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Creating Vendor Payments


The first step in the Vendor Payments process is to create a Vendor Payment.

Create a Vendor Payment

Navigate to the Vendor Payment tab, then click New.

  1. Enter the Pay-to Vendor.

  2. Enter a Document No. Read Document No. on Vendor Payments for more information.

  3. Leave the Amount of the payment as 0.

    1. GoldFinch will populate this field automatically after you save the applications of the Vendor Payment.

    2. You can enter a specific amount if you know prior to the applications.

  4. Enter the Document Date of the payment.

  5. Update the Bank Account.

  6. Update the Payment Method.

  7. Update the Payment Type.

  8. Update the Description. It will be copied to the GL Entry’s Description field for future reconciliation purposes.

  9. GoldFinch defaults the Vendor Payment Batch to the last batch with the same Bank Account, Currency Code, and GL Ledger and the same Created Date.

    1. If you update Bank Account, Currency Code, or GL Ledger on the Vendor Payment, GoldFinch will automatically update the Vendor Payment Batch field.

    2. If there is no Vendor Payment Batch with the same Bank Account, Currency Code, GL Ledger, and Created Date = Today, GoldFinch will create a new Vendor Payment Batch with today’s date.

    3. Read Vendor Payment Batch for more information.

Once the Vendor Payment information has been entered, click Save to save the payment.

You can choose to Save and Post the vendor payment then apply later, if it is not a check payment.

Additional Information

  • You can use General Journals to record miscellaneous cash disbursements without setting up a Vendor account and posting through Accounts payable.

  • You can clone a Vendor Payment to create a new one to save time. GoldFinch defaults the Payment Batch to the last open batch for the same Bank Account, Currency Code, GL Ledger and Created Date = Today.

  • You must unapply a Vendor Payment, before you can unpost it.

  • You can enter a negative Vendor Payment, with Payment Type = Vendor Refund, and apply it to Purchase Credit Memos and Purchase Invoices.

  • Are you required to withhold a certain % of vendor payment? Read Posting Vendor Withholding Tax for more details.

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