Payments

Introduction to Younium Payments

The payments section of Younium is used when running your accounts receivable in Younium. A payment is a deposit that you as a company have received to your bank account. If you are running your accounts receivables in Younium you will need to register your payments in Younium to reconcile and settle open invoices.

Younium supports the following methods to import payments:

  1. Manually add a single payment with Add payment button. One manually added payment will create a batch with one payment and is meant to match one payment line on your bank account. One payment can be used to cover more than one invoice. If you have several payments with references to match to your invoices you need to use the Import payment function.
  2. Import a file, Younium supports the following formats, BGMAX, CAMT054, and a general CSV Import.
  3. Import via Connectors, Younium strives for automation, hence we have partnered up with several payment connectors to automatically fetch payments from your bank account. Please ask your customer success manager which partner is relevant for you.

Main functionalities:

  1. Add a payment or import a payment batch
  2. Post all matched payments
  3. Find and match all unmatched payments to corresponding invoices
  4. Add write offs on deviating amounts that are either slightly above or below the invoiced amount.
  5. Search for all values that are visible in the columns in the table, if you add a column such as custom field, that value will also be searchable. If you select a batch, you will search in that batch only.

Invoice matching functionality

When a payment have been imported into Younium, we will automatically try to match the payment with a open invoice. We will do so by matching the

  1. Invoice number

or

  1. OCR- number (if generated on the invoice)

With the payment reference field on the invoice. To enhance clarity in the overview, we've color-coded matched payments using three distinct colors:

Green - Payment matched with an invoice and there are no remaining amount to be matched or to be written off. Once posted, the payment will be fully processed.

Yellow - Payment is partially matched, the reference have a corresponding invoice but there is a remaining amount (either negative or positive) on the payment to allocate. An action is needed; either add another invoice linked with this payment for matching, or add a write off.

Red - No matching invoices found. Investigate who made the payment and add an invoice to match against.

Posting functionality

Posting matched payments to invoices will settle the invoices with the amount on the payment. Youniums posting functionality is designed to run as soon as the payment is imported to settle all matched invoices and to leave the partially matched or unmatched payments within the payment batch.

It is not possible to revert a posted payment batch or payment. If you want to adjust already posted payments you need to open the invoice and add new payment with negative amount.

We always recommend to strive for automation, meaning if a payment partner is available in your region, please use that in combination with a recurring job to fetch the payments on a daily basis.

 

Manually add one payment

Go to tab: Payments >> New payment

Click "Add payment" and fill in the following data:

  • Reference - Normally the payment reference is the invoice number or if used, OCR number. Younium will automatically match this with the existing invoices in Younium
  • Description - Payment batch description (can be any value)
  • Payment method - Set the payment method with witch the payment was made
  • Financial account -  Set the financial account where the payment will be booked 
  • Payment date 
  • Currency -  Set the currency in witch the payment is made
  • Payment amount
  • Bank fee amount - Add any bank fees attached to your payment.

Press Create.

If you entered a correct invoice reference, this invoice is now listed in the bottom section. If the invoice is not found or you want to allocate the payment to one or multiple other invoices you can add them by clicking Add settlements.

 

When an invoice is selected into the payment, in the field "Payment amount" you can enter how much of the payment to allocate to each invoice. 

If you have additional payment amounts that you can't/don't want to allocate to an invoice, you can write off payment amount with the button "Write-off".

 

Post the payment by clicking "Post payment".

Import payment file

Import file is the possibility to upload a file with several payments made to a bank account. 

  • Import format - CSV, CAMT and BGMAX is available for import
  • Description - Set whatever value you want
  • Payment method - Set the payment method with witch the payment was made
  • Financial account - Set the financial account where the payment will be booked

Once the file have been added, you need to map the fields of your file. The mandatory fields to be mapped towards the invoice are

  • Payment reference
  • Payer name
  • Payment amount
  • Payment currency
  • Payment date

If you know that several imports with the same format will be made in the future you can create a Template by checking the template box and naming your template. This way future imports will not have to be mapped. 

 

When done press Create

Import via Connectors

Younium have partnered up with a Payment providers, look under integration which payment providers that are available on your markets.  

