Payment

Payments

This module allows you to record outgoing money paid to vendors, suppliers, or other parties. When you record a payment and validate it, the system automatically updates your financial ledgers to deduct the money from your bank or cash account and lower your payable balances.

When Do I Use This?

• When you write a check or make a wire transfer to pay a supplier for a bill.
• When you hand out cash to settle an open balance with a vendor.
• When you need an official record of money leaving your business accounts.

How To Use

Drafting a New Payment

1. Open the Payments screen from the main financial menu.
2. Click + New to create a blank payment record.
3. Select the Party (the vendor or person you are paying).
4. Enter the Date and the exact Amount.
5. Select the Journal (for example, "Main Bank" or "Petty Cash"). Note: Once you select the Journal, the system will automatically fill in the correct Payable account for you.
6. Choose your Method of payment.
7. Click Save. The payment is now saved as a draft.

Validating (Finalizing) the Payment

A saved payment does not affect your accounting until it is validated. Validating locks the record and officially moves the money in your ledgers.

1. Open your saved payment.
2. Review the amount and accounts to ensure they are strictly correct.
3. Click the Validate option button.
4. The system will check the box next to Validated and generate a linked accounting Transaction.

Field Descriptions