The selected bank account is decreased by
the full amount (including any VAT) you paid (a credit posting).Bank Payment Postings
As soon as you save the payment details, the payment is deducted from the selected bank account and the chosen nominal accounts are updated with these latest transactions.
For Bank, Credit Card and Cash Payments:
The selected bank account is decreased by
the full amount (including any VAT) you paid (a credit posting).
The VAT to be claimed back from the relevant
tax authorities increases by the VAT amount (a debit posting to the VAT
on Purchases control).
The nominal ledger expense account(s)
specified, are allocated the net amount of the transaction (exclusive
of VAT) as debit postings.
The payments will appear on the audit trail as the following transaction types:
BP = Payments from a Bank account.
CP = Payments from a Cash account.
VP = Payments from a Credit Card account.
Related Topics
To Record a Bank Payment for your Wages
To Record a Bank Payment for your PAYE And NI