In this guide, we will be going through the different ways to issuing payments for both Purchase and Expense invoices.
Note: Make sure you have added the GL Account of your bank in your Chart of Accounts if you haven’t done so yet.
Issuing Payments per Invoice #
When issuing payments per invoice, go to the listing screen and click on the drop down icon beside the transaction you will be issuing a payment for.
1. Click on the Issue Payment option
2. In the Issue Payment screen, click on the plus or add icon.
3. Set the payment date to when the payment is issued.
4. Enter the amount to be paid to the Vendor. This can be in full or a partial payment.
5. The Payment Account option lets you select which account you plan to credit or issue the payment from.
6. Select a mode of payment and details of the payment mode.
Recording Expanded Withholding Tax (CWT) #
1. Click on the add withholding tax button.
2. Select an appropriate Alphanumeric Tax Code (ATC) from the Expanded Withholding Tax drop down field.
3. Enter the withholding tax base amount that will be the basis of the withholding tax computation. This is usually the net of VAT amount.
4. Click Confirm to apply.
5. You can add additional multiple withholding tax deductions (up to 5) by simply click on the add withholding tax button.
After completing the details of the payment. You may review the summary of the payments and the accounting entries for the receipt vouchers.
Issuing Batch Payment #
Aside from issuing payments for individual invoices, you may also issue payments to vendors where you wish to settle multiple purchases or expenses for.
1. Click on the Issue Batch Payment icon located at the upper right hand-most corner.
2. Select the Vendor to show a list of invoices with outstanding payments.
3. Select the invoices from the list and review amount to pay per invoice.
4. You may also issue partial payment to specific invoices
Payment Voucher Entries #
After entering the details of the batch payment, you can review the accounting entries for the payment voucher
