Post a Collection Payment in SRM

Describes how to post a collection payment in SRM.

Type

How to

Audience

SRM Bookkeeper

Products

SRM

Context

Post a collection payment in SRM (Systematic Rental Management) when you have written off an invoice and then successfully collected the payment from the customer or collection agency at a later date.   

Before you begin

Required: SRM installation, valid login credentials and access permissions, collection payment information:

  • Customer number
  • Collection date
  • Collection invoice number
  • Bad debt amount
  • Collection amount
  • Net collection amount

Steps

To post a collection payment, do the following:

  1. Navigate to Accounts Receivable > Bad Debt Write-Offs > Collections
    The Collections page opens
  2. Type or use the search menu to find the customer number in the Customer Number field
  3. Type or use the calendar menu to find the date the payment was collected in the Collection Date field
  4. Type COLLECTN , or the needed document number for the collection payment in the Collection Invoice Number field
  5. Use the Batch dropdown to do one of the following:
    1. Leave the field blank to accept the unassigned batch
    2. Type your batch code
    3. Select a batch code from the dropdown
  6. Use the Division dropdown to do one of the following:
    1. Leave the field blank for your head office location
    2. Type the division code
    3. Select a division from the dropdown
  7. Type or use the search menu   in the Recovered On Write-Off Inv# field to select the posted Bad Debts record that applies to this collection payment
    The original amount of the bad debt that applies to this collection payment is displayed in the Bad Debt Amount field
  8. Type the amount of money collected on this payment, before collection fees, taxes, commissions, or other charges in the Gross Amount Collected field
  9. Type or use the search menu in the Tax 1 field to select the tax code that applies to this collection payment
    Note: This field is used to generate a posting of part of the collection to taxes
  10. Type any amount of that tax money that was recovered in the collection payment in the Recovered field
  11. Type or use the search menu in the Tax 2 field to select an additional tax code that applies to this collection payment
    Note: This field is used to generate a second tax posting of part of the collection to taxes
  12. Optional: Type any amount of that tax money that was recovered in the collection payment in the Recovered field
  13. Type the total amount of collection fees charged to your company in the Less Collection Fee field, including commissions, bank charges, check certification charges, and any other non-legal fees
    Note: This amount is subtracted from the Gross Amount Collected or Recovered and is expensed to the General Ledger account for the collection fees in G/L Default Accounts
  14. Type the total amount of any legal fees or court costs charged to your company while collecting this payment in the Less Legal Fees Charged field
    Note: This amount is subtracted from the Gross Amount Collected or Recovered, and is expensed to the General Ledger account for legal fees in G/L Default Accounts
  15. Type the amount of taxes charged to your firm for this collection in the Less Tax 1 Charged field
    Note: For U.S. users, leave the field blank
  16. The Net Amount Recovered field is updated
    Note: the amount should always equal the payment amount received for the collection
  17. Next to Excl. From Commission Report, click more options to view and maintain a list of invoices for this customer that should be excluded from the commission report
  18. Optional: Type any notes related to the collection payment in the Collection Notes field
  19. Click Accept
    The collection payment information is saved
  20. Navigate to Accounts Receivable > Bad Debt Write-Offs > Post Collections
    The Post Collections page opens
  21. Optional: Check Post All Batches to post all collections records for all batches
  22. Use the Batch Code dropdown to select the batch code that applies to this collection payment
  23. Click Accept
  24. Navigate to Accounts Receivable > Payments > Customer Payments
    The Customer Payments page opens
  25. Fill in any information that applies to the collection payment in the available fields
  26. Click Accept
    The collection payment amount is recorded as a regular payment for the amount collected
    An invoice for the collection payment amount is generated
    You can apply the payment against the invoice 
    The collection payment is posted

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