If you need to record a payment or an expense from your bank account, you can record this using the Money Out option. If you need to record a receipts or income, you can record this using the Money In option.
To record money out
- 1. Click Banking then click the required bank account then click New Entry and then from the drop-down list click Money Out.
You can also record money out from Banking. Click New then Money Out. If you choose to enter the payment from here, you must select the correct bank account when entering the payment details.
- 2. Check or enter the following information:
|Contact (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 then complete the relevant details and click Save.
|Paid from Bank Account||Check the correct bank account appears. If you need to change this, choose the relevant account.|
|Method||Click the required payment method.|
|Date Paid||Enter the date of the payment.|
|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.|
|VAT Rate||Select the correct VAT rate for this transaction. The VAT is included in the total value and the appropriate VAT breakdown appears on your VAT Return.|
|Total||This defaults to the value you enter in Amount Paid. You can amend this if required.|
- 3. If the payment was for several items of different values relating to different categories, or have different VAT 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.
- 4. If you want to attach a file, for example, a copy of a receipt or an invoice, click the Attachment button then click Upload files and browse to and double-click the file. Find out more about attachments
- 5. Click Save or, to add another payment click Save and from the drop-down menu click Add Another then repeat from step 2.
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.