Pay for Asset from Bank Account

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.

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