Payment Entry

A Payment Entry is a record indicating that payment has been made/received for an invoice or order

Payment Entry can be made against the following transactions.

• Sales Invoice

• Purchase Invoice

• Sales Order (Advance Payment)

• Purchase Order (Advance Payment)

• Expense Claim

• Internal Transfer

In ASAERP, there are two options through which User can capture the payment:

• Payment Entry (Default)

• Journal Entry

  
  

To access the Payment Entry list, go to:

Home > Accounting > Accounts Receivable/Payable > Payment Entry

How to create a Payment Entry

On submitting a document against which Payment Entry can be made, you will find the Payment option under the Create button.

1. Change the posting date.

2. The Payment Type will be set based on the transaction you're coming from. The types are 'Receive', 'Pay', and 'Internal Transfer'.

3. The Party Type, Party, Party Name will be fetched automatically.

4. The Account Paid To and Account Paid From will be fetched as set in the Company form.

5. The Amount Paid/received will be fetched from the Invoice.

6. Save and Submit

Creating a Payment Manually

A payment entry created manually means the payment entry did not originate from a transactional document.

A Payment Entry created manually will have no order/invoice linked to it. Payments made this way will be recorded in the Customer's/Supplier's account and can be reconciled later using the Payment Reconciliation Tool.

1. Log in to ASAERP:

   • Open your web browser, go to your ASAERP instance, and log in with your credentials.

2. Access the Accounting Module:

   • From the ASAERP dashboard, click on the "Module" icon in the top left corner.

   • Select the "Accounts" module.

3. Navigate to Payment Entry/or :

   • In the Accounts module, click on "Payment Entry" to access the payment entry list.

   • Click the "New" button to create a new payment entry or Go to the Payment Entry list and click on New.

4. Fill in Payment Entry Details:

   • Set the "Posting Date" for the payment entry. This is the date the transaction will be recorded.

   • Choose the "Company" for which you are creating the payment entry.

   • Select the "Mode of Payment" (e.g., Cash, Bank, etc.).

   • Choose the "Party Type" (e.g., Customer, Supplier).

   • Select the specific "Party" (e.g., the name of the customer or supplier).

5. Add Paid Amount and Accounts:

   • In the "Paid Amount" section, enter the total amount being paid.

   • In the "Accounts" section, select the account against which the payment is made.

   • If applicable, choose the relevant "Cost Center" or "Project" for additional accounting dimensions.

6. Reference and Remarks:

   • Provide a reference number and any necessary remarks to add context or details to the payment entry.

7. Save and Submit:

   • Click the "Save" button to save the payment entry as a draft.

   • If the payment entry is ready to be posted, click the "Submit" button. This action will confirm the payment entry, and it can no longer be edited.

8. Payment Reference:

   • If the payment involves a check or transaction reference, enter this information in the "Reference No" field.

9. Allocate Payment to Invoices:

   • If the payment is associated with specific invoices, you can allocate the payment to these invoices in the "Reference" section. This helps in tracking which invoices have been paid.

10. Review and Print:

    • Review the payment entry details to ensure accuracy.

    • If needed, you can print the payment entry by clicking the "Print" button.

11. Workflow Integration:

    • Depending on your organization's configuration, the payment entry may be part of an approval workflow before posting.

12. Financial Reporting:

    • The data recorded in the payment entry contributes to financial reports and statements within ASAERP. You can analyze the impact of the payment on your organization's financials.