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Accounts Receivable Year-End Procedures

Posting Payments at Year-End

You must post payments after entering them.

After you enter your payments, you must post them in ACS so that the entries display in the General Ledger. This will ensure that your General Ledger reports for the year contain all activity before closing.

Before you post the payments, you may want to print the proof list to verify your entries. You can edit your entries to correct any errors or delete any payments that you entered in error. You can also reapply payments to a different invoice, if necessary.

You can also post payments by payment type, which is beneficial if you accept credit card payments. When you post by payment type, you can keep your credit card payments separate from your check and cash payments.

Payments that you've entered don't affect balances until they are posted. After you have entered your payments, it's time to post the payments to the General Ledger.

When you post payments, enter a General Ledger reference number to track your deposit. You could also use the current date or the next General Ledger reference number to track your posting. This number is assigned to the General Ledger transaction and the Accounts receivable transaction and gives an audit trail between the Accounts Receivable payments and the deposit posted to General Ledger.

The Post Payments window simulates your deposit and how your payments clear at the bank. You can post specific batches of payments at the same time or select and post by payment types. If posting a single batch of transactions, Accounts Receivable filters the grid based on transaction types. In addition, if you've applied the payment to an invoice, the invoice displays below the payments grid.

Note:

Before Posting Transactions

The Post Payments window lets you print a proof list of your transactions and post the transactions. You can also view a transaction's details or delete a transaction if necessary.We recommend that you preview and print a list of transactions before posting the transactions. This ensures that all transactions are correct prior to posting.

  1. Under Manage Records, click the Transactions tab.
  2. In the drop-down list, select Accounts Receivable Payments, then click Go .
  3. Click Post Payments.
  4. To post payments in separate batches, select Select Payment Types and click Select to select the payment types you want to post. For example, you could post all credit card transactions as one batch.
  5. Click Preview to view a proof list of the transactions, or click Print to print the list.
  6. If you want the proof list to include invoice numbers, descriptions, and amounts, select Print Distribution.
  7. To view the transaction details for a payment, select the appropriate payment and click View.
  8. To delete a transaction, click Delete. This option deletes the payment completely and marks the invoice as unpaid.
  9. To begin posting, click Post Payments.
  10. When prompted, enter a General Ledger deposit reference number to track the deposit in General Ledger and Accounts Receivable. If applicable, select Use Today's Date. Click OK.
    Note: By default, the next General Ledger deposit reference number displays; however, you can select Use Today's Date to use the current date for tracking deposits. When Use Today's Date is selected, you can also add a number before or after the date to easily track multiple batches of transactions posted on the same day. If selected, the Use Today's Date setting is also saved for future payment postings.
  11. The Payment Posting Completed window displays once the payments are successfully posted. Click OK.
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Last updated: July 11, 2023