Introduction
In Empress, the Payments feature allows you to accurately track and manage your business transactions. This functionality plays a critical role in your financial workflow, enabling you to record and monitor incoming and outgoing funds. With its user-friendly interface, you can easily create, edit, and sort your payments, providing a clear view of your business’ financial health.
Understanding the Payments Feature
The Payments feature in Empress is essentially a transactional record, indicating the transfer of funds following a sale or a purchase. The table below outlines the basic structure of a payment entry:
| Sale or Purchase | Payment Type | To Account | From Account |
|---|---|---|---|
| Sale | Receive | Bank, Cash Accounts | Accounts Receivable |
| Purchase | Pay | Accounts Payable | Bank, Cash Accounts |
How to Create Payments
Creating a new payment entry is straightforward. Here are the steps:
- Navigate to the Payment page.
- For sales, go to
Sales > Sales Payments. - For purchases, go to
Purchases > Purchase Payments.
- For sales, go to
- Click on the blue
+button to open the Payment quick edit form. - Select the Party and fill in the necessary payment details.
- Click on Save and then Submit to record the payment.
Adding Payment References
If your payment is linked to an invoice, you can reference that invoice in the table at the bottom of the Payment form. This action will automatically update the Outstanding Amount on the associated invoice.
Making Invoice Payments
Empress also offers a convenient way to settle invoice payments. Simply go to the Invoice Form and select the Make Payment option. This feature allows you to directly settle your invoices, eliminating the need to manually create separate payment entries.
Understanding Write-Off Amount
The write-off amount represents a deduction on the payment. This amount is recorded under the Write-Off Account, which can be set under Setup > Settings > General.
Calculating Transferred Amount
The final amount to be paid or received is calculated as follows: Amount - Write-Off.
In summary, the Payments feature in Empress offers a streamlined way to manage your business transactions. By effectively using this feature, you can enhance your financial processes and gain valuable insights into your business operations. For additional support or resources, please refer to our comprehensive user guide or contact our support team.