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Is there a way to apply a bank charge on the Payment and Application form when entering a payment for an invoice? Version 2018 R2.
Example: The invoice is for $1,000.00. A bank wire is received for $970.00. The bank fee is $30.00. The Payment Amount is $970.00. When applying to the invoice there is a $30.0 balance. Is there a way to enter the $30.00 to have it debit the bank charge account and credit the AR right from the Payment Entry form? I tried adding a 2nd line and entering a Write off reason code, but when clicking save, that line disappears.
The way we do it is enter a Transaction under Cash Management for bank fees and then those transactions as well as customer payments get reconciled in the Reconciliation Statements.
In your scenario the customer paid the full amount but then the bank deducted their fee. The invoice payment should thefore be for $100 and the fee recorded elsewhere.
Yes it is possible to include the bank fees to be deducted when entering the payment.
What we do is put the payment for the full amount, in this case $1,000. Then on the Finance Charges tab you can enter the $30 bank fee. When released the full $1,000 of the payment will be available to apply to the invoice but Acumatica will only have $970 hit your cash account while the $30 will go to whatever account is set up for the Entry Type that you are using. You may need to configure the entry type and make sure it is included as an option for that cash account within the banking preferences and cash account setup screens.
Thank you Brandon, we were doing this but had some issues, we finally got it to work. The problem was the customer wanted to post the transaction the same day it came into the bank. They reconcile daily. However, they did not know the bank fee until a day or two later. After you release a payment, you cant add the fee. Also, you have to add the bank fee into the net Amount received. They did not like this. We customized a different approach in their old ERP system. They entered the amount received as the net, or total that was deposited into the bank, $970.00. Then on the line item for the invoice that was short, they would enter a "Reason Code" and amount, in our example $30 would debit Bank charges. The $970.00 the bank account.
In Acumatica it all works out, the same in the end.
Thanks again for the response.
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