Payments (F5)

. Payments (F5):- This voucher type is used to record cash payments or payments made through any type of bank instruments like Cheques, Demand Drafts, Telegraphic Transfers, letter of credits, bankers cheques etc. The payment may be made to the suppliers against outstanding balance or to buy any assets or to meet any expenses like salaries or rent or to repay any loans etc.

                        In this voucher type either cash or bank A/c Should be credited otherwise the system will display as error message. Exception: Cash purchases should not be recorded using this voucher type.

            Post-dated cheque payments may also be recorded by clickng post-dated button and giving a future date which is the maturity date of cheque. On the maturity date the status of these transactions should be changed from post-dated to “current”. Only by this action the accounts involved in the transaction will be posted.