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Accounts Receivable Year-End Procedures

Entering an Invoice/Payment Wash

You can create an invoice at the time you enter a payment.

When you generate an invoice at the time you enter a payment, this is called a wash.

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.

  1. Under Manage Records, click the Transactions tab.
  2. Select Accounts Receivable Payments in the drop-down list, and click Go .
  3. Click Add/Edit Payments, then click Add.
  4. Enter the customer's name or click Lookup to select a customer in the Customer Lookup window.
  5. In the Type drop-down list, select the payment type.
  6. If you use a check scanner to enter payments, click Scan Check and insert the check in the scanner.
  7. Enter the following information:

    • Reference Number — If using the check scanner, this field is complete.

    • Payment Amount

    • Receipt # — Enter the receipt number or click Next to assign the next available receipt number.

    • Payment Description

  8. Select Unapplied Amount/Invoice Wash.
  9. In the Unapplied Amount/Invoice Wash drop-down list, select Invoice Wash.
  10. Under Unapplied Amount, select a payment description.
  11. If the payment should be held for a specific invoice fee or customer, select or enter the fee or customer.
  12. Click OK.
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Last updated: August 16, 2024