Automate Ledger Entries For Payment Records

What happens when you record a payment

When a client pays an invoice, you record the payment in KyDec. That one step marks the invoice as paid, creates a payment receipt and, if you use Advanced Accounting, writes the entry in your books.

Every payment account, whether a bank account, the cash box, a card or a wallet, is linked to a ledger. A payment is posted to the ledger of the account it was paid into, so you never pass that entry by hand.

Open Record Payment

Open Sales & Invoices, then Invoices, and find the invoice that was paid.

1. 1Open the ⋯ menu at the end of its row and choose Record Payment.
2. 2Mark Paid opens the same dialog. Use whichever you find first.

• The invoice's own page has Record Payment in its header.
• Both are greyed out for a draft. An invoice that is fully paid no longer offers them.

Fill in the payment

1. 1Amount Received (A) starts at the amount still due. Lower it for a part payment.
2. 2Enter a Transaction Charge (B) if the bank or gateway kept a fee. Amount to Settle (A+B) adds the two: that is what comes off the invoice.
3. 3Set the Payment Date and the Payment Method, then choose the Payment Account the money was paid into.
4. 4Payment Ledger fills in with the ledger that account is linked to. This is where the payment will be posted.
5. 5Click Save.

• Add Ref. ID, Add Additional Notes and Add Attachments add a bank reference, a remark or a file such as the payment advice.
• Tick Notify client about this payment to email the client. They need an email address on their record.
• The amount to settle cannot be more than what is due on the invoice.
• The account chosen for you is the Default Payment Account set under Configure Payment Accounts in Business Settings, Integrations.

What goes into your books

• The payment is saved as a payment receipt and listed under Sales & Invoices, Payment Receipts.
• The invoice becomes Paid, or Part Paid if something is still due.
• With Advanced Accounting on, an entry is written in the Receipt Voucher Book: the payment account's ledger is debited with the amount received and the client's ledger is credited.
• A transaction charge is debited to the Transaction Fee ledger, so the client is credited with the full amount settled.
• The same Payment Ledger field is on every payment dialog: proforma invoices, debit notes, purchases, payment receipts and refunds.

Post to a different ledger

1. 1In the payment dialog, click Change Ledger under Payment Ledger.
2. 2KyDec warns that the linked ledger will be changed for the selected payment account. Click Yes, Continue.
3. 3Pick the ledger you want from the list, then save the payment.

Check or undo a payment

Open Sales & Invoices, then Payment Receipts, and open the ⋯ menu of the receipt.

1. 1View Ledger Statement shows the payment in the ledger it was posted to.
2. 2View Client Statement shows the same payment in the client's ledger.
3. 3Delete takes the payment off the invoice, which is owed again, and removes its entries from the ledgers.

• On the invoice's page, Invoice Payment Records lists the payments made on that invoice, and View Journal shows its voucher entries.
• Removing a payment from the invoice cancels its receipt and reverses its voucher.