Customer sales receipt

Find this screen

Open: Sales Ledger > Enter Transactions > Sales Receipt

Open: Cash Book > Payments and Receipts > Sales and Purchase > Sales Receipt

Note: Use either of the Sales Receipt options in the menu, there is no difference between them.

How to

Enter a customer receipt

Open: Sales Ledger > Enter Transactions > Sales Receipt

  1. Select the Bank account.
  2. Choose the Customer account.
  3. Enter the transaction details:
    • Enter the Transaction Date. This defaults to today's date.
    • Enter the Reference and Second reference if required.

    • Enter the Customer receipt value.

    • Enter the Early settlement discount if required.

  4. Select Save.

    This does not allocate the receipt , which you can only do in the Sage 200 desktop.

Enter a foreign currency receipt

If you choose a customer that uses a foreign currency, enter the following additional details:

  1. Currency: The customer's currency is entered by default. Select a different currency if required.

  2. Exchange rate: The current rate is displayed.

    • To change the rate, select Change Rate. You can either enter the new exchange rate, or calculate the rate by entering the Converted value in the foreign currency.

      Note: You can only change the exchange rate if it's set to be Amendable in Currencies and Exchange Rates (in the Sage 200 desktop).

  3. Bank charges: Enter bank charges if applicable. Bank charges are entered in the same currency as the bank account.

    Note: You can only enter Transaction Analysis details if you have enabled Allow additional transactional analysis in Customer Defaults and Settings.

    Note: If you want bank charges to be included in your VAT return, then don't enter your bank charges here. Instead, you should enter the bank charges as a separate Nominal Vatable Payment or Nominal Vatable Receipt, using the appropriate VAT rate.

  4. Select Save.

    This does not allocate the receipt , which you can only do in the Sage 200 desktop.

If there is an exchange rate gain or loss between the transactions, this is dealt with by Sage 200 automatically.

The receipt is posted to the following ledgers:

  • Sales Ledger - in the currency of the customer's account.
  • Cash Book - in the currency of the bank account. If the customer account and bank account use different currencies the value is converted using the exchange rate entered on the receipt.
  • Nominal Ledger - in your base currency, using the exchange rate set for the receipt. If the customer and bank account are in the same currency, then it will use the exchange rate set in Currencies and Exchange Rates in the Sage 200 desktop.

Enter a foreign currency receipt in a third currency

There may be an occasion where you have a foreign currency customer who pays you in another currency . For example, your Canadian customer pays you in US dollars. This is then paid into your sterling bank account.

The key point here is that you decide the amount that is posted to your customer's account. Say the receipt is for US $75, this is roughly the same as CAD 100 depending on the exchange rate. When you enter the receipt , you must decide whether you want the US $ receipt to be equivalent to CAD 100. This is the amount that is posted to your customer's account to be allocated.

To enter the receipt :

  1. Choose the currency for the receipt from the Currency list.

  2. Enter the Customer receipt value in the currency of the receipt.

  3. If applicable, enter the settlement discount amount.

  4. Enter the Customer receipt value in the currency of the customer, that you want to post to the customer's account.

  5. The Exchange rate is displayed.

    • To change the rate, select Change Rate. You can either enter the new exchange rate, or calculate the rate by entering the Converted value in the foreign currency.

  6. Enter the Bank charges, if applicable. Bank charges are entered in the same currency as the bank account.

    Note: If you want bank charges to be included in your VAT return, then don't enter your bank charges here. Instead, you should enter the bank charges as a separate Nominal Vatable Payment or Nominal Vatable Receipt, using the appropriate VAT rate.

  7. The value of the receipt is shown in the Net value after charges box. This should be the same as the amount paid into your bank account.

  8. Select Save.

    This does not allocate the receipt , which you can only do in the Sage 200 desktop.

You invoice your Canadian customer for CAD 100. Your customer pays you US $75. You pay it into your sterling bank account.

The current exchange rate is £1 = $1.4 so the receipt is worth £53.57. You want to allocate the US $75 to the outstanding CAD 100 invoice.

To do this:

  1. Select US dollar as the Currency.
  2. Enter 75 in as the value for the receipt currency.
  3. Enter 100 as the value for the customer currency.
  4. Enter the Exchange rate as 1.4.
  5. The Net value after charges shows as £53.57. This is the amount that is posted to the bank account.

  6. Save the receipt .

The following updates are made:

  • Nominal Ledger

    Nominal Account Debit Credit

    Debtors Control Account

    		  

    53.57
    Bank Account 53.57  

  • Customer Account

    Customer Account Balance -100

Useful info

Receipts with early settlement discounts

A settlement discount is where you offer a discount if your customer pays an invoice early. You usually specify the number of days the invoice has to be paid within to qualify for the discount.

