Applying cash

After money has been collected from your customers, you will need to enter the payments (cash) and apply the cash to open items. You can manually enter cash, or interface the payments through lock boxes. Depending on how your business processes payments will dictate which forms you will use to apply the cash. This chapter will detail how to enter cash and apply payments. Also, you will learn how to clear open transactions to the Accounts Payable application.

Answer this question: Does one person enter cash and another person apply the payments, or are both steps done by a single person? If these steps are done by two people, then see Entering cash. Come back to this chapter to learn how to apply the payments.