Basics: Payment Disbursements

When you pay one of your bills, you enter it into VersAccounts as a Payment Disbursement.
Enter payment disbursements as follows:

1. If you are not already on the User View, click the Switch View hyperlink on the VersAccounts top menu bar and chose user view.
2. Go to Bills / Make Payment
3. Select a Supplier from the drop-down list of the Payment Disbursement screen. (Only suppliers with outstanding bills will be listed.) The outstanding bills will appear in the blue area below.
4. Check the tick-boxes beside the bills on which you would like to make payment. Their related line-items will appear in the white area below.
5. If you wish to make partial-payment on any of the bill line items, then enter the amounts to be applied in the Amount Applied fields of the affected items.
   • Note: When you move your cursor out of a modified Amount Applied field, the payment total will be highlighted in yellow to indicate that it needs to be updated. Click the Update Total button accordingly.
6. Select the date on which the payment is being made (If you are paying by post-dated cheque, then enter the date on the cheque.)
7. Enter a reference number for the payment. (Most people will use the cheque number. But you can use any convenient reference number.)
8. Select the Cash account from which you will be making the payment.
9. If the bill was in your base currency (typically US dollar for US companies), then only US Dollar accounts will be available in the drop-down list. Likewise, if the bill was in a foreign currency, then only that currency's corresponding cash accounts will appear in the drop-down list.
10. If the bill is in a foreign currency, you will likely want to enter a multiplier other than 1.0. The multiplier is the factor by which the foreign currency is multiplied to get the base currency. (ie. If your base currency is in US Dollars then [US Dollars] x multiplier = [US Dollars])
11. Select the method of payment.
12. Click on the Post Payment button.

When you click on the Post Payment button, the payment will be posted to the General Ledger.

Payment Disbursements: Taking Discounts

There might arise some instances when you will wish to take a discount on the total value of a bill. Perhaps you are paying a bill early enough to take advantage of an early-payment discount offered by one of your suppliers. Perhaps some products arrived damaged.
In such cases, you can issue a payment on the bill and then regard the remaining, unpaid portion of the bill as a "Discount Taken". So, taking a discount is a two-step process.

1. Enter a partial payment on the bill as per the above instructions.
2. Enter a second payment against the bill for the remaining outstanding amount, selecting the "Discount Taken" option from the "Pay from Account" drop-down list.

When a disbursement is posted to the Discount Taken account, then the remaining, unpaid portion of the Bill is regarded as a discount taken. This value will appear on your Income Statement in a Contra-Expense account named "Discounts Taken".