If you need to record a payment or an expense from your bank account, you can record this using the Money Out option.
To record money out
- 1. Go to Banking.
- 2. Click the required bank account.
- 3. From the New Entry menu, click Money Out.
You can also record money out by clicking Add on the Money Out tile. If you choose to enter the payment from here, you must select the correct bank account when entering the payment details.
- 4. Check or enter the following information:
|Vendor (optional)||If you want to record this payment against a particular contact record, enter the name here.
If it’s a new contact click Add a contact and complete the relevant details.
|Bank Account *||Check the correct bank account appears. If you need to change this, choose the relevant account.|
|Method *||Specify the payment method.|
|Date Paid *||Enter the date of the payment.|
|Your Reference (optional)||If required, enter a reference for this payment.|
|Amount Paid *||Enter the total amount of the payment.|
|Balance||The current bank balance for the selected bank account is displayed here.|
|Category||The default purchase category appears. If required, you can change this.|
|Details||If required you can enter more details about the purchase, such as what the item you purchased was.|
|Tax Rate||Select the correct tax rate for this transaction. Tax is included in the total value.|
|Total||This defaults to the value you enter in Amount Paid. You can change this if required.|
* Indicates a required field.
- 5. If the payment was for several items of different values relating to different categories, or have different tax rates, enter these on separate lines.
The total of all entries, must match the value entered in Amount Paid before you can save the payment. If you enter multiple lines, the transaction still appears on the bank activity as one payment but as individual transactions on the relevant categories.
For example, if you purchase both stationery and refreshments for the office at the same store, you might want to break these costs down using a different line for each category but not show them as separate transactions on your bank record.
- 6. If you want to attach a file (for example, a copy of a receipt), click the attachment button, click Upload files, and then browse to and double-click the file. Learn more about attachments
- 7. Click Save. To add another payment, open the Save drop-down menu and click Add Another.
You’ve successfully recorded your payment. If this is a payment you make regularly, for example once a week or once a month, you can now record this as a recurring payment.