New Payments
The Bank Payment module allows users to record outgoing payments made via bank accounts to suppliers, employees, or for general business expenses. This form ensures that all bank-related transactions are accurately reflected in the General Ledger (GL) and the Bank Reconciliation statement.
To complete the bank payment correctly, please fill in the necessary fields below.
Date
This Date is a mandatory field for bank payments, used for ERP recognition. Always maintain the same official date for bank payments to ensure proper reconciliation.
Reference
The Reference is a unique, alphanumeric iterative code used to identify each bank payment. Users can access the editing options in Setup -> Transaction Reference to modify the iterative format or numbering sequence without affecting the system's underlying structure. This allows users to customize the reference prefix or code at any time, ensuring flexibility while maintaining the integrity of all past and future records.
Pay To
The Pay To field is a mandatory dropdown selection used to categorize the recipient of the bank payment. Users must select from four specific categories: Miscellaneous, Customer, Supplier, or Employee, which determines the underlying accounting impact and ledger mapping. This classification ensures that payments are correctly attributed to the appropriate entity or expense account within the ERP system.
To the Order of
When the Miscellaneous option is selected in the Pay To dropdown, the "To the Order of" text box becomes active for manual entry. This field allows users to specify the exact name of the person or entity to whom the payment is being issued for general or non-recurring business expenses. It provides a descriptive reference for the transaction that appears on the bank payment voucher and reports without requiring a pre-existing master record.
Customer Selection
Customer
When Customer is selected in the "Pay To" dropdown, a secondary "Customer" dropdown becomes active for specific entity selection. This allows the user to link the bank payment directly to a customer profile for processing sales refunds, credit note settlements, or security deposit returns. Selecting a specific customer ensures that the payment is correctly debited to the individual Customer Ledger, maintaining an accurate and up-to-date accounts receivable balance within the ERP.
Branch
The Branch dropdown is a specific sub-selection that becomes active only when a Customer is chosen in the "Pay To" field. This allows the user to accurately map the bank payment to a particular branch location associated with that customer profile. Selecting the correct branch ensures that the transaction is recorded against the proper regional ledger, which is essential for precise outstanding balance tracking and localized financial reporting within the ERP.
Supplier Selection
When Supplier is selected in the "Pay To" dropdown, a dedicated "Supplier" dropdown appears directly beneath it for entity selection. This allows the user to link the bank payment to a specific vendor record, ensuring the transaction is correctly debited against the outstanding accounts payable. Selecting the correct supplier is essential for accurate aging reports and ensures that the payment is properly reconciled with the relevant purchase invoices or credit notes in the ERP.
Employee Selection
Selecting Employee in the "Pay To" dropdown activates a dedicated "Employee" selection field directly beneath it. This allows the bank payment to be mapped to a specific internal staff record for processing salary disbursements, travel reimbursements, or advance payments. By linking the payment to an individual employee profile, the ERP ensures that all staff-related expenses and advances are accurately tracked within the correct payroll or expense ledger.
Quick Entry
The Quick Entry option within the "Pay To" dropdown is designed for rapid transaction recording of recurring or standardized payments. When a user selects Quick Entry and chooses a specific category in the Type dropdown, entering an amount and clicking the Go button will automatically populate a new line in the Payment Items table. This automation streamlines the data entry process by instantly mapping the predefined ledger accounts and values, reducing manual effort and ensuring consistent categorization for frequent business expenses like maintenance or utilities.
Bank Account (From)
The Bank Account selection, located under the From label, identifies the specific company bank ledger from which the funds will be withdrawn. This mandatory dropdown allows users to choose from all active bank accounts configured in the system, ensuring that the credit entry is applied to the correct financial institution. Selecting the appropriate account is vital for accurate Bank Reconciliation and real-time tracking of available liquidity across different banking partners.
