Customer Sends Payment Advice

[Vistaro]

Hi

My company receives rental payments from properties they own that are managed by agents.

Each month the agent makes a payment direct to the bank account and sends a note showing how they came to the amount sent

How would you recommend I store this (what I would call remittance advice) and how do I reconcile the payment received to it for record keeping purposes

Thanks

[QFBeth]

If the remittance advice is showing how they allocate the payment, then I would tag the payment to match what they have sent. You can send the remittance to the receipt hub and save it in a folder within the receipts hub rather than attach it to the invoices

[Vistaro]

Thanks, I assume in principal if I’m entering it as a receipt in the receipt hub and I should simply apply a negative value so it gets seen as a credit note, correct? or do I misunderstand?

[QFBeth]

If it is a remittance advice then you don’t need to process it as an invoice/credit, it is just to help you allocate the payment they have sent.

The Receipt hub is basically just a document hub you don’t need to create invoices from everything that is sent in. When you click on the document there is an option in the top right hand corner to move it into a folder

[FolkLondon]

Do you need to allocate the payment within QF to the individual accounts managed by the agent or do you just allocate the whole lot to the agent? That will determine how you might want to deal with this.