External Payments
Invoiced accommodates the recording of payments made to vendors outside of the platform. This functionality ensures that your financial records remain accurate and up-to-date, even when payments are processed through other channels. This documentation will guide you through the process of recording external payments to vendors within Invoiced.
There are various reasons why a payment to a vendor might be made outside of Invoiced, such as through direct bank transfers, cash payments, or using other payment platforms. Recording these external payments in Invoiced is crucial for maintaining accurate account balances, ensuring proper financial reporting, and keeping track of all vendor transactions within a single system.
- Log into your Invoiced account.
- Navigate to the Vendors section and select the vendor to whom the external payment was made. This will open the vendor’s profile, where you can manage transactions related to that vendor.
- Within the vendor’s profile, look for an option to Add Payment, Record Payment, or a similar function that allows you to document a new transaction.
- Click on this option to begin recording the external payment.
- You will be prompted to enter details of the payment. Be sure to include:
- Date: The date the payment was made.
- Amount: The total amount paid to the vendor.
- Payment Method: Indicate the method used for the external payment (e.g., bank transfer, cash).
- Reference Number: If available, include a transaction reference number or check number for tracking purposes.
- Notes: Optionally, add any relevant notes regarding the payment, such as the reason for using an external payment method.
- If the external payment corresponds to specific bill(s) in Invoiced, you have the option to link the payment to these bill(s). This step is crucial for reconciling the payment with your accounts payable.
- Select the bill(s) that the payment covers. This will adjust the bill status to Paid or decrease the outstanding amount, depending on the payment coverage.
- After entering all necessary information, save the payment record. The payment will now be reflected in the vendor’s transaction history and your financial overview in Invoiced.
- Prompt Recording: Record external payments as soon as they are made to keep your financial records in Invoiced current.
- Documentation: Keep physical or digital copies of payment proofs (e.g., bank transfer receipts, check copies) for your records and potential auditing purposes.
- Accuracy: Ensure all payment details are accurately entered to reflect the true nature of the transaction.
- Review and Reconciliation: Regularly review your vendor transactions and payments in Invoiced to reconcile any discrepancies and ensure your accounts payable is up to date.
By following these steps, you can efficiently record payments made to vendors outside of Invoiced, ensuring comprehensive tracking and management of all financial transactions within your accounts payable system. This practice enhances the integrity of your financial reporting and simplifies vendor payment reconciliation.