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Bank Payment

Bank Payment

Creating Bank Payment

When paying money, user can create Bank Payment to track the transaction. Go to Banking > Bank Payment, click New.

Select the date (which should match the bank statement date), select the Bank (in this case, a RMB Bank with System  Default Currency as HKD in this case) and enter the paying Total Amount. If the payment is paying to a Supplier, select the supplier from the Card field.

AutoMi has one of the most flexible banking function in the market, you can apply receipt to invoices, deductions, incomes and expenses in one screen.

After selected the Supplier, click the Apply Invoice button to apply the Payment to invoices

apply invoice

A pop up window will be shown displaying all the outstanding invoices from the supplier, select the lines to be applied to this Payment.

0  Purchase Invoice  8] Enter text to search...  Due  15/5/19  Date  4/4/1 g  Auto Number  PI-oooooool  Paid Amount  Total  $0.00  $500.00

If there is adjustment of apply amount needed for the invoice, for example, we deducted $50 from the amount due to some quality problem, user can enter the adjustment amount. In this case, we are not paying the $50 of the $500 but user need to offset that amount as paid.

  • The Applied Amount Original Currency (actually received) is set as $450, as we did not pay the last $50
  • Adjustment Type selected Misc Income, user can select any other adjustment type of Expense, Other Expense or Cost, the Deduction Amount set as $50
  • The Total Offset is automatically updated as the full amount $ 500, the invoice status will be updated as Paid afterward
  • User can add Description to remark the adjustment or other information

Original Amount  $500.00  Outstanding... Applied Amount  Adjustment  Misc Income  Deduction Amo... Total Offset Am...  $0.00  $450.00  $50.00  $500.00  Description  deduct for qualty Sue

Similarly to apply any outstanding Deductions, click the Apply Deduction

apply deduction

Select the deductions to apply, click OK.

O Purchase Deduction  8] Enter text to search...  Purchase Deduction N  pc-oooooool  . Date  4/4/1 g  Currency  Total  Deducte... Payment  $500.00  $0.00  0.00%

The invoices and deduction, disregard of their currency, will be exchanged to the Bank Currency using the transaction's  Exchange Rate. User can review the breakdown of amount of the Receipt

+ Total Invoice Lines Amount:  - Total Deduction Lines Amount:  $3,111.20  $0.00

If there are other Income or Expense, user can add as Income Lines or Expense Lines. For example, the we deduct (means receive back from supplier) a delivery charge we already paid on behalf of supplier of $50 RMB . Click Income Lines and add a new line as follow:

  • Select Other Income as Adjustment Type, or other type as needed

Adjustment Type  I Misc Income  Original Curr...  RM8  Applied Amount Original C...  $50.00

There is also a bank charges of $25 deducted by the bank that is paid by us. Click Expense Lines and add the line as follow:

Adjustment Type  I Bank Charges  Original Currency  Applied Amount Origi...  $25.00

Review the breakdown of the Payment (in RMB bank currency)

+ Total Invoice Lines Amount:  - Total Deduction Lines Amount:  + Total Expense Lines We Paid Amount:  - Total Income Lines Amount:  - Payment Total = Dfference Amount:  $3,111.20  $444.44  $25.00  $50.00  $24.24

As there is still a Difference with your bank statement amount, the difference will be the exchange rate gain or loss as we are exchanging the various currencies amount to RMB. User can add that by using an income or expense line, this our case:

Adjustment Type  Bank Charges  Currency Exchange Loss  Original Currency  RM8  Applied Amount Ori...  $25.00  $24.24

The Difference is now balanced, click Save.

+ Total Invoice Lines Amount:  - Total Deduction Lines Amount:  + Total Expense Lines We Paid Amount:  - Total Income Lines Amount:  - Payment Total = Dfference Amount:  $3,111.20  $444.44  $4g .24  $50.00  $0.00

Breakdown of a Receipt

To conclude we could breakdown the Receipt Amount into:

  1. Invoices: increase the Payment Amount
  2. Deductions: decrease the Payment Amount
  3. Income Lines: decrease the Payment Amount
  4. Expense Lines: increase the Payment Amount

 

Status Updates

The supplier invoice were paid in full, the system will colour-coded them as GREEN in the Purchase Invoice ListView

Similarly the Deduction was settled in full and colour-coded as GREEN

Go to Banking > Bank Register Line, a new payment line was added