Efficiently Record and Track Invoice Payments with Payment Entry

Guides & Tutorials
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Introduction

Welcome to the Empress guide on the Payment Entry feature. This tool is a vital part of your business operations, as it allows you to effectively record and track all your invoice payments.

What is a Payment Entry?

A Payment Entry is a record that shows an invoice payment has been processed. This handy tool can be used to register payments against a range of transactions, including Sales Invoices, Purchase Invoices, Sales Orders, Purchase Orders, Expense Claims, and Internal Transfers.

How to Access the Payment Entry List

To access the Payment Entry list, follow these steps:

  1. Go to Home.
  2. Navigate to Accounting.
  3. Click on Accounts Receivable/Payable.
  4. Select Payment Entry.

Preparing to Use Payment Entry

Before you can start using Payment Entry, you’ll need to have a few things set up:

  • Customer and Supplier details.
  • Your Bank Account information.
  • If you’re following the Sales/Purchase Cycle, you’ll also need Sales or Purchase Orders and Invoices.
  • A Chart Of Accounts and Company (for default accounts) need to be set up.

Making a Payment Entry

To create a Payment Entry, follow these steps:

  1. Adjust the posting date.
  2. The Payment Type will be automatically set based on the originating transaction.
  3. The Party Type, Party, and Party Name will be automatically filled in.
  4. The Account Paid To and Account Paid From will be automatically filled in as set in the Company form.
  5. The Amount Paid will be fetched from the Invoice.
  6. Save and Submit.

Creating a Manual Payment Entry

If you want to create a manual Payment Entry, follow these steps:

  1. Go to the Payment Entry list and click on New.
  2. Select the Party Type and the respective Customer/Supplier.
  3. Select the Bank Account/Cash Account Paid To and Paid From. If it’s a bank transfer, enter the Cheque Number and date.
  4. Enter the Amount Paid.
  5. Save and Submit.

Exploring Payment Entry Features

Payment Entry offers a number of useful features:

  • Setting Mode of Payment: This helps classify Payment Entries based on the payment mode used.
  • Payment From/To: This section includes information about the party making or receiving the payment, as well as bank account details.
  • Accounts: This section includes details about the accounts involved in the transaction.
  • Reference: This feature allows you to make payments to multiple Sales Invoices using one Payment Entry.

Conclusion

The Payment Entry feature enhances your business processes by enabling you to efficiently manage payments and keep track of your accounts. For additional support or resources, please visit our user-friendly online guides and resources.