Cougar Mountain Software Support Productivity Tools
cms2AR Procedure Over Paid-No Tax-Invoice PartiallyPd-Error-Posted
For Cougar Mountain Software Support's
Professional Version (V2009/10, V12, V11, V10, V9, V8 & V7)

  When a customer overpays there are many issues to be considered:
  1. Is the invoice paid in another customer code
  2. Is there an invoice unrecorded that my turn up later
  3. Is the effect on overstating the inventory quantity and value important to adjust (and conversely to Cost of Sales)
  4. Is the customer taxable and the amount of sales tax needs to be paid to the state
  5. Is the overpayment on the account as an unapplied payment, applied to the wrong invoice or something else

 

After satisfying that #1-4 above are not an issue

  1. A sale needs to be recorded with a 20 transaction code.
  2. The description should be as descriptive as possible
  3. The source document should be
    > if the amount has been applied to wrong invoice the source document should start with the invoice showing less followed by at least ADJ
    >If its showing as an unapplied payment, the source document should be the check number with at least ADJ
  4. Terms should be whatever it is for that customer
  5. The transaction date is approximate date when the unrecorded sale unless the financial reports have been issued for that period
 
   
  If the invoice was applied with the overpayment in error, its best to handle it when the next payment comes in.  
   
  If there was an unapplied payment created with the overpayment, then a <6><space> transaction code will activate the credit and allow to be applied to the 20 created to record the charge above.
   
  If sales tax is involved, the charge should not be recorded in AR but an invoice should be created so the sales tax flows through the normal sales tax reports.
   
   

 

For more info, please fill the info below, call us on (714) 228-5444 or fax us at (800) 531-2944.

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Please let us know what info we can send you now and what are the areas that are of most important to your organization.
 


Please fill in below, or call us on (714) 228-5444 or fax us at (800) 531-2944...

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email us at sales@CougarMtnSupport.com  //  phone (714) 228-5444.

(We are not Cougar Mountain Software in Boise, we take their excellent product and make it better.   We offer software products, enhanced reports, services, training and hardware that maximize the value out of this powerful accounting program.  We have been customizing solutions for Cougar Mountain since 1990.  We are located in California.