Receiving Electronic Payments

by Mary Lou Ramsey
(Atlanta, GA)

Here's a question from a reader:


We run our accounts receivable/payable through Quick Books. When I receive a check from a client, I have the paper record with the invoice number and description of services. However, when a few of our clients have paid electronically, I don't get any information about the services we provided - more specifically the invoice number. Should I call our clients accounts payable person and require that the e - payment has pertinent info attached? I also do not receive any notice that the payment has been made. I need to write a standard company directive for clients that pay electronically and I'm not sure how.
Thank you.
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Hi Mary Lou!

I feel your pain. One company I work with receives a lot of electronic payments, and it's hard to reconcile what's being paid.

When collecting Accounts Receivable, you need to know what invoices the customer is paying. It isn't always obvious.

One suggestion is to send notice to your customers to send you a quick email when they're sending an electronic payment, referencing the invoice # that they're paying.

Also have them put that invoice number in the description area when they make an electronic payment. The bank does give you a line to use for reference - they could put their name and invoice number there. At least then you know what they're paying.

Hope that helps!

Thanks for visiting - come back often!

Kathy

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Feb 20, 2013
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Thank You
by: Kathy

Thanks Mary Lou! Glad you found my answer helpful.

Does anybody else have any tips on how they handle this situation?

Feb 20, 2013
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Thank You Kathy!
by: Mary Lou Ramsey

I appreciate your response Kathy. Your answer was very helpful! It will be interesting to see if others will weigh in on the subject.

Warm regards,

Mary Lou

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