You can write checks for vendor invoices, for payments that don't have a vendor invoice, and for prepayments or discounts. You can also write a check to a customer.
Note the distribution list box at the bottom of the window. The fields of the distribution box differ depending on whether you're applying the payment to invoices or expenses. If a vendor has open invoices, the Apply to Invoices tab will be in front. However, if you are entering a payment to a one-time vendor not in the system, the Apply to Expenses tab is defaulted.
You can also select the prepayment check box for a payment to an existing vendor where there isn't an invoice.
When you enter a payment, you can:
- Select the invoices to be paid on the Apply to Invoices tab or enter the line item information on the Apply to Expenses tab and have Sage 50 calculate the payment amount.
- Enter the payment amount and have Sage 50 select the invoices to be paid on the Apply to Invoices tab or enter the line item information on the Apply to Expenses tab.
- If the Apply to Invoices tab has focus, Sage 50 will look for an invoice amount that matches the payment amount. If it finds one, it will select to pay that invoice. If it doesn't find a matching invoice amount, it will select to pay the first invoice that is due. If there is an amount remaining, it will select to pay the next invoice that is due and so on until the entire payment amount has been applied.
- If the Apply to Expenses tab has focus, Sage 50 will enter the entire payment amount as a line item.
- If you are entering a payment to a customer, Sage 50 will enter the entire amount as a line item on the Apply to Customer Account tab.
Note: If you don't enter a payment amount, Sage 50 will calculate it based on the invoices you select to pay on the Apply to Invoices tab and/or the line items you enter on the Apply to Expenses tab.
If you are entering a payment to a customer and don't enter a payment amount, Sage 50 will calculate the payment amount based on the line items you enter on the Apply to Customer Account tab.
Use the way that works best for you. If you need to change the payment amount or the information entered on the tabs, go ahead. Just be sure the payment amount equals the total of the amounts on the tabs before you save the payment.
Use Write Checks if
- You simply need to enter a payment and print a check "on the fly."
- You are not paying an invoice that is in the system and do not need to update inventory or job costing expenses.
Use Payments
- You need to record the receipt of inventory items.
- You need to record the payment of a vendor bill/invoice that is in the system.
- You need to update job cost expenses with a payment.
In the Payments window, you can pay vendors that you have set up in Maintain Vendors, or you can make a one-time payment to a vendor who is not in your database.
You can use the Payments window to enter payments without a previous purchase transaction. You can also enter a manually written check so that you'll have a record of it in Sage 50.
Sage 50 has two methods for handling payments that you make on a consistent basis. Memorized transactions are like a template that you can quickly flesh out for specific transactions. They are not posted to the general ledger. Recurring transactions are complete transactions you set up to happen on a set timetable—monthly, quarterly, yearly, etc. An example would be if you have a monthly service contract with a vendor.
Sage 50 gives you the opportunity to review the information that will appear on forms before you print them. The Print button in the toolbar of Payments gives you three options: Select Print Preview to look over a check before printing; when you're ready, select Print for a hard copy of the check; select Select Checks to Print if you want to print a batch of checks from this window.
Sometimes you need to void a check for an invoice. You'll be able to do this for any checks that have been posted but not cleared with the bank. To void a check:
- Display it in the window.
- Select the Delete button.
- From the drop-down options, select Void.
You can use the Track It panel to update the tracking status of a payment (pending, expired, etc.), including assigning it to a specific user or all users that have a specific role in your company.
Sage 50 will print "duplicate" on the check if a Check Number has already been assigned to the check, either because it was printed before or because the Check/Reference Number field on the Payments window was filled in prior to printing. On the Payments window
- Complete the Check/Reference Number field ONLY if the check was printed outside of Sage 50, such as by hand.
- Leave the Check/Reference Number field blank if you plan to print the payment you are entering. Sage 50 will automatically assign the next check number when you click Print and it will not print "duplicate" on the check.
If you see the word Uncalculated in the Balance field of the window, then the Recalculate cash balance automatically in Receipts and Payments in Maintain Global Options is currently not selected. However, you can manually update cash balance; click the link to find out how.
You can attach files, such as Word or Excel documents, to a payment. How do I do this?