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From Collection to Application: Finalizing Your AR Payments

Payment Application Plus for Acumatica

So many things go into the process of getting paid. Even if the quoting, the negotiations, and invoicing went smoothly, the process of getting paid, allocating a payment to an invoice, and accounting for a transaction presents its own challenge.

Following last month’s blog discussing the challenges that go into getting the collections process, we would today like to address the other end of the spectrum: Applying and allocating payments in Acumatica when a customer does pay.

Is the Automated Payment Application in Acumatica Making Your Life Challenging?

Say you have a customer with multiple open invoices. It could be a parent company with multiple subsidiaries, a customer who has made multiple orders over the past month, or a recurring order for which you send an invoice each month.

You get the check in the mail, by credit card or ACH, and you go to enter the payment into Acumatica. Unfortunately, once you enter the payment into the AR module, it is automatically applied. Of course, this is one of those areas where automation creates more challenges than it solves. Maybe the payment was applied to the wrong invoice, maybe there was a leftover balance you needed to apply to a specific balance; no matter how it happened, something went wrong.

Now, the first few times this happens, it may be an annoyance, but after a bit of thinking, you develop a workaround to the automatic application. The workaround is a hassle and requires you to do extra work for nearly every payment your company receives. Of course, hand entering data presents its own risks—imagine a missed decimal point or other typo that goes unnoticed for months.

Load, Select, Apply: The Simple Genius of Payment Application Plus

At Crestwood, we know that the automatic payment application is often frustrating, but manual workarounds are not the answer. That’s why we created Payment Application Plus, an add-on for Acumatica that gives users control over process of applying AR payments. With a simple check box-based design, you can apply payments to Acumatica with fewer headaches or challenges in three simple steps—load, select, and apply.

Load: Documents at Your Fingertips

Payment Application Plus offers users access to the necessary documents quickly and easily. With a few clicks, you can load outstanding documents using the area under “documents to apply,” filtering them by a variety of criteria including due date, document date, timing, and more.

Select: Check the Boxes You Want to Apply

From here, all the documents will be presented to you starting with a zero amount—allowing you to determine how much is applied to each open invoice. Simply place check marks next to the invoices you would like to pay, and as you check each box, the Amount Paid is automatically filled in and the “Balance” field will automatically display the new outstanding amount.

Apply: Recognize the Payment

After selecting the invoice by checking the box, you will see automatically how much has been applied, how much is still available, and how much is still outstanding. The Amount Paid field will also automatically fill in if there is a remaining amount owed by customers after payments were applied.

Learn More: Payment Application Plus for Acumatica

Getting from payment owed to collection and application in an ERP solution is sometimes frustrating. Too often users rely on workarounds to get the job done. But with Payment Application Plus, an Acumatica add-on from Crestwood, you can take control of the process and make AR easier on your people.

Get to know about Payment Application Plus and other great Crestwood add-ons here, watch the video below to learn how it works, and contact us for more information.

 

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