Spending money

Banking > Spending money

In your software, the term spending money refers specifically to recording payments for transactions for which purchases have not been created. These include equity drawings, paying wages and salaries, bank charges, paying telephone bills and so on. These types of payments can be entered in the Spend Money window or by selecting the Spend Money transaction type in the Bank Register window.

The Spend Money window lets you record more details about the payment and allocate the payment to more than one account. This is the procedure covered in this section. If you want to use the Bank Register window—which lets you record a payment with minimum details—see Entering transactions in the Bank Register window.

If you want to make payments for purchases entered in the Purchases command centre, you will need to enter the payment using the Pay Bills window, or by selecting the Pay Bill transaction type in the Bank Register window. For more information, see Paying bills.

If you pay suppliers or employees electronically, you need to set up your accounts and cards in a particular way. See Set up electronic payments.

The options for recording payments are summarised in the following diagram.

There are two ways to record money you spend:

▪	in the Spend Money window

▪	in the Bank Register window.

To record money you spend

1	Go to the Banking command centre and click Spend Money. The Spend Money window appears.

2	Specify how the payment is to be made:

▪	If you are paying electronically—that is, if you will be generating an electronic payment file for this payment—click Group with Electronic Payments.

▪	If you are paying by some other means—such as by cash, cheque, credit card or Internet banking—type or select the account you are paying from in the Pay from Account field.

3	If the payment is GST inclusive, select the GST Inclusive option.

4	Fill in the information in the cheque area of the window, just as you would if you were writing a paper cheque. Enter the payee card, cheque number, amount, memo, etc.

5	If you are paying the supplier or employee electronically, enter the information that will identify you to your payee in the Particulars, Code and Reference fields.

6	If you want to change the default payee address, type or select the payee’s address in the Payee field.

7	Allocate the payment to the appropriate account.



A	Type or select the account to which you want to assign the cheque amount.
B	Type the amount to allocate to this account.
C	[Optional] Assign the payment amount to a job by entering the job code.
D	[Optional] Type a note to describe the entry.
E	The GST code that is linked to the allocation account appears here automatically. You change or delete it if necessary.

8	If you want to allocate the payment to more than one account, repeat step 7. You would do this, for example, when paying for the purchase of a number of different items: postage, magazines, stationery, etc.

9	If you want to view or change the GST amounts assigned to the payment, click the zoom arrow () next to the GST field in the bottom half of the window.

10	If you want to assign the transaction to a particular category, select a category from the Category list. For more information about categories, see Categories.

11	If you are paying by cheque and have already written a cheque, select the Cheque Already Printed option.

12	If you want to send remittance advice in a batch, select an option from the Remittance Advice Delivery Status list.

After you have recorded a number of payments, say, the day’s payments, you can print or email remittance advices in a batch.

For more information, see Sending forms.

13	If you want to preview the remittance advice or cheque for this transaction, click Print and then choose Preview Cheque or Preview Remittance Advice. Note that the transaction is recorded before it is displayed.

14	If you want to print a cheque or remittance advice now, click Print and select the form type you want to print. Note that the payment is recorded before it is printed.

tip : Save the payment as a recurring transaction

If you want to store the payment as a recurring transaction, click Save as Recurring. In the Edit Recurring Schedule window, enter the necessary information and click Save. For more information, see Recurring transactions.

15	Click Record.