How to get a transaction ID of online payment

  • Not necessarily, particularly with automated transactions.

    The reference number will appear on the customer’s Statement (particularly if a Credit entry from someone who owes them money). This allowed the Sales Ledger clerk to reference that against the ledger. The reference my be a contract number, invoice nimber, name of the client or person paying on their behalf, more often the account number held by the remitter relating to your ledger (the latter far easier than any of the others)

    Most computing suites have a search system where you can input an invoice number and it will come up with the name of the account where it was posted to. Again the suites also have a name search and particularly useful if the Credit Controller/Sales Ledger Controller has put a cross reference either in the titled of the account (not always easy with long names) so that account name may be XYZ Limited t/as EDF.

    If the Sales Ledger controller puts in the name on the cheque as EXZ Limited, it will pick up both EDF and the account number EXZ Limited trades as EDF . If EDF is in put, it will bring up the account number only as that is just a reference, but can be found on the search. It als gives the correct legal style of the account.

    Actually from a Credit Controllers point of important since if you are drafting a Summons the Defendants propert style is the Limited Company it is incorporated under then its trading style. This gives an absoloute refernce to the Defendant.

    If you are using a manual system or a poor computing suite it is far more difficult to trace dual trading accounts.

    I have situations where an invoice has been billed in the name the company /business is known by, to have a cheque arrive in the legal style of the Limited company using the trading name. Very often cashiers will not look up the cross referncing system (assuming the software system has it) and either post it to suspence or more frequently open a new account in the name of the Drawer of the cheque.

    This is actually a very dangerous thing to do from the accountancy point of as it directly affects the balance sheet since is shows you have money which is unallocated, but also shows elsewhere in the Sales Ledger that in invoice is outstanding. In that situation the invoice and the cash are sitting in the current asset, overstating the Balance sheet making the company appear to have more money than in fact it has.

    The other gem, is where the invoice has been issued in the Correct name, a pro-rata cheque has received in the same name, but a Credit note to make up the balance has been misposted under another name which was actually the Limited Company name and not the trading name.

    Alternatively on the same account, an invoice posted incorrectly or was wrong in the first place. A new, correct invoice issued, the money received and allocated off the ledger. However the old, incorrect invoice still showing on the ledger as outstanding. Again this shows that the Sales Ledger which the incorrect invoice was posted is higher than it should be, and as in the previous example making the Credit side of the Balance Sheet look bigger than it is, thus a false account.

    You will be amazed at how often this occurs and I have had to undo near whole Sales Ledgers and Bank (Cash) Accounts to correct these errors, not to mention Crediting off incorrect invoices.

    One of the biggest problems I have faced in 20 years in consulting is the neurosis clients have had about the number of calls per hour the Collector is making than the reason why the ledger is showing the balance it is. I have been fired on a number of occassions because of the inaccuracy of the ledger and not making enough calls per hour (as if I am a short-hand typist), to get the money in (as far as the client is concerend.

    However when you try to explain that the whole ledger is a fiction due to the multiple invoicing and unapplied cash, and until you get that allocated and re-billed, only then can you really start collecting out the level. Yes the two can be done together, when you phone the client for the recovery of the debt, but you still have to deal with the paper work at the end of the day. So that will mean that either way you cannot meet the target number of calls, even if you leave all the corrections and postings to the end of the day. Unless you have a supporting Sales Ledger Clerk or dispute resolution clerk to deal with the issues which you have found from the client, they you cannot pursue the remaing ledger.

    So if your cashiers department has all the references outlined above, it avoids, or at least reduces the chaos and inaccuracies which can occur if you have the correct remittance advice information to allow you to allocate it. Even if that means telephoning the Purchase Ledger Clerk at the Remitter and tick back the invoices they intended to pay, and then allocate accordingly. Also any invoices they are missing of the ledger, you can get sent over to them, that way “killing two birds with one stopne”.

    The net result is actually you received more money in the medium term because the accounts are clean and you are collecting out real debt not trying to undo lousy accountancy, and that can be at both ends of the phone. However if your own ledger is in order, it puts you in a much stronger position to collect out the debt.

    As a Credit professional I would much prefer one of my staff spending one morning getting an account right and then getting payment in 7 days and near guaranteed, than another getting 20 calls done with the stock reply “cheque is in the post”, or “ the next payment run for BACS (electronic funds transfer) will be … (some date in the future) or we only do our payment once a month.

    In cases where it is clear that this is a delaying tactic, a letter to the accountant or the Managing Director drawing their attention to the fact that the account is reconciled and due for payment often speeds up the payment.

    Finally if the debtor is being that evasive, a notice of intent to commence Court proceedings fro the recovery of the debt, I can draft and isue the Summons, together with the copy correspodnence (particualarly the final demand ) – known as Exhibits and if the Court accept that as an indefendable position then I can apply for what is known as “Summary Judgement” which the Defendant cannot defend and then got to enforce the Judgement by removal of goods or payment in cash. If I want to ger really agressive apply for Bankruptcy.

    What this proves the more documentation you have, whether you are Sales Ledger pr Purchase ledger with the right references it is easy to prosecute or defend depending which side of the fence you are on !

    Chris R- london

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