Standard Accounting Procedures

This document describes how to manage some standard accounting procedures with opentaps.

Receivables

Customer Overpayments

If a customer sends a check that is too high, then:

1. Receive the check as is, either in CRMSFA > Orders >> view order's Receive Payment page or Financials > Receivables >> Receive Payment
2. Go to Financials > Payables
3. Create a "customer refund" type payment for the customer
4. Print the check and send it to the customer
5. Mark it sent.

Small Nuisance Differences

Sometimes a customer might shortpay an order by a small amount, say $0.50, and it's not worth it to collect the difference. In that case,

1. Manually mark the order approved in CRMSFA's order view. You can now ship the order, but the invoice would be left open with a small open balance.
2. To close out the invoice, have your system administrator add a payment type of "Petty Writeoff" which is a sub-type of Receipt, and use the PaymentGlAccountTypeMap entity to configure it to point to a special GL account. Then, simply receive a payment of this type "Petty Writeoff" type for the customer and apply it to his invoice.

Credit Card Discounts

Most credit card processors charge a fee on each transaction which is deducted from your account at the end of the month. To support this,

1. Reconcile each day's settlement at their actual amounts
2. Use Financials > Transactions >> Quick Transaction to enter a Debit to a merchant account fees GL account and Credit to your credit card settlement account each month when the credit card fee is received.

Wire Fees

If you receive wires, the bank may also deduct a fee from the amount sent from your customer. Your options are:

1. Receive a payment for the full amount of the invoice, apply it to the invoice to cause it to be paid. Then, create a transaction to Debit Wire Fee Expenses and Credit Checking Account for the amount of the wire.
2. Create a payment for the amount actually received and apply it to the invoice. Then create a credit memo for the balance to be forgiven, and apply the credit memo to a billing account. Finally, use the billing account to pay off the invoice.