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This text refers to program version 6.3  

Nominal Ledger Transactions from Payments

When you approve and save a Payment, a Nominal Ledger Transaction will be generated automatically if you have so determined in the Sub Systems setting in the Nominal Ledger. An example (including postings for a settlement discount) is illustrated below:

The Creditor Control Account for the Invoice being paid will be transferred to the Payment. For details about how this is chosen, please refer to the Nominal Ledger Transactions from Purchase Invoices' page.

If the Payment is an On Account Payment, the On Account A/C specified in the Account Usage P/L setting will be debited instead of the Creditor Account.

The Bank or Cash Account posting will be determined by the Payment Mode that you specify in the Payment. This will refer to a record in the Payment Modes setting, available in the Sales and Purchase Ledgers. You should list in this setting the various payment methods that you use to pay your Suppliers, such as cheque, cash, credit card. You can attach a different Account to each payment method, allowing you to issue payments from different bank and cash accounts.

Once the Transaction has been generated, you can look at it straight away using the 'Open NL Transaction' function on the Operations drop-down menu.

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In this chapter:

• Introduction
  

• Entering a Payment
  

• Entering a Payment - Example
  

• Reconciling and Approving Payments
  

• Nominal Ledger Transactions from Payments
  

• Printing Payment Forms and Cheques
  

• Invalidating Payments
  

• Operations menu
  

• On Account Payments
  

• Correcting Mistakes in Payments

Go back to:

• Home page for Standard Accounts manual

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