Payment Type
The Payment Type dropdown allows users to specify the exact method used for the transaction, with options including QR Method, Cheque, or On Hand Cash. This selection is critical for ensuring the company can accurately track how funds are moving out of the business and into the banking system. By categorizing the payment type, the ERP provides a clear audit trail for cash flow management and ensures that the corresponding ledger accounts—whether it be the physical cash box or a specific bank account—are updated to reflect the physical reality of the payment.
Bank Balance
The Bank Balance label displays the real-time balance of the selected account as recorded in the ERP. This value is a clickable link that allows users to instantly view all historical transactions for rapid auditing and reconciliation. While accurate record-keeping is essential to match physical bank statements, the Allow Overdraft Limit option in Setup -> Preference can be enabled to process urgent payments even if the ERP balance is temporarily insufficient. For long-term accuracy, ensure all missing entries are updated to keep the system synchronized with your actual bank balance.
Multiple Persons
Our system allows users to maintain multiple bank payments for an ERP transaction involving various counterparties, including customers, employees, and suppliers. When the toggle is enabled, a "Counterparty" column will be added to the Payment Items Table, enabling users to specify the relevant counterparty for each payment.
Payment Items Table
This section facilitates the input of payment details, ensuring accurate recording of financial transactions within the system.
- Account Description: Select the GL account(s) for the payments.
- Counterparty: (Visible only when the "Multiple Persons" toggle is selected) This field is used to select the recipient of the payment.
- Branch and Department: These fields are used to select the branch and department where the payment was made. They appear based on company preferences: "Use Branches Only" or "Use Branches and Departments."
- Amount: Input the monetary value for each payment transaction to ensure accurate recording of financial data.
- Memo: Enter notes or official bank references here for better transaction clarity.
- Add Item: Click the Add button to finalize the item and add it to the bank table.
- Edit Icon (Pencil): Click to change any input in a completed line item.
- Confirm Changes (Checkmark Icon): Click to save modifications to the GL, Amount, or Memo.
- Cancel Changes (Cancel Icon): Click to discard unsaved changes and revert the line to its previous state.
- Remove Icon (X): Click the delete icon at the end of a row to remove that specific line item.
Attachments
User can attach documents or images related to the transaction, such as payment slips or payment screenshots.
Custom Fields
Custom fields allow users to create their own form inputs based on what they need. User can create custom inputs such as text box, dropdown, radio button, check box, date, and amount box.
To enable this feature:
- Go to Setup -> Preferences -> Show Add Custom Field on Forms.
- After enabling, the Add Fields option will appear in the form header and footer.
- User can delete custom fields whenever they want from the Setup -> Custom Fields page.
Memo
Users can add comments or internal notes to the payment for future reference or customer communication. Please also add a bank payment reference here, if you have one, to ensure better maintenance of your records.
Action Buttons
- Process Payment: Finalizes the document and immediately updates the inventory levels in the system.
- Draft: Saves the entry as a work-in-progress, allowing you to finish it later.
- Refresh: Refresh this tab before finalize the entry.
General Ledger (GL)
The General Ledger tab provides a real-time preview of the accounting journal entry that will be generated upon processing the payment. This section allows users to verify the double-entry impact, ensuring that debits and credits are correctly assigned before final posting.
- Account: Displays the specific GL accounts affected. For Debit, the selected GL in the transaction will be shown, and for credit, the GL account selected while creating the selected bank account will be shown.
- Counterparty: Identifies the specific individual or entity linked to the line item, such as the specific employee or supplier, ensuring the sub-ledger remains accurate.
- Branch & Department: Displays the organizational dimensions assigned to each line, which is critical for accurate departmental profit and loss reporting.
- Debit: Shows the amount being charged to the recipient account (e.g., reducing a payable or increasing an expense).
- Credit: Shows the amount being deducted from the bank or clearing account.
- Total: The bottom row summarizes the transaction. In standard accounting, the Total Debit must equal the Total Credit (e.g., INR 300,000.00) for the system to validate and process the entry.