Overview:

Bank payments refer to transactions where funds are transferred from a company’s bank account to pay for goods, services, or other obligations. These payments can be executed through various methods, including electronic transfers, checks, or direct debits. Proper management of bank payments is crucial for maintaining accurate financial records, ensuring timely settlement of liabilities, and managing cash flow effectively.

To process a bank payment, begin by navigating to the Bank tab and selecting “Bank Payment.” Set the payment date, which defaults to today’s date but can be adjusted from the drop-down calendar. Enter a reference for easy identification and choose the relevant bank account from the drop-down menu. Input the Nominal Code for the associated account and provide details about the item or service being paid for. Enter the amount before tax and select the appropriate VAT rate for each item. Click “Add” to include the item in the payment, and repeat the process for additional items. Finally, click “Save” to record all changes and finalize the payment.

Process Bank Payments

1. Firstly go to the Bank tab.
2. Select Bank Payment.
3. The Date will be set as today’s date, change this by selecting the field and choosing a date from the drop-down calendar.
4. Enter a reference in the Ref field, this is so you are able to easily identify the payment.
5. Choose which Bank, from the drop-down menu, the payment is in relation to.
6. In the N/C field enter the Nominal Code for the Nominal Account of the payment.
7. In Details enter the name of the item or service that you are adding to the payment.
8. Now in the Amount field enter the price of this item, before tax.
9. Select the VAT rate to be applied to this single item.
10. Click Add to save this item to the payment.
11. Repeat Step 3 –> Step 10 for each item on the payment.
12. Finally to Save all the changes you have made select the Save button.

Learn more about cash management in Zumzum Financials.