Unit 6 – Transactions 137
6.2.5 Payment
Payment voucher is used to enter the payment transactions i.e. when the payment is made to a party or any other person or company then you can record this transaction in a Payment voucher. To enter a Payment voucher, click Transactions à Payment à Add option. On clicking the Add option, a Payment – Add window appears. If you have enabled the option of Double Entry System for Payment
& Receipt voucher in Administration à Configuration à Features / Options à Accounts tab then you can enter Payment voucher in double entry system otherwise if you have disabled this option then you can enter Payment voucher in single entry system. Hence, different Payment – Add window appears for making entry in double entry system and single entry system.
We will discuss both the systems of entering Payment voucher one by one starting with Double Entry System.
In the Double Entry System, you need to enter Payment voucher in the traditional way. In other words, you need to specify at least two accounts and the debit / credit aspect of the accounts. Thus, you need to remember the debit / credit aspect of the transaction. For example, Star Electronics Company made payment to all its suppliers in cash in one go. In such a case, the supplier accounts will be debited while the cash account will be credited. We can represent this transaction in the form of a journal entry given here:
Dr. Philips India (Supplier)
Dr. Sony India (Supplier)
Cr. Cash Account
To enter a Payment voucher, click Transactions à Payment à Add option. On clicking the Add option, a Payment Voucher – Add window appears. Given here is a screenshot of Payment Voucher – Add window.
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Figure 6.11 Payment Voucher – Add
In the Payment – Add window, there are various data fields. The data fields are:
Voucher Series
Select the required voucher series from the list.
Date
Enter the date of payment voucher.
Vch No.
Enter voucher number in this data field. If you have set voucher numbering as Automatic in Vouchers Configuration then voucher number will be generated automatically and you cannot change value in it. If you have set voucher numbering as Not Required in Vouchers Configuration then this field will be disabled and you are not allowed to enter voucher number. By default, voucher numbering is set to Not Required for Payment vouchers.
