Payment is the transfer of one form of goods, services or financial asset in exchange for another form of good, services or financial asset in proportions that have been previously agreed upon by all parties involved.
PAYMENT IN .CONNECT FINANCE SOFTWARE can be done in different ways. payment type includes: cheque, cash, credit/debit card, on account etc.
It only works with monetary value of goods, services and asset. Payment can be made to either contractor or a client depending on the situation involved.
Money can be paid to a contractor based on the service rendered. Also, it can be payed to a client when the services is no longer required.
Mode of payment is the means by which payment is made such as cash, cheque, credit/debit card, payment on account etc.
The features that shows payment are:
1. SUPPLIERS PAYMENT: Payment can be done directly on the bill that has been loaded under a particular supplier/contractor. This is done by selecting the bank account you are paying into. You will need to enter the exact money paid. A payment can be paid in full or not and it can be applied to move from one bill raised starting from the old ones.
2. CLIENTS PAYMENT: After services has been rendered to a client, payment is the next thing we would expect. Payment can be applied to the invoice raised for a particular client in his/her folder. This can be done by searching for the client name, open his/her folder on the system, then go to the payment module. While doing client payment, you need to select the bank you are depositing the money to, then select the invoice you are applying payment to. A client can make partial payment or full payment on a particular invoice raised and payment can be applied to a group of invoices starting from the old ones.
3 BANK PAYMENT: Payment can be made to a client or contractor directly in this module. All you have to do is to select the bank you are paying from, name of the client or contractor, then the invoice or bill you are applying the payment to.
The report of all the payment made can be seen under clients payments or contractors payment. It details all necessary information like the actual amount paid with date, the invoice/bill applied, the invoice/bill balance, bank account paid to/ paid from e.t.c