Payments & Cash Flow

Under payments, you can manage various financial transactions within your company. Composity supports the creation of payments linked to documents such as sales orders, as well as standalone payments. The module also offers options for transferring funds between payment methods and performing payment revisions.

Payment Categories

Payments transactions are categorized into three main types:

Payments: Regular transactions associated with specific documents.
Transfers: Movement of funds between different payment methods, such as transferring cash to a bank account.
Revisions: Adjustments made to reconcile discrepancies between the recorded amount and the actual funds available in a payment method.

To create a payment:

Begin by clicking on "New Payment" to open a new payment form.
Status: Set the payment status to either "Posted" or "Archived" based on the transaction stage.
Customer: Select a customer from existing accounts or enter new customer details.
Document No: This unique identifier is automatically generated by the system.
Payment Method: Choose the appropriate payment method from the list.

Linking Payments to Documents

To associate a payment with specific documents:

Type: Choose the type of document (e.g., sales order) that the payment will be linked to. Use the search option to add specific unpaid documents.

Document No: Enter the document number for the payment.
Date: Specify the date of the document.
Document Amount: The total amount for the document will be displayed here.
Multiple Documents: If the payment is for more than one document, click "New Row" to add additional documents. You can select from a list of documents associated with the chosen customer.
Partial Payments: If the payment covers only part of a document, the remaining amount will be displayed the next time the document is selected for payment.
Once all necessary details are entered, save the payment.

Handling Transfers and Revisions

Transfers

Transfers are used for transferring funds between different payment methods, such as transferring cash from a physical store to your business's account.

Document Status: Start by selecting the status for the payment transfer, which can be "Posted" or "Archived."
Document No: This field is automatically generated by the system.
Date: Choose the date on which the payment transfer is occurring.
From: Specify the source of the payment transfer, such as "Cash."
To: Select the destination of the payment transfer, which could be a "Bank account" or "Credit Card."
Comment: Optionally, you can add a comment to provide additional information about the transfer.
Amount Original: Enter the original amount of the transfer.

Note: The "Document No" is generated automatically, and you can customize payment methods from the settings in the administration to match your company's requirements.

Payment Revision

Using the revision feature, you can fix discrepancies between the recorded amount and the available amount. Add a new payment revision, similar to other payment forms. Required fields include the document number (automatically generated), the date of the revision, the payment method to be adjusted, a comment for reference, and the "Amount Original," which specifies the initial amount before the correction.

After adding payments, you can perform actions such as transferring payments to accounting, changing payment stages, and more.

Key Fields in Payment Forms

Document No: Automatically generated, with the sequence starting number configurable in the Settings section.
Date: The date when the payment is made.
Payment Method: Managed in the Administration/Payment Methods section.
Customer Section: Enter billing details for the customer. Available fields depend on the form configuration.
Type/Document No/Date: Lists the linked documents for the payment.
Document Amount: Displays the outstanding amount for the document.
Amount: Enter the paid amount, whether full or partial.
Due: Automatically calculates the difference between the document amount and the amount paid.
Employee: Optionally, select an employee from the Account module.
Amount in Default Currency: Displays the payment amount in the default system currency.