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The Payment Entry feature of Time59 allows you to enter payments received from clients and apply payment amounts to specific invoices.
You can also enter credit adjustments against invoices to handle situations such as discounts granted after invoicing and uncollectable amounts.
Payment Entry is also where you will handle most Trust Accounting tasks.
The first step in entering a payment is to pick a client. Select a client from the dropdown list and click the Next button.
Time59 will now display a summary of the client's current account activity and balances.
You now must specify the payment type.
The payment type options are:
The following instructions cover the payment types Check, Credit Card, Cash and Wire Transfer. The other payment types will be covered in separate sections of this help topic.
At this point you should enter the payment date, payment amount and payment reference number.
The payment reference number is something that identifies the payment such as a check number.
After entering the basic payment information, click the Next button.
The next form will display all of the client's unpaid invoices.
Note: If the client has no unpaid invoices you will be asked if you want to save the entire payment as an un-applied payment amount. This will result in an unapplied payment amount which can be applied to an invoice at a later time.
If the client does have unpaid invoices, you will now specify exactly how the payment will be used to pay them. Time59 will automatically distribute funds for you, but you are free to modify the distribution.
When you are satisfied with the distribution of the payment, click the Next button.
This next form displays the final distribution of the payment to the client's invoices. If not all of the payment amount has been applied to invoices it will be treated as an un-applied amount. It will be credited to the client's account and can be applied to specific invoices at a later time.
If you are satisfied with the final distribution of the payment click the Save Payment button, and the payment will be credited to the client's account. Otherwise you may click the Back button to modify the distribution.
The process for applying funds to an invoice is very similar to the process described in the preceding section.
Note: Existing Funds can be either a credit amount or a trust balance.
After selecting a client and clicking Next, you must select one of two payment types:
Apply Unapplied Credit Amount To Invoice
Apply Trust Funds To Invoice
The process for both options are nearly identical.
From this point on the process of applying funds is identical to the regular (Check, Credit Card, etc.) process.
In some cases a simple credit adjustment must be applied to an invoice to bring it to a zero balance. Time59 allows you to do this via the payment entry process.
The process is similar to entering a payment. The main difference is that a credit adjustment can only be applied to one invoice at a time. It cannot be distributed to multiple invoices as a regular payment can be.
A credit adjustment will not be shown on reports as a payment. It will be displayed on reports as a credit adjustment. It will also be displayed on invoices as a separate detail item.
The Trust Deposit feature allows you to enter trust (retainer) amounts received from clients.
To enter a trust deposit specify the client and click Next. Select Trust Deposit as the payment type and specify the amount of the deposit. Click Next again and you are done.
These funds are now available to be applied to client invoices as described earlier in this document or as a simple trust disbursement using the Trust Disbursment payment type option.
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