Good day,
I need assistance with the differentiating between a "Vendor Payment Journal" and "General Journal" when making payments to a Vendor?
What is the correct way of making payment between the two methods, or does it not matter which one to use.
Kindly advise.
Regards,
Tpee
Hi Tpee,
Use Vendor payment journal if you are recording the payment on the vendor. General Journal should be used when you are performing transactions between GL accounts. Even though GL would allow you to post the vendor payment as well, it's always preferred to use journals with in the module rather than using GJ for everything.
Hi Satish,
Thank you for your prompt response.
Is there a particular/specific reason why it is preferred that we use journals rather than GJ?
Are there any implications of using GJ?
Please see below:
1. The layout of the journals are little different. When you use GJ, you have to first select vendor as Account type and then select actual vendor. The vendor name is not there on the same line, it's at the bottom of the grid. The layout of payment journal is more streamline and catered for better productivity for vendor payments.
2. There is functionality that's only available on vendor payment journal (e.g. payment proposal), it's not there on GJ.
3. When you use vendor payment journal, you can define voucher series behind it... e.g. APPayxxxxxxx, so when you just look at GL vouchers, just by looking at the series you know it's source is vendor payment journal.
There are just some of the differences, there will be more as well...
Alright - noted.
Thank you so much Satish.
One small addition to the second bullet of Satish. He is correct that the payment journal has specific features. One major feature here, as well, is the option to create payment files to the banks.
Noted - Thank you André.
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