Company Master configuration
Traditionally, cash receipts and other deposits are the most difficult to reconcile because the way items are processed through the system does not always mirror the timing and funding by the bank. Inform provides options to consolidate or separate receipts in accordance with the bank funding.
- To refine the posting of cash receipts, go to File > Company > Master: Accounting. Review the following settings, which impact how transactions are grouped and displayed, but have no bearing on accounting behavior or posting path.
- Combine Visa, MasterCard and Discover Transactions will consolidate all transactions defined in POS or Cash Receipts posting as credit cards. The purpose is to keep American Express items separate from other cards to align with the bank statement. This option is helpful if credit cards from multiple branches are filtering into a single bank account. Note that the flag defaults to NO when blank.
- Combine Cash and Check Transactions will consolidate all transactions defined in POS or Cash Receipts posting as such. This option is helpful if daily bank deposits are made with cash and checks on the same deposit ticket. Note that the flag defaults to NO when blank.
- Combine Branch POS Transactions will consolidate all similar payment mode transactions together, regardless of branch of origination. This option is useful for multi-branch organizations that deposit all POS receipts into a single bank account.
Cash receipt types
- Point of Sale (Sales > Order > Point of Sale) receipts involve the direct exchange of merchandise for payment. A POS item cannot be posted in Inform unless there is full payment. Instead of the Accounts Receivable G/L account, POS transactions use a current liability suspense account called “POS Deposits.”
- On Account (Accounting > Accounts Receivable > Cash Receipts Posting) applications represent collection of a payment that reduces Accounts Receivable. At some earlier point in time, merchandise was purchased in exchange for a promise to pay, which generated an increase to the Accounts Receivable account.
- Miscellaneous (Accounting > Accounts Receivable > Cash Receipts Posting > Miscellaneous) receipts do not have any customer account involvement. These items are receipts of monies from sources outside the business (vendor rebates, overpayment refunds, investments, etc.)
- Voided A/R checks (Accounting > Accounts Receivable > A/R Check Void) generate negative receipts as a result of reversing a previously received payment.