Whenever you transfer money to suppliers or clients, for example a regular supplier expense, you can create a “Payment sent” record to represent the transaction. Sent payments are divided into three types:
Important note: To register expenses such us wages, leasing, office expenses et c, you may simply use the "Expenses" feature- it will record the purchase and the payment you completed simultaneously. The entry will appear in your accounting reports.
Supplier payments denote company purchases. They might be expenditures for stock, equipment or other needs. You may associate this cash flow with invoices you may have received from your suppliers.
To create a new payment, simply select “...More-> Payments Sent”. Click on the “Add” button and select “Supplier Payment”
First, you would need to specify the supplier you have fulfilled a payment to. Once this is done, Elorus will look for any outstanding invoices you might have towards this particular supplier. After that, you would be able to use this amount to pay off these invoices.
If there is a default currency set on the supplier contact, the payment will also be updated to match that currency. Of course, you can always change the currency manually, any time.
Next, you must set the transaction amount and date of payment. Please note that, if the payment currency does not match your default currency, the exchange rate will be automatically updated to reflect the real exchange rate of that date. Once again, the exchange rate can also be manually edited.
To help you quickly identify this transaction, you may optionally add a short payment description as well (Reason field)
Last but not least, if you want to use this payment to mark one more purchase invoices as paid, you must distribute the amount to the corresponding invoices in the last section of the page (see image above).
The remaining amount (i.e. part of the payment amount that is not associated with any purchase invoice) is called "Amount in excess". The excess amount typically represents advance payments or over-payments and will be available to pay-off future purchase invoices (Bills). Naturally, the amount in excess* must always be positive or zero; i.e. the sum of the individual invoice payments cannot be higher that the payment's total amount.
Whenever you're done editing, just click "Save".
*You can use the excess amounts similarly to any other payment from the “payments sent” menu. Alternatively, you can select “Use the Excess Amount” when you issue a new purchase document. The option will be available as soon as the application has found excess amounts sent to the contact.
If you have needed to provide your client with a refund, for say, returned goods or extra charges due to error, you have to record the transaction as client refund
You may associate a client refund with one or more credit notes, so that they're marked as paid.
The process of adding a new client refund, is the same as with supplier payments (see previous section). The only difference is that client refunds are associated with clients -rather than suppliers- and are used to pay off, say, canceled purchases, unnecessary charges et c. instead of company purchases.
This type of payment refers to payments made from your business, which, however is not calculated as business expense: Taxes, interest rates et c. could be such payments.
To add other payment, from the main menus elect "More -> Payments sent". Click on the "+ Add" button and select "Other payment".
As seen on the image above, to add a new record you must first specify the contact (either a client or supplier). If there is a default currency set on the contact, the payment will be updated to match that currency. Next, the transaction amount and date must be filled. You may also specify an optional description to help you quickly identify the transaction. Once you're ready, click "Save".
Please note that, as opposed to supplier payments and client refunds, other payment records do not participate in the client / supplier statement of accounts reports, as they represent payments outside the invoicing workflow.
Tracking categories is a powerful reporting tool to help you track down sent payments. You may tag and categorize sent payments and then filter or group the related reports' data based on these categories. You may tag supplier payments, client refunds and other payments -as well as entries in "Expenses" to include them in your reporting.
Once you've set up tracking categories that apply to payments sent (see the related article for instructions), you may tag the individual payment records via their add / edit form pages. To facilitate quick updates, a corresponding widget is also available to the side of the payment's detail page (as seen on the above image).