Payments Point of Sale Mapping

Miscellaneous payments mapping is used for creating G/L entries for received on accounts, order deposits received, payments for C.O.D. sales, and gift cards sold. A non-specific "miscellaneous" payment option is also available for use with any other payments your company might accept (bad check fees, charity donations, etc.). The Payments activity located under the Point of Sale application is where entries that use this section of the Point of Sale system journal mapping originate from.

 

*Indicates the type of entry, either debit or credit. The + or - indicates whether the debit or credit represents and increase or decrease for the specific class of account (asset, liability, income, etc.).

35.Cash (Asset)

When a payment is accepted and cash is the tendered payment method, this account will be debited (increased). Companies may use a "cash on-hand" type account for recording daily cash transactions. An "over/short" account is useful for any differences between actual cash receipts and the cash amount recorded by the application. When depositing cash into your bank account, a manual or recurring journal may be used that credits the cash on-hand and debits the asset account used for the bank account funds are being deposited in.

36.Checks (Asset)

When a payment is accepted using a personal check as the payment method, this asset account balance is debited (increased). Often, checks and cash are treated the same financially; however, having a separate account does allow for more flexibility. Users may decide to map checks directly to their "cash in bank" (bank account) rather than using a "cash on hand" account. This might be done since there is less of an expectation for discrepancies with checks received than for cash.

37.Bank Cards (Asset)

Payments received that are charged to a customer's bank card create a debit entry to this asset account, increasing the balance. Optional detailed mapping is available that allows users to map bank card types (Visa, MasterCard, etc.) to specific G/L asset accounts. When bank card transactions are credited to your company's bank account, a manual or recurring journal may be used to transfer the amount deposited from this account to the asset account representing your bank account.

38.Gift Card (Liability)

When a gift card is used toward a payment, this liability account is debited. This lowers the balance for outstanding gift cards. When gift cards are used as payment method for a sale, the gift card liability account mapped under "Sales" will be used; however, the same account is usually mapped in both areas.

39.Coupon (Liability)

When coupons are used as a payment method for a payment being received, this liability account balance is decreased by a debit. It is expected that either funds or a credit will be collected from the manufacturer who issued the coupon. This reduces what you owe. When the coupon is redeemed, you have 2 options: (1) enter an A/P credit invoice for the payment and use this account as the debit offset for the credit to Accounts Payable or (2) make a manual or recurring journal entry to credit coupons and debit your bank account (asset) for the payment received.

40.A/R Credit Payments (Asset)

If the payment is a "received on account," this asset account will be credited (reduced). Payments received reduce your company's overall Accounts Receivable balance. The offset to this credit will be a debit to an asset account listed above (cash, checks, bank card, etc.).

41.Order Deposits (Liability)

When a payment is accepted for a customer order deposit, this liability account is increased by a credit. When the deposit is later used toward the sale of the customer order, the balance of this liability account is reduced by a debit entry.

42.C.O.D. Receivable (Asset)

For payments accepted for C.O.D. sales, this account will be reduced by a credit entry. Often this account is the same as the asset account mapped to C.O.D. receivables under the Sales section. When a C.O.D. sale is processed, the C.O.D. receivable's account is debited (increased). It's also possible to use 2 separate accounts: one for C.O.D. sales and another for payments. The offset to the reduction in C.O.D. receivables (credit) is a debit based on the payment method(s) such as cash, checks, bank cards, etc. found in this same mapping category.

43.Miscellaneous Pay In's (Income)

Income received for miscellaneous payments that are not order deposits, C.O.D. payments, or payments on account, credit (increase) the balance of this account. When processing a "miscellaneous" selection from Payments in Point of Sale, users can enter a text description and amount.

46.Charge (Asset)

For some types of pay-in's, customer charge may be an option (order deposits and C.O.D. payments specifically). Charging a C.O.D. or customer order deposit results in an increase (debit) to the balance of the account mapped here. Normally, this account would be located in the chart of accounts under the Accounts Receivable group or title section.