Apply multiple payment types to the Collect and Apply Payment Screen

[smischke]

For example, when a customer uses Greensky Financing to pay for a job, we split the payment in to two types: Greensky Financing and the Greensky Financing Fee. This way the correct amounts flow in to QB for reconciliation. Right now, you go to the Collect and Apply Payment screen and you can only enter one payment type at a time. You enter the Greensky payment that is deposited in to your account, apply it to the invoice, then you are kicked back to the invoice screen where you have to click Collect and Apply Payment AGAIN and go through the process for the Greensky Financing Fee. This is way too many clicks and screens for what should be a pretty simple process.  We do a fair amount of financing and I find this annoying.  

Am I missing something?

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[michael21]

I see what Jessica is saying, and I also see that you posted this in the idea section, so let me throw in my 2 cents.  First, Jessica's method certainly works and does prevent sending a paid invoice that shows the finance fee.  What I don't like is that it isn't the actual transaction that took place.  It has always been my experience that the most accurate systems are those that most closely resemble the real world, so like you, we post 2 payments, one for the cash received and the other finance fee.  We do it a little differently in that we also load a purchase order for the finance fee, thus getting it into job cost.  The material item that we put on the PO is coded to charge an account called "Finance Fee Clearing".  The payment for the fee is a payment type coded to the same account, so the two transactions offset in QB.  We provide the customer with an invoice copy when the job is complete, so that works for the vast majority of cases.  If the customer needs a paid invoice copy, our CSR's are trained to print one here, copy it with the payment section blanked out, and then send the copy.  That's a pain, but we really don't get that many requests for this.  However, it is enough of a pain that I have added an idea, (I-1044) to allow an option to print/send an invoice with the payment section in summary only.  With respect to the multiple payments issue, its an even bigger problem if you are trying to use the advanced payments option.  This option allows you to enter a check amount and then apply that amount to multiple invoices for a single account.  Unfortunately, only a single customer's invoices can be in the application, so when a finance company sends a payment that covers multiple jobs for multiple customers, you have to break the payment up as if it were multiple payments.  That might very well work for the problem you have addressed, even though it diverges from the principal of making the computer look like the real world, but for us, this is further complicated by the fact that the advanced payment option doesn't allow negative payments, something we require to support fees we are charged from box store customers.  In any event, there is an idea in the ideas section, (I-895) that addresses both concerns.  Take a look at it, and if you like it, up-vote it so Titan will take notice of it.  For that matter, if you like the payment summarization on the invoice discussed above, up-vote that too.

[JessicaSmith]

That's actually not the way I would handle the financing fees. If you search way back to early 2020 I posted a video on the Facebook Masterminds group about how I would do it. I don't ever want my customers to see what we are paying the financing company- when you send them a paid invoice the way you're doing it, they see exactly what you're paying for their financing.

Here's a quick overview:

1. Apply the full amount of the job as a financing payment.

2. Apply the financing fee as a material (not a chargeable material)- this makes it show up as a job cost.

3. Export the payment to quickbooks.

4. When making the deposit in quickbooks from your undeposited funds, select the financing payment, then add a negative amount that maps to your financing fees GL, making the total deposit what you actually received.

Full disclosure I haven't actually DONE this procedure in over a year because I changed jobs, but it worked for me for 3+ years.