We have all received checks from customers that were less than what they owed—that is a given. The question is, why did they send less than what they owed? Outside of any extraordinary situations, the most common reasons include: the customer was not paying attention when they issued the check and sent a lesser amount, they did not enter the invoice into their accounting system correctly, or they may have transposed some numbers when issuing the check. In these cases, if the amount is insignificant, and it came from a good customer, you may wish to just write off the amount.
Tag Archives: Payment
Changes in Accounting for VAT on Payment Terms
UK VAT legislation on prompt payment discounts (PPD) will be aligned with EU VAT legislation.
The government has made changes to the way VAT registered persons and companies account for VAT where they offer or take payment discounts (PPD). The current process will be amended to align with the Principal VAT Directive (PVD) which requires VAT to be accounted for on the consideration actually received and was introduced in the Finance Bill 2014. Further information is available from the HMRC Website.
Provisioning Microsoft Dynamics Online Payment Service
This video demonstrates how to create a customer account and new Payment Service in Microsoft Dynamics Online. This will allow you to proces credit card in a Microsoft Dynamics ERP software.
How Do I: Instruct my Bank to Execute Payments Based on Due Date in Microsoft Dynamics NAV 2013 R2
This video demonstrates how to instruct your Bank to Execute Payments Based on Due Date in Microsoft Dynamics NAV 2013 R2.
Can you VOID and EFT Payment? YES, you can!
Recently I was asked can an EFT payment that was initiated in NAV, using the electronic payment bank type, be voided after transmission and posting? My initial thought was to scratch my and ask why, but I soon realized; “YES” there are scenarios when this is needed. The very first thing to do is to contact the financial institution and verify if funds have been transferred and if voiding the EFT is valid.
Payment Methods and Automatic Application of Payments
When you are buying or selling something, there are two key things that you have to know: “How will it be paid for”, and “When is the payment due”? In NAV, the “How” is defined as the Payment Method, and the “When” is defined as the Payment Term.
Application Method Field on Customer Card, Payments Tab
Recently, I have been asked what is the use of Application Method field on Customer card, on Payments tab? Without looking at the field, my initial response was Huh? (I have never used this field before).