  • In the UK, if the invoice is paid within the settlement discount period, VAT is only charged on the discounted amount (Goods value minus Discount value).
  • In Ireland, VAT is calculated at the goods value regardless of any settlement discount.

If the invoice is paid within the agreed number of days, then you allow the full discount value when you enter the payment.

  1. Enter the invoice. Include the settlement discount details on the invoice. The full invoice value is posted to the customer's account.

  2. Enter the receipt. If your customer qualifies for the discount when they pay the invoice, they'll pay you the invoice total minus the discount amount. You enter this as the receipt value and you also enter the amount of the discount.

    • The discount is added to the amount received to make sure that payment matches the invoice. This is posted to the customer's account and the Debtors Control account.
    • The amount received is posted to the bank account and the discount amount is posted to the Discounts Taken nominal account.
    • For example, for an invoice of £119 with a £5 settlement discount, enter the payment amount as £114 and discount amount as £5.

You offer a settlement discount of 5%:

  1. You record the details of an invoice for £100. VAT is calculated at £20. You enter the discount percentage and amount which is £5.
  2. You receive payment for the invoice within the specified period and the customer has taken the discount, so they pay you £114. This is the gross amount (£120) minus the net discount (£5) and the discounted VAT (5% x 20 = £1).
  3. You record the receipt and enter the value as £114 and add the discount value as £5. This creates a transaction value of £119.
  4. You allocate the invoice (£120) to the receipt (£119). The VAT discount of £1 is still outstanding
  5. You create a credit note for the VAT discount of £1.
  6. You allocate this to the remaining balance on the invoice.
Transaction Nominal Account Debit Credit
Invoice Debtors Control 120  
  Net   100
  VAT   20
Receipt Discounts Allowed 5  
  Bank Account 114  
  Debtors Control   119
Credit Note Debtors Control   1
  VAT 1  

To make sure that the settlement discount details are always entered when transactions are entered for a customer, you can add the settlement discount details to the customer's account (Payment tab). The Discount percent, Discount Days are then automatically applied each time you enter a transaction for this customer.

You can change the discount details when entering an individual transaction if you need to. This does not update the customer's account. If you change the Discount Value, the Discount Percent is updated and vice versa.

Foreign currency receipts with bank charges

This is the amount that you are charged by your bank for processing a foreign currency receipt. Depending on your bank, this charge can be shown on your bank statement in two ways:

  • As two separate entries; the sterling value of the receipt and the charge.

  • As a single entry; the sterling value of the receipt minus the charge.

To make it easier for you to reconcile your bank account, there are two ways you can enter this in Sage 200.

  • As a single transaction.

    Enter the receipt and the bank charges using the Sales Receipt option.

    This method creates one transaction which you then match with the single transaction on your bank statement.

    Note: If you want bank charges to be included in your VAT return, then don't enter your bank charges here. Instead, you should enter the bank charges as a separate Nominal Vatable Payment or Nominal Vatable Receipt, using the appropriate VAT rate.

  • As two separate transactions.

    1. Enter the receipt using the Sales Receipt option.

    2. Enter the bank charge using a Nominal Non-Vatable Receipt or Nominal Vatable Receipt (in the Sage 200 desktop).

    This method creates two transactions which you can then match with the two transactions on your bank statement.

Whichever method you use, you record the receipt amount in the original currency and the bank charge in the same currency as the bank account. When the receipt is saved, the customer's account balance is updated by the currency value and the bank account and nominal accounts in the sterling equivalent.

If there is an exchange rate gain or loss between the transactions, this is dealt with by Sage 200 automatically, provided you have chosen to Use foreign currency revaluation with your accounts (in the Customer Defaults and Settings).

If you want to enter a foreign currency receipt and include any bank charges incurred, you can do this by entering the bank charge details here.

This can make it easier to reconcile your bank statement, if this is how these transactions are shown on your bank statement.

Note: Enter bank charges in the same currency as the bank account.

Note: If you want bank charges to be included in your VAT return, then don't enter your bank charges here. Instead, you should enter the bank charges as a separate Nominal Vatable Payment or Nominal Vatable Receipt, using the appropriate VAT rate.

  1. Enter the full amount of the receipt in the original currency.
  2. In the Bank charges section, choose a nominal account for the bank charges. The default bank charges nominal account is displayed by default.
  3. In the Value column, enter the amount of the bank charges in same currency as the bank account.
  4. The total amount that will be posted to the bank account is shown in the Net value after charges box. This should match the amount shown on your bank statement.

