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$0 Cash Management Deposit

  • 1.  $0 Cash Management Deposit

    Posted 21 days ago
    Hello,

    What is the best practice for recording a $0 payment from a customer?  We have certain customers who issue a remittance to us showing net $0 cash where they have simply applied credits to open invoices.

    We would like certain details from those "payments" such as the Payment Number and Payment Date supplied by the customer to be available for pulling in to a report to validate that we have posted and correctly applied all of their $0 payments.

    For reference, we are currently using Navision 2009r2.

    Thanks,
    Stacy

    ------------------------------
    Stacy Laurent
    Accounting Supervisor
    Classic Accessories, Inc
    Kent WA
    ------------------------------
    Conference-BCNAVUG_200x200


  • 2.  RE: $0 Cash Management Deposit

    SILVER CONTRIBUTOR
    Posted 21 days ago
    Hi

    Please clarify something
    1. Did you guys issues credit to the client?
    2. How did you issue those credit? Is it through NAV?
    3. Was the credits for payment received or for goods/services received from the client or for returns?
    3. If not through NAV then the credits to those client has to be reflected in their account in NAV.

    Thanks

    ------------------------------
    Yusuf Newland
    MGAC
    Washintgon DC
    ------------------------------

    Conference-BCNAVUG_200x200


  • 3.  RE: $0 Cash Management Deposit

    Posted 21 days ago
    Hello,

    Please see answers below:

    1 and 2) Yes, the credits the customer is using would have already been issued to them through Navision.

    3) The credits could be for any of the items you mentioned.  Typically the customers are using credits that were issued for Co-Op/Allowances, or sometimes they issuing a "price protection provision" or "provision for receivables" and we issue the credit at the time the remittance is received.  In other scenarios they may use credits that were issued for returned goods but that is less common in the case of a $0 payment.

    Thanks,
    Stacy


    ------------------------------
    Stacy Laurent
    Accounting Supervisor
    Classic Accessories, Inc
    Kent WA
    ------------------------------

    Conference-BCNAVUG_200x200


  • 4.  RE: $0 Cash Management Deposit

    SILVER CONTRIBUTOR
    Posted 21 days ago
    Thanks for the reply

    If I understand right, the credits were issued in NAV and they were applied to the invoices
    This means the invoices are no longer open

    What you really want to do now is to have the details of the payment to be recorded on the client ledger in NAV

    Question: Did the client actual made a $0 Payment to you that relate to those invoices that are now closed by the credits?

    In accounting one can't make $0 entry and NAV would ask for a $Value to post and so you cannot get it to post to the ledger

    But If you only want this record to show on the client card you can use one of the following

    1. Notes on the ledger entries page or client card( on the left of the page)
    2. attached the document with the details on the client ledger entry page(on the left of the page)


    Please let me know if I get anything wrong

    Thanks

    ------------------------------
    Yusuf Newland
    MGAC
    Washintgon DC
    ------------------------------

    Conference-BCNAVUG_200x200


  • 5.  RE: $0 Cash Management Deposit

    Posted 20 days ago
    Thanks for your reply.  Yes, the customer did actually issue a document for the $0 payment, with a document# assigned to it.  What we primarily want to record is that Payment # issued by the customer as well as the Payment Date.  ​

    I don't see a "Notes" section in Ledger Entries.  We are using Navision 2009 r2 if that makes a difference.

    I do see where we could attach a document, thank you.  Our main goal is to be able to pull a report from Navision listing the Payment # so we can reconcile back to the customer website listing all remittances and make sure that we have recorded all $0 payments that they have made.

    Thanks,
    Stacy  ​

    ------------------------------
    Stacy Laurent
    Accounting Supervisor
    Classic Accessories, Inc
    Kent WA
    ------------------------------

    Conference-BCNAVUG_200x200


  • 6.  RE: $0 Cash Management Deposit

    SILVER CONTRIBUTOR
    Posted 20 days ago
      |   view attached
    HI

    Well to satisfy the issue of having the records entry in NAV
    I will suggest doing like a memo entry so that you have the chance to enter the payment details in NAV and will be able to link it with all reference Nos, and recall in a report

    Please see attached of how you can do a journal entry

    Let me know if you have any questions



    ------------------------------
    Yusuf Newland
    MGAC
    Washintgon DC
    ------------------------------

    Attachment(s)

    Conference-BCNAVUG_200x200


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