Records, click the Transactions tab, select Accounts Receivable Payments in the drop-down list, and click Go .
- Click Add/Edit Payments, then click Add.
- Enter the customer's name or click Lookup to select a customer in the Customer Lookup window.
- In the Type drop-down list, select the payment type.
- If you use a check scanner to enter payments, click Scan Check and insert the check in the scanner.
- Enter the following information:
Reference Number — If using the check scanner, this field is already filled in.
Receipt # — Enter the receipt number or click Next to assign the next available receipt number.
- Select Unapplied Amount/Invoice Wash. In the Unapplied Amount/Invoice Wash drop-down list, select Invoice Wash.
- Under Unapplied Amount, select a description for this payment.
- If the payment should be held for a specific invoice fee or customer, select or enter the fee or customer.
- Click OK.