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Payments made

A payment made records money you paid a supplier, against one or more of their bills and their opening balance. It reduces what you owe and takes the money out of a cash or bank account.

Go to Purchases › Payments Made and click Add.

Recording a payment

  1. Choose the Supplier. Their approved unpaid bills are listed with Bill Amount and Amount Due, plus an Opening Balance row if part of the opening balance is still open.
  2. Fill in Payment Date, Payment Type, Paid Through (the cash or bank account the money left), Currency, 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 Paid Amount for each bill you are paying (and the opening balance).
  4. For a bank payment, fill in the Bank Details. See Bank details on payments.
  5. Save as Draft to keep it without changing anything (nothing is posted, the 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

Paying in another currency. Example, base currency IQD: a bill of 470,000 IQD paid with 314 USD at 1,500. The 314 USD is worth 471,000 IQD, so the bill is paid in full (Accounts Payable 470,000), cash goes down by 471,000 and the 1,000 IQD difference is an exchange loss. A USD bill paid in IQD works the same way, through today's USD rate.

A payment in a foreign currency uses today's rate: the latest rate in Currencies is filled in, and you can change it in the rate box (for example to the bill's rate). The original rate of the bills you are paying is shown under the rate box (Bill rate; several rates are separated by /). When it differs from the rate of the bills (or of the opening balance) it pays, the difference in base-currency value is an exchange gain or loss. The totals box shows it 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.

Example, base currency IQD: a bill of 100 USD at 1,300 put 130,000 IQD on the supplier. You pay 100 USD when the rate is 1,310, worth 131,000 IQD. The bill is fully paid and the 1,000 IQD difference is an exchange loss.

The bill itself always clears at its own rate, so a fully paid bill has nothing left in base currency either. Even at the bill's own rate, a difference of a few fils can appear from rounding (base amounts are rounded to 2 decimals); it is shown and posted like any other difference.

Rules

  • Enter an amount for at least one bill or the opening balance.
  • A bill can't be paid more than its balance due ("Bill ... has only 150.00 left to pay."), and it must be approved first.
  • Each bill can be listed once, and must belong to the selected supplier.
  • A bill can be paid in any currency. For a bill in another currency than the payment, 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 you type takes off the bill in its own currency. A converted amount a little above the balance due (less than one unit of the payment's currency, like paying a round 314 USD for a bill worth 313.33 USD) pays the bill in full and the rest is an exchange gain or loss; more than that is refused ("This payment is more than the bill's balance due."). The opening balance part is paid in its own currency.
  • With Negative Cash off in Preferences, a payment that would make a cash account negative is refused: "Insufficient cash. Negative Cash is OFF; this payment would create a negative cash balance." With it on, you are asked to confirm ("This payment creates a negative cash balance. Continue?").

Editing and deleting

A draft payment can be edited freely (it changed nothing yet). Editing a posted payment posts it again, so it needs the approve permission too. Editing moves the bill balances by the difference; setting a line to 0 gives that bill its amount back. Deleting the payment reopens the bills, all in one step: if the delete fails, nothing changes. A payment in a completed bank reconciliation can't be changed until the reconciliation is undone.

Viewing a payment

On the payment's page (and its print and email) each bill line shows what came off the 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 a bill's page works the same way.

What it posts

Dr accounts payable (at the bills' and the opening balance's 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. Editing the payment posts it again; deleting it removes it.