Asset payments

An asset payment pays one or more approved asset bills of a supplier, fully or in part.

Go to Assets › Asset Payments and click Add, or click Record Payment on an asset bill.

Recording an asset payment

1. Choose the Supplier. Their unpaid approved asset bills are listed with Bill Amount and Amount Due.
2. Fill in Payment Date, Payment Type, Paid Through (cash or bank account), Reference Number and Notes. The Payment Type must match the account: Cash needs a cash account (Cash or an account under it), Bank a bank account (your main bank account or a branch under it); otherwise saving is refused ("The Cash payment type needs a cash account." / "The Bank payment type needs a bank account."). Other payment types your administrator adds are not checked. Choosing Bank selects the main bank account of Ledger Configuration and Cash the main cash account; you can still pick a branch or another account in the list.
3. Enter the Payment Amount per bill, or click Pay in full.
4. For a bank payment, add the Bank Details. See Bank details on payments.
5. Save as Draft to keep it without changing anything (nothing is posted, the asset bills keep their balance and the supplier's balance does not change), or Save and Post to post it now. Posting needs the approve permission; a draft is posted later with Post on its page. See Draft and approved documents.

Exchange rate and exchange gain or loss

A payment of foreign-currency bills uses today's rate: the latest rate in Currencies is filled in (when Show Multi Currency is on you can change it in Manual Exchange Rate, for example to the bill's rate; the bills' own rate is shown under it as Bill rate). The same applies to Record Payment on an asset bill. When the rate differs from the bills' rate, the difference in base-currency value is an exchange gain or loss, shown before you save: Exchange Loss when the money paid is worth more in base currency than you owed, Exchange Gain when it is worth less. Each bill clears at its own rate, so a fully paid bill has nothing left in base currency either.

Rules

• An asset payment can be in any currency: choose it in Currency. For a bill in another currency, a rate box appears on its line with today's rate of the bill's currency (you can change it), and Off the bill shows what the amount takes off the bill in its own currency. Pay in full fills in the cash that clears the balance. A converted amount a little above the balance due (less than one unit of the payment's currency) pays it in full and the rest is an exchange gain or loss; more is refused.
• A bill must be approved before it can be paid, and can't be paid more than its amount due.
• With Negative Cash off, a payment that would make a cash account negative is refused. With it on, you are asked to confirm ("This payment creates a negative cash balance. Continue?").
• A payment in a completed bank reconciliation can't be changed until the reconciliation is undone.

On the payment page you can print it (Print, PDF, Excel) or Send Mail to the supplier.

Viewing a payment

On the payment's page (and its print and email) each bill line shows what came off the asset bill in the bill's own currency. When the bill is in another currency than the payment, the amount paid for it in the payment's currency is shown under it, for example 470,000.00 IQD with Paid: 314.00 USD under it. The payments list on an asset bill's page works the same way.

What it posts

Dr accounts payable (at the bills' own rates), Cr the cash or bank account (at the payment's rate). Any difference goes, in base currency, to the Exchange Gain or Loss account set in Ledger Configuration: a debit for a loss, a credit for a gain.

Asset payments use the Assets Payments Made permission.