In Account Maintenance: Receivables, we created a debt from Perpetual of Distributions Receivable.
To enter a payment received from a debtor, we enter a Journal to DEBIT the bank (adding the amount received) and CREDIT the Accounts Receivable account (in this case, Distributions Receivable).
Distribution due received from Perpetual
Rent due received from West End Unit Tenant
In Receivables: Accounting for GST, we created a receivable of rent from a tenant.
That receivable included GST, however since the GST had already been accounted for when entering the Receivable, the receipt of payment would involve a Debit of $2750 to the Bank and a Credit of $2750 to Accounts Receivable.
Follow these examples for all entries of Receipts from debtors.
