Payments are a type of transactional entry that indicates the transfer of funds.
Payments usually follow a sale or a purchase, depending on this a Payment entry can be made to either Receive or Pay funds.
|#||Transaction||Payment Type||To Account||From Account|
|1||Sale||Receive||Bank, Cash Accounts||Accounts Receivable|
|2||Purchase||Pay||Accounts Payable||Bank, Cash Accounts|
To make a Payment first navigate to the Payment page
- For Sales:
Sales > Sales Payments
- For Purchases:
Purchases > Purchase Payments
Then click on the blue
+ button. This will open the Payment quick edit form.
You can select the Party and enter other the details of the Payment.
Once the details have been set you can click on Save and then Submit to record the Payment.
If the Payment is being made for an invoice, you can add a reference to the invoice in the table at the bottom.
This will update the Outstanding Amount on the invoice.
A more convenient way of settling an Invoice Payment is to do so using the Make Payment option from the Invoice Form.
Write Off Amount
The write off amount is a deduction on the payment.
This amount is booked under the Write Off Account that can set under General settings:
Setup > Settings > General
The final amount to be paid or received = Amount - Write Off
Making Payments from Invoices
To make an Invoice Payment to settle the Outstanding Amount of a Sales Invoice or a Purchase Invoice, you can navigate to the Invoice form and click on the Make Payment button under the
For more information check these links: