When entering a payment into Akada you will need to apply it to a charge. Akada offers several ways of doing this which we will talk about in this article. But first, why do your payments need to be applied? Basic accounting principles state that for every credit (payment) there must be a debit (charge). Furthermore, a payment does not actually become income until it is applied to a charge. Applying the payment gives you the ability to pair it with the correct charge so that your income reports and income categories such as tuition or costumes reflect the correct amounts.
Applying a Payment:
Once you have entered your payment you will be directed to the Apply Payment Screen seen above. Here you have a couple of different ways that you may apply the payment.
Auto Apply Button - This function will apply the entire payment starting with the oldest unpaid charge first.
Apply Entire Payment option - This option allows you to choose the specific charge the payment is applied to. As you apply to each charge the payment balance will update.
Apply Partial Payment option- Using this will allow you to specify a specific amount to apply to a charge. When used a pop-up will appear giving you the ability to enter the amount you wish to apply. Once you entered the amount click the Apply Payment button.
Tip: If a customer is paying one specific charge then you may find it faster to click the Pay Charge link next to the charge on the customer's transactions screen. When the payment is entered it will automatically be applied to that charge cutting out a step.