You cannot add a new payment method type for payments.
Yes, you can download the payment advice. Refer to Invoice Downloads for more information.
To record an invoice payment, there are a few ways you can do so:
During invoice creation
The price must be filled in for at least one line item for this option to be available.
If the invoice was saved as a draft, any associated payments will also be in a draft status.
After saving the invoice , the payment will be active, and show up in the Sales > Payments > Active tab.
After invoice creation
You can create an invoice payment after invoice creation from the invoice details.
Yes, you can. When recording a payment for an invoice, if the Invoice Payment Amount is less than the invoice transaction amount, the invoice would be considered to be partially paid.
If there is a difference between the transaction amount converted to base currency and the payment amount converted to base currency, realized gain-loss will take place. This is further explained in Q7. When does realized gain-loss (RGL) happen, and how is it calculated?
If the payment currency does not match the invoice currency, there is a possibility of a realized gain/loss due to the fluctuations in the exchange rates.
Juan fetches a custom rate if available on the date of the payment. If not, the rate is fetched from 3rd party services.
You can also adjust the payment rate if the one fetched by Juan is not the rate you want to use for the payment.
RGL happens when the following conditions are fulfilled:
There is a difference between the invoice payment amount converted to the organization's base currency and the cash received converted to the organization's base currency.
The following invoice payment/cash received currency combinations take place:
RGL is calculated this way for an invoice payment:
Realized FX (Gain)/Loss = (Invoice payment Amount / Transaction Rate) - (Cash received / Payment Rate)
Where:
Invoice payment amount: The amount recorded as paid for on an invoice
This amount may be the entire invoice amount, or a partial payment for the invoice.
Transaction rate: The exchange rate on the invoice (1.00 if the invoice is in the base currency)
Cash received: The amount received (cash received) for the recorded invoice payment
The invoice payment amount will be equal to the cash received amount if the invoice and payment account are in the same currency.
Payment rate: The exchange rate for the payment (1.00 if the payment is in the base currency)
FX gains are recorded as negative expenses, while losses are recorded as positive expenses to the FX Realized (Gains)/Loss account.
In other words,
FX gains are recorded if the invoice payment amount in base currency is less than the cash received in base currency at the exchange rate on payment date.
FX losses are recorded if the invoice payment amount in base currency is greater than the cash received in base currency at the exchange rate on payment date.
Example 1 - The invoice payment is recorded in EUR, payment received in USD and the organization’s base currency is in SGD:
Invoice payment amount: 55.00 EUR
Transaction Rate: 1.00 SGD = 0.68413 EUR
Cash received: 65.00 USD
Payment rate: 1.00 SGD = 0.74338 USD
Hence, in this case:
Realized Gain - (7.04 SGD) = (55.00 / 0.68413) - (65.00 / 0.74338)
Example 2 - The invoice payment is recorded in USD, payment received in SGD and the organization’s base currency is in SGD:
Invoice payment amount: 55.00 USD
Transaction Rate: 1.00 SGD = 0.74338 USD
Cash received: 70.00 SGD
Payment rate: 1.00 SGD = 1.00 SGD (Since SGD is the base currency)
Hence, in this case:
Realized Loss - 3.99 SGD = (55.00 / 0.74338) - (70.00 / 1.00)
To send a payment receipt, make sure that your customer has a valid email set up in contact settings.
After doing so, click on the mail icon to send a payment receipt to your customer after saving the payment record.
The withholding tax Certificate payment method refers to a withholding tax payment recorded for an invoice.
This refers to the tax that needs to be withheld and paid to the government, rather than credited to your organization directly.
For invoices, payments made via this payment method will always be credited to the Creditable Withholding Tax payment account.
Deleting a tax profile will not have an impact on any payments that have already been made and recorded.
However, you will not be able to select the deleted tax profile moving forward on invoice creation, which may have effects on pre and post-tax calculations.
Making an account inactive will not have an impact on any payments that have already been made and recorded.
However, you will not be able to select the inactive account as a payment account (in the case of cash and bank accounts) moving forward, until the account is active again.
If a payment has been recorded as received for the invoice on the same date as the invoice date (i.e. payment date = invoice date), the transaction will be recorded on the ledger as a cash transaction.
The transaction will be recorded as a credit into the Cash on Hand account, and a debit from the account used on the invoice.
