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Dealing with over-payments (#CUSDWOP01)

Last updated:   Applies to:   In industries:   Of versions:   Special contents:
20090212 (Andy)   Pro, MultiUser, MultiSite, MultiView   Self Storage EditionMarina EditionVault Edition   7.X (and higher)   n/a

When someone pays more than they owe you, what should you do?

Firstly (and this is the preferred method), all money received from the client should be entered in to StorMan. Secondly, only ever split the payment if they are well overdue.

Let's look at an example... if a Customer's rent is $100 per month and they owe you $340, then this is approximately 3.5 months of money. If the Customer pays $340.00 then there's no issue. But if they pay you $400, then yes - splitting the payment into two amounts (one payment of the amount owing [$340] & one payment of whatever's left [$60]) will be better as StorMan will correctly match the two (charge & receipt) amounts of $340 and then match the transactions off into history and bring the balance to zero. Add the remaining $60 the Customer paid and you're done.

 

How will an over-payment affect transaction matching?

Over payments like the $400 example provided above will affect matching if they are MORE than the amount required. Therefore, to obtain a zero balance it is better to split the payment into amounts that will match off (as outlined above).

 

What should I do when a Customer pays a huge amount of money towards their rent (more than they owe)?

When a Customer leaves town for an extended holiday or overseas trip, they will often come in and pay your business a large sum of money prior to their departure (to cover the cost of the rental whilst they're away).

The best practice when this occurs is to enter the money into StorMan in the amount and form it was received (e.g.: $1000 cash if that's how it was paid). Then, let the Customer remain in credit and allow StorMan to "chip away" at the amount each month (or whenever the client is due) via Daily Processing (more on Daily Processing: #DLYWISDP01).

We strongly recommend against manually clicking Bill next charges until all of the credit is used up; instead, just let StorMan do what it was designed to do and use-up the credit when it automatically bills the Customer each time they are due. This will allow the Paid-to-Date to automatically calculate and the Customers invoice / receipt will be accurate.

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overpayments, customer paid too much, dealing with overpayments, customer paid too much, customer did not pay correct amount, incorrect payment amount

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