Overview of Payables
- Before you Start with Payables
- Account Set Up
- Create a Payable
- Paying a Payable
- Recording a Payment
- Search Tab
Before you Start with Payables
You must set up a few sections on the system before you can start creating payables.
1. Enter Vendors into the system by going to Settings > Companies & Contacts section - Vendors > New Vendor.
2. Set up Accounts by going to Settings > System Entities & Types > Accounts > New Account.
Payables - Account Set up
1. Go to Settings > System Entities & Types > Accounts > New Account.
2. Enter the Account Name.
3. Type: Select from the pre-built options on the drop-down menu. Asset, Bank, Accounts Receivable, Accounts Payable, Cost of Goods Sold, Income, Expense, Liability and "Save".
Payables - Create a Payable
Payable Legend: Green <30Days/Pink <60 Days/Dark Red <90 Days/Red >90 Days/Purple Paid
1. Go to Accounting
3. New Payable
On the Accounting page under the Payable section there are 3 options:
a. Payables - Provides you with a list of payables created. To the left of the item there is a blue icon to Edit, Pay Payable and Void.
b. New Invoice - Creates a new payable.
c. Record Payment - Pay a payable item.
4. Select New Invoice or (New Payable depending on the page you are viewing).
5. The Accounting/Payable page opens.
6. Vendor: Type in a vendor name or select the “Search for a Vendor” icon. You will select from the Vendors you previously created.
7. Invoice Num: Type in the invoice number.
8. Account: Select from the drop-down menu options. You would have previously created these.
9. Invoice Date: Type a date or select from the calendar.
10. Subtotal: GST: PST: Shipping: Amount: Enter all amounts.
11. Notes: Type in a note if applicable, Save and Exit.
Payables - Paying a Payable
1. Accounting > Payables.
2. Click the blue icon to the left of the item and select Pay Payable. The invoice page opens.
The invoice page opens. Make changes if necessary.
3. Enter Payment Amount if different from the calculation shown then “Save & New” or “Save & Close”.
When you pay less than the total owing it will automatically calculate the new total owing. The payables list will update and show you the new “Amount Owing”.
Payables - Record a payment/Create a Check
1. Go to Accounting > Payables > Record a Payment.
2. A pop up will open. Select from various fields to prepare the vendor to be paid. As you select details on this page, fields such as the Payable Amount and Balance Owing will auto-populate.
3. Enter the Payment Amount.
|Notes||When you pay less than the total owing it will automatically calculate the new total owing. The payables list will update and show you the new “Amount Owing”.|
|“Save & New” directs you to a new blank record.|
|“Save & Close” directs you to the payable page.|
Payables - Search Tab
The search tab gives you an option to create a New Payable and define search criteria to search for a specific payable item.