Payments Made Overview
What is Payments Made?
Payments Made records all outgoing payments to suppliers for bills received. It tracks payment modes, bank accounts used, links payments to specific bills, and manages your cash outflows efficiently while maintaining accurate accounts payable records.
Who Uses This?
Accounts Payable Team
Process supplier payments and track cash outflows
Finance Team
Manage payment schedules and bank reconciliation
Treasury Team
Monitor bank balances and cash flow
Authorized Signatories
Approve and execute payments
Key Features
Payment Management
- Multi-Bill Payment: Pay multiple bills in single transaction
- Partial Payments: Split bill payment across multiple dates
- Payment Modes: IMPS, NEFT, RTGS, Credit Card, Cash, Cheque
- Bank Selection: Choose from configured bank accounts
- Auto-Linking: System links payment to pending bills
- Reference Tracking: Record transaction IDs and references
Financial Control
- Due Date Tracking: View bills by payment due dates
- Pending Amount: See outstanding balance per bill
- Payment History: Track all payments made to supplier
- Bank Reconciliation: Match payments with bank statements
- Payment Allocation: Distribute amount across multiple bills
- Audit Trail: Complete payment history with timestamps
How It Works
Typical Workflow
- Review Due Bills: Check bills approaching due date
- Select Supplier: Choose supplier to pay
- Pick Bills: Select one or more bills to settle
- Choose Payment Mode: Select IMPS, bank transfer, etc.
- Select Bank Account: Choose which account to pay from
- Allocate Amount: Full or partial payment per bill
- Record & Save: System updates bill status to Paid/Partial Paid
- Bank Processing: Execute actual payment through bank
- Update Reference: Add transaction ID once payment clears
Payment Status Flow
Payment Modes Explained
| Payment Mode | Best For | Processing Time | Typical Use |
|---|---|---|---|
| IMPS | Immediate payments | Real-time | Urgent supplier payments, small amounts |
| NEFT | Regular payments | 2-4 hours | Standard supplier payments during business hours |
| RTGS | Large amounts | 30 minutes | Payments above ₹2 lakhs, high priority |
| Credit Card | International suppliers | Immediate | Online purchases, subscription payments |
| Bank Account | Standard transfers | Same/next day | Regular supplier payments, scheduled transfers |
| Cash | Petty expenses | Immediate | Small local purchases, immediate settlement |
| Cheque | Documented payments | 3-5 days | Large vendors preferring cheques, audit trail |
Getting Started
| Task | Guide | Time Required |
|---|---|---|
| Record New Payment | How to Add Payment | 3-5 minutes |
| View Payment Details | How to View Payments | 2 minutes |
| Check Payment History | Payment History | 2 minutes |
| Partial Payment | Partial Payment Guide | 5 minutes |
Related Sections
- Bills - View bills requiring payment
- Suppliers - Manage supplier payment terms
- Reports - Payment analysis and cash flow reports
- Settings - Configure payment accounts
Quick Tips
Best Practices
Pay bills 2-3 days before due date to account for bank processing time and avoid late payment penalties
Always verify bank account details from supplier master before processing payment to prevent wrong transfers
Record transaction reference numbers immediately after bank processing for easy reconciliation and tracking
Use multi-bill payment feature when paying same supplier to reduce transaction costs and processing time
Review pending amount column before allocating payment to ensure accurate bill settlement and avoid overpayments
Need help? Contact support at support@bizconnekt.com