Line Item Receivables Pre-Fonteva 20Spring
In the legacy version of Invoice Payments, the backend did not provide a clear record of the different types of receivables. Accounts Receivable (AR) was being recorded as one lump sum without differentiation across different products. This resulted in difficulties in reporting exactly what was owed and what was earned for Invoices.
Line Item Receivables corrects these issues. Every invoice line item sold now gets populated by an AR field in the General Ledger (GL). Instead of a single combined sum of every item on the Invoice getting debited to AR, a debit will be populated towards AR for each invoice line. Likewise, a credit will be applied to the Revenue Account for each invoice line item. This helps track the different lines of revenue and AR as well as payments made or owed towards an item on the Invoice.
Each payment made towards an invoice line item will generate a Receipt and a receipt line. Each payment will also be recorded as a transaction line journal entry. You can easily access, export, and integrate this information into your accounting solution. This creates more transparency about how payments are being applied on Invoices and if payment is still owed.