Bank payments and withdrawals

The bank payment process can be used for money you pay out that does not relate to a purchase or supplier account.

This type of payment will only record the necessary accounting entries - it won't generate any physical documents. Some examples for when to use a bank payment are:

  • Paying wages and salaries
  • Paying expenses
  • Cash withdrawals
  • Paying HM Revenue & Customs
  • Bank loan repayments
  • Miscellaneous, sundry items or one-off payments

Payments relating to purchases should have a purchase order/invoice from your supplier. These payments should be processed through the purchases module and not as a bank payment.

How to enter a bank payment (bank withdrawal)

  1. Go to Accounting > Bank payment
  2. Select the bank account you want to make the payment from
    • The transaction will be recorded in the currency of the bank account
  3. Select the account code relevant for the expenses you are paying
  4. Enter the date the payment was made
  5. (If a foreign currency bank account) The system exchange rate for the transaction date is displayed - amend the exchange rate as required
  6. Enter the details of the payment
    • This is for your own records, so that you know what the payment is should you need to investigate it later
  7. Select the tax code and check the box to automatically calculate tax
    • To enter your own net and tax values, deselect the box.
  8. Enter the amount of the payment
  9. (Optional) Use the Channel, Project and Lead Source fields to relate the payment for reporting purposes 
    • These will only be assigned to profit and loss account types
  10. Click the Enter payment button

    bp rounding correction

An accounting journal is created and the journal ID is displayed.

Ad-hoc check printing (US only)

With ad-hoc check printing, a single check can be printed from a bank payment. When entering the bank payment, specify whether a printed check is required.

If the check number is known it can be entered manually. Otherwise the check printing process is capable of auto-assigning the check number.

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Once the bank payment has been entered, the check can be printed from the list of vendor payments at Vendors > Vendor payments.

Learn more about printing checks.

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