Payments in peachtree

Overview:

This option is use when you need to pay against purchases or expenses. While during recording expenses you need to choose/ select particular expenses account for example during recording salaries expense you will need to select salaries expense account which you had recorded in chart of accounts.

Step 1:

First you will select payment option from task menu, a window will open which discuss below.

Step 2:

Vendor ID:

First you will select the vendor from which you had purchased goods from Vendor ID.

Date:

Here you will record the date on which payment to vendor occur.

Pay to the Order of:

Here descriptions are recorded according to particular expense for example if u pay the salaries then you will record here salaries expense.

GL Account:

In chart of account you recorded all accounts such as expenses, assets, depreciations etc.

Here you will select particular account of expense or other payment. For example for salaries payment you will select salaries expanse account.

Check Number:

You will type the number of check which is given to vendor against payments

Memo:

Memo means a written document which contains the information according to payments.

There are two tabs in this window

1.      Apply to purchases

2.      Apply to Invoice

Apply to purchases Tab:

In this tab you will enter those payments which are occur due to expenses such as salaries, wages etc.

Apply to Invoice:

Here you will record those payments which occur due to invoices of purchases. First click on Vendor ID option and select particular vendor.

 After selecting the vendor you will check the pay box.

Discount Account:

Peachtree also provide discount account option. Whenever you received discount against term or against payments before the due date. At this situation you simply select discount receive from the option mentioned below.

Note: If you already recorded the invoice of related vendor. Then this tab is edited during selecting the vendor. So for learning purpose if this tab is not edited then you first need to prepare a purchase invoice.