Payment

The Payment refers to the transfer of money or an equivalent value from one party to another to settle a liability, expense, or obligation. It is recorded as a transaction in the financial records and can be made in various forms.

To access the Payment, go to: > Home > Application > Finance > Operations > Payment

How can I get Benefit ?

ValueBot offers a useful feature for account ledger through Payment

• Clears Liabilities : Payments help settle outstanding debts, reducing accounts payable and maintaining good credit standing.
• Improves Cash Flow Management : Regular payments ensure smooth cash flow, preventing cash shortages or overdrafts.
• Enhances Financial Accuracy : Proper recording of payments ensures accurate financial statements and bookkeeping.
• Builds Business Credibility : Timely payments strengthen relationships with suppliers, lenders, and stakeholders.
• Reduces Interest & Penalties : Paying dues on time prevents late fees, interest charges, and legal issues.
• Facilitates Budgeting & Planning : Tracking payments helps businesses plan expenses and allocate resources effectively.
• Ensures Regulatory Compliance : Proper payment recording helps businesses comply with tax laws and financial regulations.

Properties

Primary Properties

Property	Description
Voucher No	Voucher Entry Number will generate default
Date	Date refers the Transaction date
Reference No	Can Enter other references number related to Voucher
Payment From	You Can Select Bank Account or Cash on hand from list
Amount	Enter Transaction Amount
Payment to	You Can Select Account ledger from list
Amount	Enter Transaction Amount
Narration	Can Enter information releated to Voucher
Report Format	You Can Select Report Format from list

Line wise Properties

Property	Description
Type	If we select 'To-Credit,' the amount will be posted to the credited account
Type	If we select 'To-Debit,' the amount will be posted to the debited account
Ledger	You Can Select Account ledger from list
Amount	Enter the amount you need to post to the ledger

Create New Payment

• Go to the Payment

• You can observe Voucher Number is generated by default.
• Under the Payment from you can pick the Bank Account or cash on hand from the list you have already created.
• Enter the Amount which you have to Pay.
• Under the Payment to you can Select the Vendor Account Ledger or Customer ledger from the list you have already created.
• Enter the amount to post to their account ledger.
• By Clicking Add New you can use line wise entries to post amount to other ledgers. (Ex. TDS Deduction Entries)

• Enter any additional information in the Narration field for your reference.
• Select the format from Report format dropdown.
• Click Save if you want to save the voucher.
• Click Save & Print to get print of payment voucher.

Edit a Payment

• Go to the Ledger Summary
• Select Account Ledger and Choose the transaction

• Make Necessary changes
• Click Save

Delete a Payment

• Go to the Ledger Summary
• Select Account Ledger and Choose the transaction

• Click Delete

warning

Deleting a payment from the ledger will cause a variation in the closing balance.

See Also

• Receipt
• Contra