how to make payment to a supplier? - Checkout Progress
METHOD - 1
We use Double Entry Book keeping method for recording transactions.
- For making payment go to Navigation panel Accounts menu Payables.
- Select 'New'
- Select the Transaction Type whether it is a Bank or Cash Payment.
- Select the Period of Transaction, Date and Due Date.
- Add Ref. Document if any.
- Add the Division and Department.
- Add Remarks and Annotation if any.
- Select 'Save'
- Add main account as Sundry Creditor by clicking the drop down menu.
- Select the Name of the Supplier as Sub-Account.
- Sundry Creditor a/c is debited so select it as Debit.
- Enter the Amount and click the orange tick button to save the debit transaction.
- Again select drop down menu and select Bank as main account.
- Select the concerned Bank Name as Sub Account. Here the Bank Account is credited, hence select it as Credit.
- Enter the amount and select to save the credit transaction.
- Select 'Save' to save the Payables document.
- Select 'Post' to post the payable entry.
- Payment for the concerned supplier is completed.
METHOD - 2
- Go to Navigation panel Accounts Payables .
- Select Quick Entry , Select Supplier Payment.
- Enter the Transaction Type; whether it is Bank or Cash Payment.
- Date, Period and Due Date are automatically selected.
- Enter the Amount.
- Select Supplier Name as Sub Account.
- Add Remarks if any.
- Select Main Account as Bank.
- Bank Name is filled automatically in the Sub Account column.
- Division and Department are automatically selected
- Save the transaction by selecting Save menu.
- If it is VAT enabled click the plus sign.
- Select Save.
- Select Post to post the payable transaction