Supplier  Payments

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Payments

Pay supplier invoices for goods received from a selected bank account:

• A payment can be entered without selecting invoices.
• Foreign currency payments are made from here, and the Gain / Loss posted

Entering the Payment

1. Select the Supplier. The index displays a list of suppliers with outstanding invoices.
2. Click on Payment and enter the Value and a Reference. 
3. Clicking on OK will pay outstanding invoices, starting with the oldest. The amounts can be adjusted including the payment discount
4. Click on Save Payment.
5. If the payment amount is not exhausted, the excess amount will appear as a debit on the supplier balance.

Payment Entry

GL Double Entry Transactions

• The payment amount will be debited from the supplier account balance
• The selected bank account will be credited with the payment amount.
• If there is a foreign exchange gain or loss, then entries will be made in an adjustment account
• If discount is applied, then an entry will be made in a discount account
• If reverse tax is applicable on discounts, an entry will be made in a tax account and the tax journal