Payments

Every receipt from a customer and every payment to a vendor is a payment in Verasol, however it was recorded: from an invoice, from a bill, from a bank statement line, by Vera, or here. The Payments page lists them all in one place. A payment is in your books once it is posted; after that it is never edited or deleted. A payment that was wrong is voided, which reverses its journal entry.

Find a payment#

Open Payments in the main menu. Each row shows the Payment #, Date, Party, Type (in or out), Mode, Amount, Status and whether it is Reconciled with the bank.

• 1 New Payment records a payment for one or several of a customer's invoices or a vendor's bills, or on account.
• 2 Search by payment number, party name, reference, amount or notes. The row under the column titles filters each column, for example a date range, payments in or out, or only the payments not reconciled yet.
• 3 A draft is not in your books yet.

On each row, the eye button opens the payment. A draft also has a Post button (the tick). The Void button (the cross) voids a payment.

Record a payment#

A payment for one invoice or bill is usually recorded from that invoice or bill. See Receive payments and Pay vendors. Use New Payment for one payment that settles several invoices of a customer or several bills of a vendor, and for money that is not for a particular invoice or bill yet, such as an advance from a customer or to a supplier:

1. Click New Payment.
2. Choose Payment In (money received) or Payment Out (money paid).
3. Choose the Customer (money in) or the Vendor (money out), the Payment Date and the Amount in AED.
4. The customer's open invoices (or the vendor's open bills) are listed with what is still Open on each. Verasol allocates the amount to the oldest first; change the amounts under Allocate as needed. Allocated is what the documents take, On account what is left. For an advance, click Clear: all of it stays on account.
5. Choose the Mode: Cash, Bank Transfer, Cheque, Card or Other. For anything but cash, enter the cheque number or the bank's transaction reference: it helps the bank reconciliation find the payment.
6. Check the Bank Account the money goes into or comes out of. The list shows each account's name, with its account number when one is entered. Your primary account is preselected when it is in AED.
7. Add an Internal Reference and Notes if you like, and click Create Payment.

The payment is saved as a draft. When it is posted, each document is settled by its part, in one journal entry with one bank line. What is on account stays on the customer's or vendor's account as a credit until you apply it to an invoice or bill, or refund it. One payment settles documents in its own currency only.

Refunds and payments in another currency#

At the bottom of the New Payment panel, the link "Refunds and payments in another currency: open the full payment form" opens the full form. There, choose the Transaction: Receipt from a customer (money in), Payment to a vendor (money out), Refund from a vendor (money in) or Refund to a customer (money out). A receipt or a payment lists the party's open invoices or bills in the payment's currency, to allocate as above. A refund pays back a credit the customer or vendor holds, such as an advance, a credit or debit note, or an opening credit; choose it under Credit refunded, or leave the oldest open credit. For another currency, choose the Currency and check the Rate to AED: it is the rate published for the payment date. When you leave it empty, Verasol takes the published rate, or the rate of the invoice or bill the payment settles. Click Save as Draft, or Save and Post to book it at once.

Post a draft#

1. Click Post on the draft's row, or open the draft and click Post Payment.
2. Verasol runs its checks first: the payment is a draft, its date is in an open period and not after today, the bank account is active, the customer or vendor exists and the amount is more than zero.
3. When it says "Ready to post", click Post Payment.

If a check fails, the window says what to fix. Delete in the ⋮ menu of the payment's page removes a draft that should not be posted. Only drafts can be deleted.

What Verasol books#

A receipt of AED 3,990.00 from a customer into the current account:

A payment of AED 23,541.00 to a vendor from the current account:

A receipt of AED 25,000.00 that settles two invoices, INV-2026-0194 in full and INV-2026-0200 in part, is one entry with one bank line:

The bank line is always on the bank account's own account in your chart of accounts. A payment in a foreign currency that settles invoices or bills in that currency relieves each of them at its own rate and also books the exchange difference.

One payment#

Click a payment to open it. The page shows the amount, the mode, the bank account and the bank's reference, the invoice or bill it settles (Settles invoice or Settles bill, with a link), the customer or vendor with their outstanding balance, and:

• 1 Void Payment, for a posted payment that is not reconciled yet.
• 2 The Journal Entry the payment posted, line by line.
• 3 Bank Reconciliation: the bank statement line the payment is matched to, or Go to Bank Reconciliation when it is not matched yet.

A payment that settles several invoices or bills lists them under Invoices it settles (or Bills it settles), each with the amount it settled and a link, and what is on account.

1 Invoices it settles, 2 3 the two invoices and what the receipt settled of each, 4 the one Journal Entry.

The Activity Timeline and History show who did what, and when. Print prints the page. For a cheque you pay out, Print cheque prints it on your cheque leaf: see Cheque layouts and printing.

Void a payment#

Voiding cancels a payment that should not have been recorded, such as a duplicate or a payment on the wrong invoice.

1. Click Void on the payment's row, or Void Payment on its page.
2. Read the checks and click Void Payment.

For a draft, the payment is simply cancelled. For a posted payment, Verasol:

• posts a reversing entry, dated on the payment's own date while that month is open and the bank account is not reconciled through it, otherwise on today's date;
• gives the amount back to the invoice or bill, which is open again for that amount; a payment for several documents gives each its part back.

The voided payment stays in the list with the status Void, for your audit trail.

Related#

• Receive payments
• Pay vendors
• Post-dated cheques
• Reconcile a bank account
• Cheque layouts and printing