How to: Reconcile Overdue Payments Manually
When you receive payments from customers later than the agreed date, you must make sure that the correct amount is collected and eventually posted. You may need to handle overdue payments in two scenarios.
You receive a payment from a customer after the due date. You are alerted to issue a finance charge memo. You post the received payment and wait for the customer’s payment of the finance charge.
This scenario is described in this topic.
You receive a discounted payment from a customer after the payment discount date. You are alerted that the payment is made after the discount date. You adjust the amount received and post the partial payment.
For more information, see How to: Reconcile Payments With Discounts Manually.
To process overdue incoming payments
In the Search box, enter Payment Registration, and then choose the related link.
In the Payment Registration window, locate the line for the sales document that you want to post the overdue payment for.
In the Date Received field, enter the date when the payment was received. (The date is after the due date.)
The Due Date and the Date Received fields are styled with a red font, and the Amount Received field is automatically filled with the invoice amount. A message at the bottom of the window explains that the payment is overdue and warrants a finance charge.
On the Home tab, in the New group, choose Finance Charge Memo.
In the Finance Charge Memo window, leave the No. field to automatically fill the header with information for the customer on the selected line in the Payment Registration window.
Create and issue the finance charge. For more information, see How to: Create Finance Charge Memos Manually.
In the Payment Registration window, on the Actions tab, in the Page group, choose Refresh. A new line is created for the customer for the payment of the finance charge memo that you just created.
Proceed to post the overdue payment that you located in step 2.
Verify that the Payment Made check box is selected, and then on the Home tab, in the Process group group, choose Post Payment.
See Also
Tasks
How to: Find Unpaid Documents During Manual Payment Reconciliation
How to: Reconcile Payments Manually
How to: Reconcile Payments With Discounts Manually
How to: Set Up Manual Payment Reconciliation