 

Register payment on already settled invoice

It is a common scenario that customers pay already settled invoices. Younium supports registation of double payments and over payment directly from the payments section.

Match a payment with an already paid invoice

  • If a payment is made to an already settled invoice, Younium will not automatically match the payment to an invoice. Instead, the payment will be marked with colour red, indicating that no matching invoice was found.
  • If you then press the "Search invoice" button on the unmatched payment and use the "paid" filter, already settled invoices will appear.
  • You can then match the payment to the settled invoice and post it.

Follow up steps

  • If a paid invoice with status "Settled" is matched with additional payments the Invoice will change status "Open".
  • Balance amount - Invoices with paid amounts exceeding the Invoice amount will have a negative balance.
  • Invoices with a negative balance but with status "Open" will not be included in Youniums automatic invoice reminder flow.

Best practice to deal over paid invoices

Younium recommends to create a routine to follow up on invoices with status “Open” and a negative balance. That can be done through various ways, either by adding a column with remaining amount in the invoice section or by creating a dedicated report for that purpose.

 

Write off

If the amount on the payment is not exactly matching the invoice Younium supports write offs to still be able to process the payment. Younium payment supports two kinds of write offs

  • Payment write offs
  • Invoice write offs

Younium also supports automatic write off within a defined tolerance. To enable that see more information here. 

Payment write off

The payment write off is used when the customer have payed slightly to much and there is no other invoice to match it against.

On each payment in the payment batch there are actions on your right hand side. Press the "write off" icon and a payment write off menu will open. An overview of the payment will open up, that will show you:

  • Payment amount
  • Matched to invoices
  • Payment write off amount
  • Remaining payment amount

All of these values will be fetched from the payment itself and below that table you will be able to set:

  • Financial account to book it towards
  • A posting text
  • Amount to write off

Once added, when the payment is posted Younium will book the write off amount towards the specified financial account.

Invoice write off

The Invoice write off is used when the customer have payed slightly to little and you decide not to collect the remaning amount on the invoice.

On the in line invoice table there are actions on your right hand side. Press the "write off" icon and a payment write off menu will open. An overview of the invoice will open up, that will show you:

  • Balance amount
  • Matched payment amount
  • Invoice write off amount
  • Remaining payment amount

All of these values will be fetched from the payment itself and below that table you will be able to set:

  • Financial account to book it towards
  • A posting text
  • Amount to write off

Once added, when the payment is posted Younium will book the written off amount towards the specified financial account.

Journals

Both the payment and invoice write off will generate transactions in your journals. Go under journals to see how the transactions have been booked.


Payment matching with tollerance

Use case

To further facilitate automation Younium supports payment matching with tolerance. The intended use case is as follows: set a tolerance in absolut number, if the payment matched with an invoice is within that amount the invoice is going to be settled and Younium will execute a write-off to a configured account.

  • If the amount on the payment is less then invoiced amount, an invoice write-of will happen
  • If the amount on the payment is more then invoiced amount a payment write-off will happen

Setup

Go to settings>> Accounts receivable >> Payment settings

  1. Set a tolerance amount - The amount is set without consideration of currency
  2. Set the write-of financial account.

Example

If the tolerance amount is set to 5, and a payment of 96€ is matched with an invoice of 100€ the invoice will be settled and a write-off with the amount of will 4€ happen


Single payment on invoice

Its is possible to ad a payment directly on the invoice you want the payment to settle against. 

 

  1. Open the Invoice you want to settle
  2. Press the Register payment button
  3. Fill out the payment details, its the same information as adding a payment 

Reference: The standard reference will always be the invoice number and will already be in the field, but you can change the reference

Description: If you want to describe the payment

Payment Date: The day the payment was received

Payment Method: Choose the payment method you have set up

Financial Account: The payment method you have chosen has a financial account and will be automatically filled when the payment method is chosen. However, if you want to change the financial account, you can do that

Payment Amount: The amount paid by the client

If the payment is in another currency, two more fields will show up:

Exchange Rate: This will be the current exchange rate, but can be changed manually

Amount (Base Currency): What the amount will be in the base currency

(Make sure that you have set up exchange rate gains and losses in the chart of accounts and for the payment method for such procedures)

4. Post payment

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