Revenue can be applied as remittance towards receivable revenue. For example, as payment is received for a grant awarded to the organization, it can be applied as remittance on the receivable revenue entry for the grant award.
Receivable revenue must be posted in order to apply remittance.
Add Revenue Remittance
- Navigate to Financials and click Revenue on the navigation bar.
- Click Add Revenue.
- Enter the applicable Add Revenue information. In-system asterisks indicate required fields.
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Received From - This must be the same profile listed on the receivable in order to apply the remittance.
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Received From - This must be the same profile listed on the receivable in order to apply the remittance.
- Check the box next to each receivable to which the remittance will be applied, enter the amount to apply towards each, and then click Apply.
- The total applied must equal the overall revenue remittance amount.
- If the available remittance amount is less than a selected receivable, the system will autofill the highest possible amount for the receivable.
- If a receivable has an installment schedule, each installment is listed as a separate line item that can be selected.
- If this new revenue should not be applied to an outstanding receivable, click Skip Remittance Step and refer to Revenue for instructions.
- The total applied must equal the overall revenue remittance amount.
- Click Save.
The receivable will not show a reduced amount until the remittance is posted.
Post and Unpost Revenue Remittance
- Navigate to Financials and click Revenue on the navigation bar.
- Click Post on the revenue remittance to be posted.
- Click Unpost to unpost the revenue remittance.
- The balance of the receivable will increase by the amount of the unposted remittance.
- If the remittance is applied to a receivable, the balance of the receivable will decrease by the amount of the posted remittance.
- Click Unpost to unpost the revenue remittance.