03.1.1 Create New Payment

Definition: What is it?

This screen is used to create a new payment. Payments can be incoming (eg from a customer) or outgoing (eg to a supplier).

What is it used for?

This screen is used to create a new payment. Payments can be incoming (eg from a customer) or outgoing (eg to a supplier). Payment types are used to describe what the payments are for in the system and are listed below.

As part of the demo data if the payment is an incoming payment then the payment type is currently limited to the following:

• Customer Deposit
• Customer Payment
• Interest In
• POS Paid In (NOTE: POS = Point of Sale)
• Gift Certificate Deposit

If the payment is an outgoing payment then the payment type is currently limited to the following:

• Commission Payment
• Customer Refund
• Gift Certificate Withdrawal
• POS Paid Out
• Income Tax Payment
• Pay Check
• Payroll Payment
• Payroll Tax Payment
• Sales Tax Payment
• Tax Payment
• Vendor Payment
• Vendor Prepayment (NOTE: I think this means that this is a payment in advance to your supplier before delivery of any goods)

What's on the screen?

To do
 

How do I create a new incoming payment?

Example: To create a new incoming payment

1. Press the 'Create New Payment' button
2. The New Incoming Payment / New Outgoing Payment screen is displayed
3. Leave 'Organization Party Id' with its default of 'Company'
4. Select the 'Payment Type Id' from the drop down box (NOTE: This is currently limited to the following: Customer Deposit, Customer Payment, Interest In, POS Paid In and Gift Certificate Deposit)
5. Enter the payment amount in the 'Amount' field
6. Enter or use the lookup to find the 'From Party Id'
7. Select the 'Payment Method Type' from the drop down box (eg how the payment was paid - cash, cheque, money order etc)
8. Leave the 'Currency' field with its default of 'USD' (NOTE: This default comes from Company)
9. Press the 'Create' button
10. The payment header is created and the default header screen will be displayed

NOTE: Need to understand what happens if customer pays in a currency that is not the company default.... if the exchange rate is specified then I think it should convert the currency to the default currency for accounting purposes.... need to investigate and test.

How do I create a new outgoing payment?

Example: To create a new outgoing payment

1. Press the 'Create New Payment' button
2. The New Incoming Payment / New Outgoing Payment screen is displayed
3. Leave 'Organization Party Id' with its default of 'Company'
4. Select the 'Payment Type Id' from the drop down box (NOTE: This is currently limited to 11 entries including Commission Payment, Customer Refund, Vendor Payment, Income Tax Payment)
5. Enter the payment amount in the 'Amount' field
6. Enter or use the lookup to find the 'To Party Id'
7. Select the 'Payment Method Type' from the drop down box (eg how the payment is to be paid - cash, cheque, money order etc)
8. Leave the 'Currency' field with its default of 'USD' (NOTE: This default comes from Company)
9. Press the 'Create' button
10. The payment header is created and the default header screen will be displayed

NOTE: Need to investigate what happens if you specify payment in another currency that is not the company default......