Payments and Refunds
The Payment Explorer is used to record and find payments and refunds. Payment reversals can also be recorded.
Payments
A payment is the transaction process where a buyer remits the amount due as listed on an invoice.
In MineMarket, you can record payments made and received. If the chart of accounts configuration includes the Funds Receipt document type, MineMarket can generate journal entries from the payments to be exported into an enterprise resource planning (ERP) application.
Refunds
A refund is the transaction process where a seller remits an overpaid amount to a buyer.
In MineMarket, you can record refunds paid and received. If the chart of accounts configuration includes the Funds Receipt document type, MineMarket can generate journal entries from the refunds to be exported into an enterprise resource planning (ERP) application.
Like payments, refunds are linked to invoice instalments. Refunds can be for any amount less than or equal to the paid amount.
Limit the Invoices and Payments and Refunds to Only Those That Belong to Specific Organisations
Domains can be used to limit the objects that can be seen by a user. Using this functionality, specific organisations can be made viewable, and all other organisations non-viewable for a particular domain. The domain is then assigned to a particular user group. When a user who is a member of that user group views invoices, payments and refunds, only those that belong to the viewable organisations can be seen.
Creation of Journal Entries for Payments and Refunds
The Options screen includes a setting to specify whether to generate journals automatically when payments and refunds are locked. After a payment is locked, if journal entries are not created automatically, the journals can be created manually.
