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  3. Understanding & Using Your Ledger

Understanding & Using Your Ledger

Account Balance
  • How are negative balances are created?
    • If you invoice a client and press “add to A/R tab” on the invoice page, their balance will show as negative. This is their new “balance owed.”
    • You can also send someone to the balance owed tab if you don’t finish a transaction, or a transaction is declined after pressing “Accept Payment.”
    • Lastly, if you accept only a Partial Payment, the balance will be added to your clients Account Balance.
  • How is the “balance owed” reduced?
    • Any time a successful transaction (cash, credit card, check etc) is processed against an open or partially paid invoice, your customer’s account balance is reduced.
    • Declined credit card transactions would not reduce your customer’s amount owed.
  • What if I accepted a Check or eCheck that later bounces or I need to make an adjustment for another reason?
    • No problem, this can definitely happen. You can simply click on the invoice and press “adjust invoice balance.”
  • What is Store Credit (unapplied) mean?
    • If you’ve taken money upfront without first generating an invoice for services or products rendered, a Store Credit will be added to your clients account. This can happen in a few ways:
      • Gift Cards that were sold. In this case, money was collected but services were not rendered.
      • You take a deposit.
      • You simply press “Accept Payment” or use our Virtual Point of Sale app without yet associating the payment with an invoice .
  • How do I apply store credit to an invoice or bill?
    • Whenever there is a store credit on file, the system will automatically ask you if you want to apply it to any new or unpaid invoice.
    • Simply create your invoice for goods or services provided, press “accept payment” and you will see a screen where you can apply all or some of your customer’s store credit to that invoice.
Taking a Deposit
  • To take a deposit or apply a store credit simply click “Accept Payment” from the customer profile. When you get to the tender selection page, choose the payment method, and enter a description titled: Deposit.
Refunds
  • What happens if I refund an invoice?
    • When you refund an invoice it will mark the invoice as “refunded,” changing the green “paid” banner in the top right to a red “refunded” banner.
    • On the “Payments” screen, you will also see a corresponding record of the payment reversal. The table shows client name, the card used, the date of the transaction, and the action of the reversal with a negative amount reflecting the refund.
    • If you click the little icon to the far right, you will be able to see a full receipt detailing all of the specifics of the refunded transaction including the item/service(s) and reference to the invoice number that you had refunded.
  • What if I refund the transaction but not the invoice?
    • Refunding the transaction, but not the invoice, will yield different results. As mentioned earlier, the table on the “Payments” screen will show record of the refund. It will include client name, the card used, the date of the transaction, and the action of the reversal with a negative amount reflecting the refund.
    • What will be missing however, is the connection of the payment to the invoice. If you click the small icon on the far right, you will not see any record of the invoice. Also, if you go to the invoice screen you will see the invoice still marked as “paid.”
  • What if I refund part of the transaction but not the whole transaction?
    • First off, you may be asking why would you ever refund PART of a transaction. One example of when you would do this would be if you incorrectly charged the customer a higher amount than intended. Also, if your customer returned part of the items you had sold them and are only looking to be refunded for that amount.
    • Refunding a part of the transaction can only be done on the payment level, not an invoice level. Refunding part of a transaction, unlike refunding a full transaction on the payment level, will link the invoice and the payment.
    • First, you will see the amount refunded show up on the “Payments” screen, as it has in the past two examples.
    • Now, if you move onto the invoice level, you will see that the invoice will be marked with a yellow “Partial” banner. This means that the invoice is partially paid, which would make sense since you gave the customer back some of the money they used to satisfy that invoice.
Updated on June 14, 2019

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