What is an Outgoing Payment?
An outgoing payment is any payment that is going toward a vendor, customer, or third party and is distinct from settling a bill or invoice. Outgoing payment is made when you want to make any payment right away.
Creating an Outgoing Payment
Creating an outgoing payment involves entering header-level information, including the payment and payee details. After entering the basic details, you can then proceed to add the items and tax adjustment lines.
Outgoing Payment Header Fields
Payment Method
This field allows you to select the payment method, such as cash, cheque, card, etc.
Payment Account
Select the payment account for the transaction. This account will get credited for the outgoing payment.
Payee
This field allows you to specify the entity this outgoing payment is going to.
Memo
If required, enter a memo for the outgoing payment.
Address
This field displays the address of the outgoing payment. When an entity is selected, this field is automatically filled with the corresponding address.
Project/Class
This field allows you to select a Project/Class to associate with the outgoing payment.
Ref Number
This field allows you to enter a reference number for the outgoing payment for tracking purposes.
Date
Enter the transaction date for the outgoing payment.
Payment Amount
This is the total payment amount, it must be equal to the sum of all payment lines below. Click on the "calculator" icon beside the field to re-calculate the payment amount.
Exchange Rate
If the payee is a foreign entity, this field allows you to specify the conversion rate for currency exchange.
Cheque Number
This field applies if the payment method is cheque. Enter a number here, or click the "Search" icon to automatically generate the next cheque number from the system – it is incremented from the previous number.
Print Later?
Select this option to print the cheque number later from the queue.
Adding Lines to an Outgoing Payment
After entering the header-level information, you'll proceed to select and add the expense account entries and make any tax adjustments, if required.
Outgoing Payment Lines Header Fields
Items
Store (Optional)
Select a store to associate with the payment line, if required.
Items
Entity (Optional)
Select an entity to associate with the payment line, if required.
Items
Expense Account
Select an expense account for the payment line. This account will get debited for the outgoing payment.
Items
Amount
Enter an amount for the payment line.
Items
Tax
Select a tax code for adding an expense line.
Items
Memo
This field allows you to add any additional information or notes, if required, for adding an expense line.
Items
Project/Class
Select a project or class to associate this payment line with.
Tax Adjustments
Tax Adjustment Item
Select the tax type to adjust.
Tax Adjustments
Adjustment Amount
Enter the amount to adjust by, negative or positive.
Tax Adjustments
Memo
Enter a memo for the adjustment for reference purposes, if required.
After filling in the header fields, click on "Add" to add the item line(s).
The item lines will be reflected in the details section below.
Outgoing Payment Lines Detail Fields
Store
This is an editable that displays the store of the payment line.
Account
This field shows the expense account corresponding to the payment line. Click on the amount to edit.
Amount
This field shows the amount corresponding to the payment line. Click on the amount to edit.
Tax Code
This is an editable field that shows the tax code applied on the payment line.
Entity
This field displays the entity associated with the payment line, if any.
Memo
This is an editable field that allows you to add any additional information related to the payment line.
Project/Class
This is an editable field that shows the project/class associated with the payment line.
After adding the item(s), click on the "Save" button to create an outgoing payment.
The system will automatically assign a unique number to the outgoing payment in the format of OP000001, where "OP" denotes the outgoing payment and 1 denotes a sequential series. This number will be displayed on the top left corner of the page. Once this number is generated, it becomes a permanent identifier and cannot be altered.
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