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Transactions in FirstOffice - Payments

A Payment is the Purchase Ledger equivalent of a Receipt: it is the transaction that occurs when you pay a supplier's Purchase Invoice. In the Nominal Ledger, the raising of a Payment debits the Creditor Account and credits the Bank or Cash Account. You will usually record Payments in the Purchase Ledger, where you will allocate them to the appropriate Invoice(s), and the consequences in the Nominal Ledger will be handled automatically. Normally, a Payment will generate a Nominal Ledger Transaction like this:

When Nominal Ledger Transactions are generated from Payments, the Accounts used are selected as follows.

Creditor Control Account
The Creditor Control Account for the Purchase Invoice being paid will be transferred to the Payment. For details of how this is calculated, please refer to the 'Creditor Control Account' section of the Purchase Invoices page.

If the Payment is not made against a specific Purchase Invoice (i.e. it is an "On Account" Payment), the On Account A/C entered in the Account Usage P/L setting will be debited.

Bank or Cash Account
The Bank or Cash Account posting will be determined from the Payment Modes setting, available in both the Sales and Purchase Ledgers. This is used to store different payment methods, such as cheque, cash, credit card. Each payment method can be attached to a different Account, perhaps reflecting the use of different bank accounts.

If any of the Account Numbers refers to a non-existent Account, FirstOffice, in attempting to generate the Nominal Ledger Transaction, will display the error message: "Transaction could not be generated. Check settings".

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