Automatic Reconciliation of Payments
- When ON, the newly received payments will be automatically applied to the pending/outstanding invoices – starting with the oldest invoice first.
How do you set this up?
- Settings > Edit Centre
- Select the Invoice Settings tab
- Automatically Reconcile Payment option
- Save this option as Payment or Both (Saving this option as both will automatically reconcile the credit notes too)
When this option is turned ON
- Go to the Payments tab and add a new payment for this child as below:
- Once the payment is saved, the system automatically applies this payment to the finalised (awaiting payment) invoices, starting from the oldest invoice first.
- Similarly, once the credit note is added, the system automatically applies this payment to finalised invoices, starting from the oldest invoice as below.
And the same is reflected in the invoices.
Please note – automatic reconciliation will work for finalised invoices only.
If the payment has been received BEFORE finalising the invoices, then the system will not reconcile those payments automatically.
Automatic Reconciliation of Both Payment & Credit Notes
- Select the value as ‘Both’ for the ‘Automatically Reconcile Payment’ and save the setting.
- Goto Finance & Accounts à Invoices
- Select a child having finalized invoices
- Receive Payments and add credit notes
- The system will apply both credit notes & payments to invoices, in the order of which is one is received first in the system; credit note or payment
Automatic Reconciliation – No
- Select the value as ‘No for the ‘Automatically Reconcile Payment’ and save the setting.
- Goto Finance & Accounts à Invoices
- Select a child having finalized invoices
- Receive Payments or add credit notes
- The system will not automatically reconcile the payments, and this will be treated as an overpayment