Transactions

How to record payments made?

A Payment Made document records and tracks financial transactions made to vendors, ensuring accurate bookkeeping and vendor payment history maintenance. Payment Made Workflow 1. Creation - Initiate new payment record - Select vendor and payment method - Enter payment details and amount 2. Processing - Link payment to corresponding bills - Apply payment amounts to specific invoices - Add transaction charges if applicable 3. Final Stage - Review payment details - Verify applied amounts - Save and post payment Navigating the Payment Section Accessing Payment Records - Navigate to Payments > Payments Made - Use filters to find existing payments - View payment history and status Overview Dashboard - Monitor pending payments - Track payment history - View payment analytics Creating and Managing Payments Adding New Payment 1. Basic Information - Vendor selection (required) - Payment date (required) - Payment number (auto-generated, editable) - Payment mode (check, wire transfer, cash) 2. Payment Details - Amount paid (required) - Paid through account (required) - Transaction charges - Reference number 3. Bill Application - Select bills to pay - Enter payment amount per bill - View remaining balance - Handle partial payments 4. Summary and Verification - Total payment amount - Applied amount breakdown - Unapplied amount tracking - Final verification Status Management - Draft: Initial payment creation - Posted: Confirmed and recorded - Void: Cancelled payments - Reconciled: Matched with bank records Converting Documents - Draft to Posted - Posted to Void - Payment to Credit Note Advanced Features Document Management - Attach supporting documents - Store payment receipts - Link related transactions - Track payment history Batch Operations - Bulk payment processing - Multiple bill payments - Mass status updates - Batch reconciliation Troubleshooting Guide Common Issues 1. Required Fields Error - Verify all mandatory fields - Check for proper date format - Validate amount entries - Ensure vendor selection 2. System Access Problems - Clear browser cache - Check user permissions - Verify internet connection - Update browser if needed 3. Data Validation Errors - Confirm sufficient funds - Check for duplicate entries - Verify bill amounts - Validate payment dates Best Practices Management Tips - Regularly reconcile payments - Maintain proper documentation - Review pending payments daily - Monitor payment aging Documentation - Keep detailed payment notes - Save confirmation receipts - Document special conditions - Maintain audit trail Important Notes - Always verify payment amounts before posting - Keep track of payment references - Regular backup of payment records - Follow company payment policies - Maintain proper authorization levels This guide provides a comprehensive overview of managing Payment Made documents. Following these guidelines ensures accurate payment processing and maintains proper financial records.

How to record payments received?

Payment Received Documentation Guide Overview A Payment Received document records and tracks customer payments in the accounting system, ensuring accurate financial records and proper invoice reconciliation. Document Workflow 1. Creation - Access the Payment Received page from the main dashboard - Select customer and verify their outstanding invoices - Input payment details including date, amount, and payment method 2. Processing - Match payment to corresponding invoice(s) - Apply payment amounts correctly - Account for any deductions or withholdings - Verify transaction charges if applicable 3. Finalization - Review payment allocation - Confirm tax deductions if applicable - Save and process the payment - Generate payment receipt Key Features Basic Information Entry - Customer selection with auto-populated history - Payment date tracking - Unique payment number generation - Multiple deposit account options - Flexible payment mode selection Payment Processing - Automated invoice matching - Split payment capability across multiple invoices - Tax deduction handling - Transaction charge tracking - Reference number system Financial Controls - Amount validation against invoices - Tax account integration - Balance verification - Withholding amount management - Payment reconciliation tools Best Practices Data Entry - Verify customer details before proceeding - Double-check payment amounts and dates - Include relevant reference numbers - Document any special conditions or agreements - Maintain consistent naming conventions Payment Application - Apply payments to oldest invoices first - Document partial payments clearly - Record all transaction charges - Note any payment terms or conditions - Keep detailed records of communications Troubleshooting Common Issues - Invalid payment amounts - Missing required fields - Incorrect customer selection - Payment allocation errors - Tax calculation discrepancies Resolution Steps - Verify all required fields are completed - Check numerical formats and calculations - Confirm customer and invoice matches - Review tax and transaction charge entries - Ensure proper account selection Important Notes - Always verify payment amounts before saving - Document any deviations from standard process - Keep communication records with customers - Regular backup of payment records - Follow up on pending or partial payments System Requirements - Stable internet connection - Current browser version - Proper system permissions - Access to customer database - Updated account information