How to make a Bank Payment Postings

As soon as you save the payment details, the payment is deducted from the selected bank account and the chosen nominal accounts are updated with these latest transactions. For Bank, Credit Card and Cash Payments The selected bank account is decreased by the full amount (including any VAT) you paid (a credit posting). The VAT to be claimed back from the HM Customs & Excise increases by the VAT amount (a debit posting to the VAT on Purchases control). The nominal ledger expense account(s) specified, are allocated the net amount of the transaction (exclusive of VAT) as debit postings. The payments will appear on the audit trail as the following transaction types: BP = Payments from a Bank account. CP = Payments from a Cash account. VP = Payments from a Credit Card account.