Applying Payments to AR Invoices | Advanced Services

Advanced Services: Applying Payments to AR Invoices

This service will be rendered at the same client bookkeeping frequency selected during scoping. Partner will indicate during scoping whether payment and deposit details will be uploaded by the partner or by the client.

  • Payments and deposits will be recorded against the appropriate invoice(s) and/or customer(s) in the general ledger, based on:
    • Details uploaded to portal including deposit date and amount in file name
    • QBO: merchant center for QBO payments received via Intuit
    • Xero: synced information from Stripe, GoCardless, or Paypal
    • Any 1:1 matches between a deposit and an invoice
  • If inadequate details are available at the time of booking the deposit, the deposit will either be left on the “Open Inquiries” tab of Transaction Manager (if connected to Smart Connect), or the “review” tab of the bank feed (if smart connect is not used for this client). A portal task will be posted to notify the partner more information is required to record the deposit. 
      • Prior to the close cutoff date, unmatched feeds will be placed in uncategorized transactions in order to reconcile the corresponding bank account(s) and assigned to the partner in  Transaction Manager
      • Any details provided within the period between the close cutoff date and the close date may cause a delay in closing the books 
      • Details provided after the closing date will be posted in accordance with the closing cutoff guidelines at the client level regarding the posting period (hard close vs. soft close)