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How do I record a payment from a buyer against their instalments?

Make a Billing Proposal that ticks the instalments being paid and says how the money came in, then make the collection in Receivables against that billing proposal.

Screen
Billing Proposal, then the collection in Receivables
Who
Cashier, recovery
Takes effect
The agreement shows the line settled on the proposal's save; the money is booked on the collection's save
Needs first
A sales agreement with open lines

Before you start​

  • Each payment category has its account on the posting profile.

Steps​

  1. Open Billing Proposal (IR) (Real Estate › Process). Billing Type Sales, the Customer, and Property and Unit No if you want only one unit. Create.
  2. Tick the lines being paid. The clearing amount fills with the balance; lower it for a part payment.
  3. On Collection Through, add the payment method, account and cheque details. The first line is filled with the total.
  4. Save. Balance Receivable Amount must be zero.
  5. In Receivables, make the collection with the Billing Proposal journal indicator and pick this billing proposal. See Collection and How do I record a collection?.

Check it worked​

  • The agreement's Installment Condition tab shows the Settled Amount.
  • The Receipts Ledger (Form) report lists the payment.

If something looks wrong​

  • "No Schedule found" The customer has no open lines.
  • "There is Balance Receivable Amount is left, please clear Balance amount" Collection Through does not equal the amount cleared.
  • The collection will not clear part of the proposal. Tick Required Partially Clearing on Real Estate Setting.