Making Payments
- Vendor Payments:
- Navigate to the payment interface and select "Make Payment - Vendor." Choose the relevant vendor invoice from the drop-down menu. A verification pop-up will indicate the 3-way matching status, allowing payment to proceed only when the invoice is successfully matched.
- Miscellaneous Payments:
- For non-vendor-related payments, select "Make Payment - Misc." Ensure to attach necessary documentation such as invoices or receipts to substantiate the transaction.
Receiving Payments
- Customer Payments:
- Apply payments to customer invoices by selecting "Receive Payment - Customers." Automated entries from payment gateways are documented, deducting any associated gateway fees.
- Miscellaneous Receipts:
- Record miscellaneous income under "Receive Payment - Misc," ensuring to choose the correct account to charge from the drop-down options provided.
Making Cash Book Entries
- Create new entries in the cash book by accessing the Payment Voucher or Receipt of Payment form, filling in the required details to document the transaction accurately.
Payment Procedures
Vendor Payment Procedures
- Initiate payments to vendors directly from the Pay Module, following a seamless process that confirms the invoice's validity through 3-way matching. The system will automatically reconcile the payment with the Accounts Payable ledger.
Miscellaneous Payment Procedures
- For miscellaneous payments, ensure to select the appropriate charge account and transaction category from the provided drop-down menus. If purchasing assets directly, record the transaction by creating a Goods Received Note (GRN) to update the inventory ledger appropriately.
Receiving Payment Procedures
Customer Receipt Procedures
- Collecting payments from customers can also be managed within the Sell Module. The system ensures that payments made through payment gateways are accurately recorded, reflecting the net amount after fees.
Miscellaneous Receipt Procedures
- Miscellaneous income should be meticulously recorded by selecting the appropriate charge account. Complete the receipt form with the necessary details to ensure accurate financial tracking.
Cash Book Management
- Each entry in the cash book necessitates approval from an authorized individual. This measure ensures the integrity and accuracy of financial records.
General Ledger Integration
- Entries in the cash book are systematically replicated in the corresponding general ledger accounts, reinforcing the accuracy of the organization's financial statements.
Approvals and Controls
- The payment process incorporates a robust approval system, where each new entry or any reversal of entries must receive the green light from an assigned approving authority, maintaining a high standard of financial governance.
Conclusion and Best Practices
- Concluding the tutorial, we stress the significance of diligent transaction management within the Pay Module, which is critical for financial health and compliance.