Details:

Customer Deposits

When a payment is recorded on a sales order, Evosus auto-creates a credit on the account called a “Deposit” and the deposit credit memo is “locked” to the Sales or Service Order.  When the order is invoiced, the deposit is automatically applied to the invoice and the invoice balance is reduced by the amount of the deposit. If the deposit is unlocked from the order by manually removing the lock or cancelling the order, the deposit converts to an account credit. The account defaults for Customer Deposits, Accounts Receivable and Deposit Clearing are located under Administration > Accounting > General Setup > Accounting Defaults > Accounts Receivable.


Customer Payment Applied to Order as Deposit

GL Account

Debit

Credit

Cash on Hand

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Customer Deposits

 

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Customer Deposit Applied to Invoice

GL Account

Debit

Credit

Customer Deposits

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Deposit Clearing

 

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Deposit Clearing

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Accounts Receivable

 

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Customer Deposit Converted to Account Credit

GL Account

Debit

Credit

Customer Deposits

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Deposit Clearing

 

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Deposit Clearing

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Accounts Receivable

 

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Reversing Finance Charges

When a finance charge is reversed, a credit memo is created and automatically applied to the finance charge. The finance charge amount will post to the designated finance charge default under the Accounting Defaults. The credit memo used is determined by the Reverse Finance Charge Reason default designated under Administration > Accounting > General Setup > Accounting Defaults > Reasons; however the posting is a reversal of the original finance charge and will not use the general ledger account associated with the credit memo reason. The credit memo reason is used for text only.


Create Finance Charge

GL Account

Debit

Credit

Accounts Receivable

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Finance Charge Default

 

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Reverse Finance Charge

GL Account

Debit

Credit

Finance Charge Default

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Accounts Receivable

 

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Reversing Statement Charge Reasons

When a statement charge is created, the statement charge amount will post to the account associated with the statement charge reason. When a statement charge is reversed, a credit memo is created and automatically applied to the statement charge to close it. The credit memo used is determined by the Reverse Statement Charge Reason default designated under Administration > Accounting > General Setup > Accounting Defaults > Reasons; however the posting is a reversal of the original statement charge and will not use the general ledger account associated with the credit memo reason. The credit memo reason is used for text only.


Create Statement Charge

GL Account

Debit

Credit

Accounts Receivable

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Statement Charge Reason Default

 

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Reverse Statement Charge

GL Account

Debit

Credit

Statement Charge Reason Default

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Accounts Receivable

 

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Unapplied Payments

If a user unapplies a payment from a transaction, the applied payment amount is unapplied from the invoice, the invoice reopens and a credit memo is auto-created in the customer’s account. The credit memo is created as of the original payment date and no postings occur. The credit memo reason used is designated in the Accounting Defaults under Administration > Accounting > General Setup > Accounting Defaults > Reasons. The credit memo reason is used for text only.


POS Exchange

An exchange created in POS will result in an auto-created credit memo for the value of the returned items. During the exchange, the credit memo is auto-applied to the amount of the items purchased. The credit memo reason used is designated in the Accounting Defaults under Administration > Accounting > General Setup > Accounting Defaults > Reasons. The credit memo reason is used for text only.


Refund to Account Credit

When a user chooses “Account Credit” as the method of payment for a refund, a credit memo is automatically created on the customer’s account. The credit memo reason used is designated in the Accounting Defaults under Administration > Accounting > General Setup > Accounting Defaults > Reasons. The credit memo reason is used for text only.


Writing Off an A/R Invoice

When a user chooses to write off an invoice, a credit memo is auto-created for the balance of the invoice. The credit memo is automatically applied to the invoice and both the credit memo and the invoice are closed. The credit memo will post to the Bad Debt default account designated under Administration > Accounting > General Setup > Accounting Defaults > Accounts Receivable. The credit memo reason used is designated in the Accounting Defaults under Administration > Accounting > General Setup > Accounting Defaults > Reasons. The credit memo reason is used for text only.


Write Off Invoice

GL Account

Debit

Credit

Bad Debt Accounting Default

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Accounts Receivable

 

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Paying a Progress Bill

When a payment is made on a Progress Bill, the payment generates a locked credit memo to be used when the order is invoiced. The credit memo will post to the Progress Bills default account designated under Administration > Accounting > General Setup > Accounting Defaults > Accounts Receivable. The credit memo reason used is designated in the Accounting Defaults under Administration > Accounting > General Setup > Accounting Defaults > Reasons. The credit memo reason is used for text only.


Payment on Progress Bill

GL Account

Debit

Credit

Progress Bills Default

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Accounts Receivable

 

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