Best Practices - Ensuring your invoices are closed to the right payment accounts

If you are uploading invoices and you want them closed to a specific payment account, there are two ways to help ensure that this happens:

Set the Payment Account from within the Vendor itself. You can set a default account that should be used for this vendor, and you have the option to lock this setting.

Here are the steps:

Choose your Vendor under the “Vendors” tab in MarginEdge.

Open the vendor and click the small blue icon in order to Edit the Vendor.

Vendor_Edit.png 

Inside the Vendor, scroll down to the “Accounting Configuration” section.

locking_payment_accounts.png 

Here, you can choose the default Payment Account. If you want it to lock this setting so that this Payment Account is ALWAYS set, click the checkbox to “Prevent changing this account during order reconciliation”.

Note, you can also set Category Restrictions here if you want to ensure that only certain categories are used for this vendor. 

 2) Write on the invoice which Payment Account should be used.

Below are best practices for various payment types.

Petty Cash

For an invoice being paid with Petty Cash, please write “Petty Cash” on the invoice.

sample_invoice.png

Checks

When you have a single invoice that has been paid with a check, please write the check number on the invoice.

sample_invoce_2.png

When you have multiple invoices being paid by a single check, please write the check number and the TOTAL amount paid on EACH invoice. When invoices are uploaded together, our analyst automatically separates them into individual orders. If the information is not present on every invoice, they will not know how to process it after it gets separated.

sample_invoice_5.pngsample_invoice_4.png

EFT/ACH

When you have a single invoice that has been paid with EFT or ACH, please write either EFT or ACH on the invoice.

When you have multiple invoices being paid with EFT or ACH, please write either EFT or ACH and the TOTAL amount paid on EACH invoice. When invoices are uploaded together, our analyst automatically separates them into individual orders. If the information is not present on every invoice, they will not know how to process it after it gets separated. 

Please see above for examples and just replace the Check Number with the EFT language.

Credit Card

For an invoice being paid with a Credit Card, please write the Credit Card account name or account number on the invoice.

 

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