Example

You receive $100 in receipt for an invoice. You pay this into your sterling bank account. Your bank charges you a 2.5% fee for foreign currency transactions. The following table shows the amount paid into the bank account in sterling.

Currency payment received

Sterling equivalent

£1 = $2.0

 2.5% charge Paid into bank account
$100 £50 £1.25 £48.75

When you record the receipt , you:

  1. Enter the value as $100.
  2. Enter a bank charge for £1.25.
  3. The Net value after charges is calculated automatically as £48.75.

The following posting are made:

  • The Nominal Ledger is updated. This table shows the nominal account postings:

    Nominal Account Debit Credit
    Debtors Control Account   £50
    Bank Account

    £48.75

    		  
    Bank charges £1.25  

  • The customer account is updated:

    Customer Account Balance - $100

Receipts with a currency gain or loss

If you are using Use foreign currency revaluation (Customer Defaults and Settings), the currency gain or loss is calculated automatically.

If the exchange rate used for the receipt is different to the exchange rate used for the invoice, Sage 200 automatically works out the currency gain or loss and posts it to the Nominal Ledger, when the is allocated. When this occurs, the following additional transactions are posted with a reference of REVALUE:

  • For a currency gain:

    Nominal Account Debit Credit
    Debtors Control Account Amount of gain

     
    Revaluation Account   Amount of gain

  • For a currency loss:

    Nominal Account Debit Credit
    Debtors Control Account  

    Amount of loss
    Revaluation Account Amount of loss  

If you are not using Use foreign currency revaluation, you must post a separate nominal journal (in the Sage 200 desktop) to account for the currency gain or loss.

Fix it

You'll see warning if you have set Transaction date validation in System Settings in the Sage 200 desktop.

  • If the date entered is in the Unacceptable range, the transaction cannot be saved.

  • If the date is in the Acceptable range, the transaction can still be saved.

This could be because:

  • The customer and bank account use the same currency. You can't change the exchange rate on the receipt . The receipt is posted to the Nominal Ledger using the exchange rate set in Currencies and Exchange Rates in the Sage 200 desktop.
  • The exchange rate is not set to be Amendable. To check or change this, use Currencies and Exchange Rates in the Sage 200 desktop.

What happens when I

Save a receipt

If you have set the nominal ledger to update immediately in System Settings, the nominal account and customer account are updated immediately. If the transaction is dated in a future period, it is posted when the period is opened.

If you have not set the nominal ledger to update immediately, transactions in open or closed periods are posted to the current postings file, and transactions for future periods are posted to the deferred postings file.

The following table shows the nominal account postings:

Nominal Account Debit Credit

Debtors Control Account

Receipt value

Bank Account Receipt Value

The customer's account is reduced by the payment value.

Save a receipt with a settlement discount

The following table shows the nominal account postings:

Nominal Account Debit Credit
Debtors Control Account Total receipt value: payment +discount
Bank Account Receipt value
Discounts Allowed Discount value

The customer's account is reduced by the total payment value.

Save a foreign currency receipt

The following table shows the nominal account postings:

Nominal Account Debit Credit
Debtors Control Account Receipt value in base currency
Bank Account Receipt value in base currency.

The bank account balance is updated by the payment amount in the bank's currency.

The customer's account is reduced by the currency payment value.

If the receipt is allocated to an invoice, and you are using Foreign Account Revaluation, and there is an exchange gain or loss, the following nominal account postings are made:

Nominal Account Debit Credit
Debtors Control Account Gain Loss
Revaluation Account Loss Gain

Save a receipt with bank charges

The following table shows the nominal account postings:

Nominal Account Debit Credit
Debtors Control Account Receipt value
Bank Account Receipt value = charge
Bank charges Charge

The customer account is updated by the payment value in the original currency.

Sage is providing this article for organisations to use for general guidance. Sage works hard to ensure the information is correct at the time of publication and strives to keep all supplied information up-to-date and accurate, but makes no representations or warranties of any kind—express or implied—about the ongoing accuracy, reliability, suitability, or completeness of the information provided.

The information contained within this article is not intended to be a substitute for professional advice. Sage assumes no responsibility for any action taken on the basis of the article. Any reliance you place on the information contained within the article is at your own risk. In using the article, you agree that Sage is not liable for any loss or damage whatsoever, including without limitation, any direct, indirect, consequential or incidental loss or damage, arising out of, or in connection with, the use of this information.

See also

Other tasks

Customer sales invoice

Reference

Enter cash book transactions