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Bank Payments

Entering accounts payable transactions requires the selection of a supplier first. Once a supplier is selected, the menu of options shows for the supplier among them "Enter A Payment To The Supplier". The currency of the payment is deemed to be in the currency of the supplier - from the supplier record. This currency will show on the payment entry screen.

In every case, entry of a supplier payment requires entry of:

  • Bank Account from which the payment is made
  • Date of the payment
  • Any Reference
  • Exchange rate at which the currency of the supplier is purchased
  • The amount of the payment - in the supplier's currency
  • The amount of the discount taken by the supplier (in the supplier's currency)

Bank Account Selection

The choice of bank accounts from which the payment is being made is shown in a select box. Costbucket does not support multi-currency bank accounts so the exchange rate will always be the rate to purchase the currency of the supplier against the business's functional currency. The bank account selected will have a record created for the payment and if the general ledger link is enabled the postings will be made from the general ledger code stored against this bank account. Bank accounts are defined from the Setup tab -> Bank Accounts - under the General column of options.

Payment Date

This is the date from which Costbucket determines the accounting period to create the general ledger postings for the transaction - should AP general ledger interface be activated. This is the date that will show on supplier transaction inquiries and the bank account transaction listings.


Any text up to 50 characters long

Exchange rate

This rate is used to purchase the currency amount being paid to the supplier. This rate is recorded with the payment and forms the basis of the calculation of differences on exchange against the rates entered against invoices to the supplier. Note that differences on exchange are only calculated when payments are allocated to invoices.

Payment Amount

The amount in foreign currency being paid to the supplier. The general ledger entries made (if the link is enabled) debit the suppliers control account - specified in the company preferences record (Setup tab -> Company Preferences) and credit the bank account selected above.

Discount Amount

The amount in foreign currency being allowed to the supplier as payment discount. General ledger entries are created (if the link is enabled) to the account specified for "Prompt Payment Discount" in the Company Preferences record. If discount is to posted some other way then it is better to create a dummy item for the discount given and enter credit notes for the dummy item with posting as defined in the Sales GL Interface setup.