Payment

A Payment is the means by which amounts are paid to your Suppliers: it represents a physical financial transfer of an amount of money.

A Payment can be a Supplier Payment, created for a specific Supplier (and therefore allocating a single amount to their account) and allocated to one or more Supplier invoices for that Supplier. Only Supplier invoices for the specified Supplier can be allocated an amount.

A Payment can also be a Manual Payment, distributing amounts to one or more allocation accounts, such as Expense or Cost of Sales accounts.

Regardless of whether or not a Payment is a Supplier Payment or a Manual Payment, the total amount of the payment is taken from the Drawing account of the payment (usually a bank or overdraft account).

A Payment can automatically withhold amounts of tax that relate to Supplier invoice with no ABN or for Suppliers who have a voluntary withholding agreement in place (see Voluntary Withholding % in Supplierss). The Payment amount for a Supplier invoice is the total amount that your enterprise no longer owes the Supplier, whereas the Amount remitted is the amount actually paid to the Supplier, and does not include the Withheld amount (this is remitted to the tax office as withholding tax).