What is an Outgoing Payment?

What is an Outgoing Payment? 

An outgoing payment is any payment that is going toward a Vendor, Customer, or Third Party. Use this module to create or update the Outgoing payment.

The Outgoing Payment module. 

Outgoing Payment Fields

Outgoing Payment Header

  • Payment Method: The method of this outgoing payment.
  • Date: The transaction date of this outgoing payment.
  • Payment Account: This account will get credited for the outgoing payment. Click to automatically calculate this value.
  • Payment Amount: This is the total payment amount, it must be equal to the sum of all payment lines below.
  • Payee: The entity this outgoing payment is going to.
  • Exchange Rate: If the payee is foreign, enter an exchange rate here.
  • Address: The Shipping and Billing addresses of the payee, scroll through the to/fro button to change the addresses. You can also edit the address.
  • Cheque Number: This field applies if the payment method is Cheque. Enter a number, or click to automatically generate the next cheque number from the system – it is incremented from the previous number, or check “Print Later?” to print the cheque number later from the queue.
  • Project/Class: You can select either Project or Class to assign the specific outgoing payment or leave it as Nothing selected
  • Ref Number: If required, enter a reference number for the outgoing payment.
  • Memo: If required, enter a memo for the outgoing payment.

Outgoing Payment Lines

  • Store: If required, select a store for the payment line.
  • Expense Account: Select an expense account for the payment line.
  • Amount: Enter an amount for the payment line.
  • Entity: If required, search and select an entity to associate with the payment line.
  • Tax: If required, select a tax for the payment line.
  • Memo: If required, enter a memo for the payment line.
  • Add: Click this button to add the payment line.

The descriptions below refer to the column heading of the Item.

  • Store: The store of the payment line, click it to edit.
  • Account: The account of the payment line, click it to edit.
  • Amount: The amount of the payment line, click it to edit.
  • Tax Code: The tax of the payment line, click it to edit.
  • Entity: The entity associated with the payment line.
  • Memo: The memo of the payment line, click it to edit.

Video tutorial:


Was this article helpful?

Related Articles