Free Accounting Software Help - Lesson 6

Contents

What's new in Free Accounting

Free Accounting Help

Introduction

Interface Overview

Lists

Chart of Accounts

Master Transaction Ledger

Inventory Control Journal

Sales Tax Code List

Units of Measure List

Customer Classes List

Tax Jurisdictions List

State/Provinces List

Chart of Accounts

Master Transaction Ledger

Journal Entries List

Inventory Control Journal

Purchase Order List

PO Receipt List

Return PO Receipt List

Sales Orders List

Credit Memo List

Record Opening Balance

Bank and Checks

Bank Reconciliation

Receive Payments

Purchase Order List

PO Receipt List

Payments and Charges History

A/P Aging Summary

Pay Bills (All-in-One, Wizard)

Physical Adjustment

Create Purchase Order

Create PO Receipt

Create Return PO

Create Return PO Receipt

Sales Orders List

Receive Payments

Payments and Charges History

A/R Aging Summary

Payments and Charges Reconciliation

Create Sales Order

Create Return SO

Create Credit Memo

Vendors and Payables

Customers and Receivables

Company and Financial

Accountant and Taxes

Free Accounting Tutorial

Get Started

Lesson 1. Company Information

Lesson 2. Create a Vendor

Lesson 3. Create an Item

Lesson 4. Purchase an Item

Lesson 5. Create Purchase Order Receipt

Lesson 6. Make Payment to the Vendor

Lesson 7. Vendor Pay Bills

Lesson 8. Create a Customer

Lesson 9. Create a Sales Order

Lesson 10. Create an Invoice

Lesson 11. Receive Payment form the Customer

Lesson 12. Reconcile Payment with Charge

Lesson 13. Customer SO Return

Lesson 14. Vendor PO Return

Lesson 15. Create Return PO Receipt

Lesson 16. View Reports

Lesson 17. Bank Reconciliation

Lesson 18. Trial Balance

Free Accounting Software Help File Version 1.0.0.6

In the previous lesson we became familiar with the process of creating a Purchase Order Receipt.
In the current lesson you will learn how to make Payment to the Vendor in the Free Accounting system.
In order to complete this lesson of the Tutorial you have to go through the previous two lesson and create the Purchase Order and Purchase Order Receipt.

In the previous lessons we created a Purchase Order to buy 10 Shower Curtains from the BETCO CORPORATION Vendor. Then we received them having created the Purcase Order Receipt. Now we have to pay the BETCO CORPORATION Vendor for the received items.

Select Banks and Checks | Write Check from the Main Menu.
Fill in the following information in the current Write Check Window: Bank Account - select one of the Bank accounts;
Check Number - write down the number of the check that you will pay the Vendor by;
Pay to the Order Of - select BETCO CORPORATION Vendor from the drop-down list;
Date - remain the today's date;
Amount($) - write down $70.00;
Memo - write down: "Payment for the receipt of 10 Shower Curtains".
Press the OK button.
Open MTL by selecting Master Transaction Ledger under the Company in the Navigation Tree or select it from the Company | Master Transaction Ledger.
Two new transactions have appeared in the MTL: Payment Made in the Debit and Credit columns.

After we wrote the check the charge against the Vendor remains actual until adjustment of the charge against payment is made. We will learn how to make such adjustments ( Pay Bill) in the next lesson.

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