VIP - Payments and Receipts

On the Payments and Receipts form, you can enter a final payment or receipt (including credit and debit memos), or finalize a bank transfer.

You can also use this form to enter Advance Payments or Receipts.

Creating a Payment or Receipt

1. On the Financials menu , under Transactions, click Payments and Receipts.
   
   
   Payments and Receipts can also be created in the Transaction Data Entry screen by clicking Pay Current Invoice
   
   
   
   
2. On the Payments and Receipts form, select either  Make Payment  or  Enter Receipt .
3. Click .
   
   
4. Complete the Payment Instructions or Receipt Instructions form:
   1. Select the Company making or receiving the payment, the Bank, and the Vendor.
   2. Enter the Date and the IMOS Trans No.
   3. Select the Currency.
   4. Select the payment Mode.
   5. Click OK.
5. The transaction appears on the Payments and Receipts form. If more than one invoice is outstanding for the selected vendor, all appear, one invoice per line, with their corresponding expected amounts.
   
   1. For each invoice you want to pay or enter a receipt for, select its S check box.
   2. The Amount to Pay column for each selected invoice automatically populates; you can edit the value as needed. The Total Pay Amount appears below the invoice lines. If the invoice is in currency other than the base currency, the resulting foreign Exchange Differential appears in the last column of the invoice line.
   3. Enter the Bank Charge, if any, and the Bank Charge Ledger Code, for example, if this is a wire transfer. Enter any Other Charge and the Other Charge Ledger Code.
6. Click  to save the form. If this is a final payment, select the  Final  check box at the bottom of the form to post the payment. For foreign currency payments, the system automatically calculates and books the foreign exchange difference against the account specified in the General Ledger. The difference is calculated based on the invoice booking exchange rate compared to the bank exchange rate; it appears in the Exch Diff column.

Predefining company in Payment Instructions

To predefine a company, a Payment Company needs to be set up in Properties of Address Book.

Common errors:

• "Error Line 1 Ledger Code is blank Error creating I/C Journal for payment" - when an invoice has a payment company that is intercompany, then an intercompany journal is created between the invoice company and the payment company. The intercompany journal will not be able to fill the Line 1 Ledger Code if the Account Periods form does not have an Intercompany ledger code entered for the year specified.

Finalizing a Bank Transfer

To finalize a wire transfer transaction:

1. On the Payments and Receipts form, click .
2. On the Retrieve Payment/Receipt form, select the Include Advance Payment/Receipt in Results check box and click .
3. Select the bank transfer.
4. On the Payments and Receipts form, select the Final check box, enter the Bank Charge and Ledger Code and then click .

Cancelling a Payment/Receipt