Purpose

In this video, we'll discuss entering payments for pay requests, adding them to deposit tickets, and posting transactions to financials. This will assist with maintaining accurate records in TRUE Accounting, ensuring proper cash flow management, keeping your accounts receivable up-to-date, while maintaining the integrity of your financial statements.

Video

Entering a Payment for a Pay Request

1. Navigate to the “Contracts” Module.
2. Select the appropriate Contract record.
3. Go to the "Financial" Mode and select “Pay Requests”.
4. From the “≡” icon on a request, select the "Payments" section.
5. Complete the payment information:
   • Method: Choose the payment method (e.g., check)
   • Date: Set the transaction date
   • Client: Verify the client information
   • Bank Account: Select "Undeposited Funds" if using deposit tickets
   • Amount: Confirm or adjust the payment amount
   • Check Number: Enter for identification (if applicable)
6. Click 'Done' to create the payment transaction.

Posting Payment Transaction to Financials

1. Use the "View Transactions" button to access related transactions.
2. Select the newly created payment transaction.
3. Click the "Accounting" button and choose "Create Entries".
4. Review the journal entry (typically debiting Undeposited Funds and crediting Accounts Receivable).
5. Select "Post All" to add the entry to the financial statements.

Creating and Posting a Deposit Ticket

1. Navigate to the “Deposits” Module.
2. Use the green plus icon to create a new deposit ticket.
3. Set the date and select the appropriate bank account.
4. Add the payment to the deposit ticket using the plus icon.
5. Select the relevant transaction from the list of undeposited funds.
6. Click to create the journal entry for the deposit ticket.
7. Review the entry (typically debiting the Bank Account and crediting Undeposited Funds).
8. Post the journal entry to update the financial statements.

Tips for Efficient Use

• Regularly check that payment and deposit ticket statuses have changed to "Posted" in the Transactions module.
• Add multiple receipts to one deposit ticket for efficient processing.
• Use the "View Transactions" button to quickly access transactions related to a specific contract.
• Maintain a consistent process for entering payments and creating deposit tickets to ensure accurate financial records.
• Utilize the Files/Emails/Notes section to attach relevant documentation for future reference.