Collection (Tahsilat)
Also known as: payment collection, dues collection, payment
Definition
The record of money received into the management's cash box or bank account against the debts charged to the units.
A collection may come in as cash, bank transfer/EFT, POS, check or online card payment. Each collection should be recorded with the independent unit it was received for, the date, the account it went into and the debts it was applied to.
In practice, payments are allocated so that the oldest debt is settled first; this way late payment compensation is calculated correctly. Any payment above the debt is held as an advance. Issuing a receipt for every collection protects both the resident and the audit.
In CasaX
In CasaX, collections are automatically allocated starting from the oldest debt and a receipt is generated. Card payments become collections instantly, while bank transfers do so by being matched from bank transactions; an incorrect entry is not deleted but cancelled and corrected with a reversing entry.
This content is for general information only and is not legal or financial advice. Legislation may change; consult a professional about your specific situation.