How to Record General Receipts

From ContactsLaw Documentation


This section of ContactsLaw provides an overview of the recording funds that have come into the bank account.

There are different ways on how to find out about the receipt of funds. This article focuses on the situation where you have received funds by bank deposit.

The below guide will explain the ways on how you can create a receipt into the system:

1. Getting Started

  • Navigate to the ribbon group and dropdown on General Accounting.
    Step 1 - Create Receipt.png
  • Proceed to Receipts and choose Create General Receipt.
    Step 2 - Create Receipt.png

2. Creating General Receipts

General receipts are for receiving funds not associated with a bill.

To create general receipt:

  • Option 1: Click Create General Receipt.
    Step 3.1 - Create Receipt.png
  • Option 2: Navigate the ribbon group and click on My Business then proceed to General Accounting.
    Step 4 - Create Receipt.png
  • Proceed to the Manage tab, then drop down General button and click General Receipt.
    Step 6 - Create Receipt.png

2.1. Specify Options

In the general receipt window, there are options that you need to complete.

Step 7 - Create Receipt.png
  • Date: The date should be the date that are actually received (i.e appear in the bank statements).
    Create Receipt - Date.png
  • Payment Method: This option is about how we received the funds. Options are bank deposit, bank cheque, cash, cheque, credit card, escrow, or loan/petty cash.
    Create Receipt - Payment Method.png
  • Received from: This option is about who we get the funds from. Options are selecting a contact from the system.
    Create Receipt - Received from.png
  • Reference: The information for this option varies depending on the type of transaction such as invoice numbers, cheque reference number, or bank transaction reference.
    Create Receipt - Reference.png
  • DR Account: This is the account that will be debited upon receipt of the funds.
    Create Receipt - DR Account.png
  • CR Account: This is the account that is credited upon receipt.
    Create Receipt - CR Account.png
  • Description: Enter a description for the funds received.
    Create Receipt - Description.png
  • Amount: Enter the exact amount received including GST.
  • GST: This is a set of metrics or base items specific to Australia in the preparation of tax records for businesses which is 10% of the total amount.
    Create Receipt - Amount.png
  • Add and Remove Line: This is an option to add another item or remove an item.
    Create Receipt - Add Line and Remove.png
  • Review the details and click Process.
    Step 8 - Create Receipt.png

2.2. Final Steps

There are a couple of ways to confirm that the general receipt you create has been successfully processed in the system.

  • Option 1: Navigate to DSH Legal, proceed to General Accounting and click Bank.
    Step 9 - Create Receipt.png
  • Then proceed to search the general receipt by its reference number.
    Step 10 - Create Receipt.png
  • Option 2: Navigate to DSH Legal, proceed to General Accounting and click Accounts.
    Step 11 - Create Receipt.png
  • Then proceed to the CR Account you indicated in the general receipt.
    Step 12 - Create Receipt.png
  • Lastly, proceed to search the general receipt by its reference number or by its date.
    Step 13 - Create Receipt.png

3. Creating Debtor Receipts

Debtor receipts are specifically used for recording payments towards invoices that have been issued.

To create debtor receipt:

  • Proceed to a matter. (see the Create Matter guide)
    Step 1 - Create Debtor Receipt.png
  • Proceed to view the group, drop down the billing and click on invoices.
    Step 2 - Create Debtor Receipt.png
  • Go back to the Home tab, navigate to the ribbon group and dropdown on General Accounting. Proceed to Receipts and click on Create Debtor Receipt.
    Step 3 - Create Debtor Receipt.png
  • As you can see, the editor window is identical to the general receipt except for the panel on the right side of the screen, which displays a summary of the Ledger balance for this matter.
    Step 4 - Create Debtor Receipt.png

3.1. Specify Options

In the debtor receipt window, there are two (2) editor tabs that you need to fill up:

  • Transactions: The information for this editor tab is similar to what you will fill up in the general receipt.
    Step 5 - Create Debtor Receipt.png
  • When you input the amount received, the ledger will update to reflect the new balances.
    Step 6 - Create Debtor Receipt.png
  • Allocations: This tab displays the invoice/s, the funds received are to be allocated to.
  • You can change the allocations if you desire.
    Step 7 - Create Debtor Receipt.png
  • Review the details and click Save & Close.
    Step 8 - Create Debtor Receipt.png

3.2. Final Steps

  • There is a way to confirm that the debtor receipt you create has been successfully processed in the system.
  • Go back to the matter. Proceed to view the group, drop down the ledgers and click on debtors.
    Step 9 - Create Debtor Receipt.png
  • Then it will display the debtor receipt created. However, because we only saved and closed the receipt earlier, it has not yet been processed, therefore it has no effect and does not change balance.
    Step 10 - Create Debtor Receipt.png
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