Using Cash Receipt Journals for Lot Installments

Create Cash Receipt Journals

Lot installment represents a payment done by a home buyer to a home builder. Usually, lot installments include lot deposits and deposits or payments for upgrades and extras.

To record lot installments, search Lots to open Lot List or select and open Lot Card and choose action "Lot Installments". This opens the page "Lot Installments" (which has its separate article Lot Installments).

Click on the Action Button Add to Cash Receipt Journal

• This action creates lines in a Cash Receipt Journal for the selected Lot Installments. In the pop-up page, select journal batch, enter Posting Date, and press "OK".

Note

The way the journal lines get populated is defined in the page "Homebuilder Setup". FastTab Lot Deposit Posting lets you choose between two account types

• G/L Account.
• Customer.

If "Account Type" is 'G/L Account' then the "Account Type" in the journal lines will be 'G/L Account' and "Account No." will be populated from the field "Lot Deposit G/L Account" in Homebuilder Setup.

If "Account Type" is 'Customer' then the "Account Type" in the journal lines will be 'Customer' and "Account No." (Customer Account Number) will be populated from the field "Customer No." in the Lot Installment.

Click on the link to see a related topic - Bank Deposits for Lot Installments.