Accounts Receivable with Budgets GetReal
Budgets GetReal does not incorporate a separate Accounts Receivable module.
Accounting systems that provide an Accounts Receivable module require you to create the Sales Invoice before you can record the Payment Receipt, usually require you prepare a Bank Deposit form, and finally require you Reconcile the bank account when you receive your bank statement. Unless you have a large number of Invoices to chase this may cost more time than a simple manual procedure.
Tracking outstanding Sales Invoices
Budgets GetReal requires that you manually prepare the Sales Invoice and categorise the receipt when it shows on your imported statement.
An easy procedure with Budgets GetReal, that will save you time, is:
- Prepare the Sales/Tax Invoice and send to the customer.
- Print a copy of the Invoice and file in a 2 part folder. In the front put the unpaid Invoices. In the back put the paid Invoices. This really represents no extra work since you need to keep a copy of all Sales/Tax Invoices for taxation purposes.
- As an Invoice is paid simply note the payment and bank deposit details on the Invoice. File in the invoice in the Paid section. Bank the receipt.
- Import your statement when it arrives. For repeat customers the transaction will automatically categorise without any work by you. For new customers you may have to assign a name and sales category. If your categories are properly setup the sale will be correctly allocated for GST.
Electronic deposits
Having your customers pay electronically direct to your bank account will significantly simplify your workload. Require your customers to notate the deposit with a reference that has some relationship to the customers name in your accounts. This reference will appear on your statement, and assist in automatically categorising the imported transaction.
