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Recording Wires/Other Payments in Payables

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Posted on by Sunil Chhabra

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We would like to record payments to Vendors - that are paid outside of the GP system. They could be wires etc.

One option is enter a Payables Transaction and then during the data entry enter the amount in the Cash or Checks. Of course if we select Check we will make up an internal Check #.

The second option is enter a invoice and then enter a manual payment - this represents 2 transactions and we would rather not do it this way.

My question is are there any issues with using Option 1

Thanks

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Financial Management

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Sunil Chhabra 1,930 on at

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RE: Recording Wires/Other Payments in Payables

We decided to use Option 1 with Cash - as these are electronic payments, we do not receives invoices.
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twelvestrikes 3,657 on at

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RE: Recording Wires/Other Payments in Payables

Hi nfpacct

My preference would be your second method. In most cases the payment isn't being made at the same time you receive your invoice. In fact, you may receive the invoice in one month but not pay it until the second month or later (assume 30 or more day terms). This way your expense gets recorded in the correct period.

If you want to use your first method, why not use the field called cash? It will open the payables cash entry window where you select the chequebook, date, payment number (take the default) and Document number where you can fill in the payment reference number (wire number, EFT number etc.)

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