Whose payment?

"Boss, I saw a $321 incoming fund from the Bank Statement without payment details," I asked my boss as he walked into the office, bypassing my desk, "Do you know whose payment?" My boss shrugged, giving me a "How do I know?" expression and walking into his room.

It's important to note that sometimes, we inadvertently send payment to our supplier without the necessary payment details. The supplier's accountant could need clarification when there is no payer or specific invoice to settle, especially when multiple outstanding payments of the same amount from different customers are involved; the resulting confusion and potential delay in payment reconciliation can be frustrating for both parties. Hence, providing comprehensive payment details is crucial when making a transaction.

When receiving a payment, the payee's name (company name) and the invoice number (or case number) are not just details; they are the key to a smooth transaction. These are the essential payment information we need to know. Once received, you go to the receipts transaction of the MoneyWorks accounting software, enter the client code or name in the customer field, and all the outstanding invoices will be listed.

Another scenario you may encounter is receiving payment with an invoice number but without the payee's name. In such cases, you can use the batch debtor receipt (from the Command menu) as an alternative method. The batch receipt allows you to search by the invoice number instead of the customer. While this method is effective, I prefer searching from the receivable section of the transaction list (from the Show menu) instead.

From the receivable list, I entered the invoice number (or amount) into the spotlight search bar at the top right corner of the list. The spotlight search bar is a powerful tool that lets you quickly find specific transactions by entering keywords or numbers. Once found, I right-clicked the invoice and selected 'Receipt this invoice'. MoneyWorks would bring up the receipt page with the payment details: payee, invoice to pay, and amount. I confirmed the bank account to receive the payment, changed the receipt date and period (if required), and clicked 'Okay' to save the receipt.