THERE ARE A NUMBER OF DIFFERENT METHODS OF PAYING FOR AN ASSET PURCHASED:
OUT OF THE COMPANY FUNDS HELD AT BANK
BANK LOAN DRAW DOWN
FINANCE LEASE
HIRE PURCHASE
To pay out of the Company Bank Account:
BANK > PAYMENTS
Payments from
Select the bank account from the drop down list from which the payment was made (bottom right hand corner of entry screen). It is important that you ensure you are working from the correct bank account at the start.
Reference
This is the cheque number or the bank statement reference in the case of Direct Debits/Standing Orders
Date
Date as written on the actual cheque or in the case of Direct Debits/Standing Order the date of transaction per the bank statement
Supplier/Payee
Select the Supplier from the Supplier listing (F2) that you are paying.
Nominal Account
The Nominal account will default to Trade Creditors, this cannot be changed and is the correct account as you are now paying off the Supplier of the Asset, the purchase of which was already accounted for in the purchase invoice entry.
Amount
The amount per the cheque or per bank statement paid to the Asset Supplier.
