Buying
Supplier payments and terms
Payments against a purchase order are recorded with an amount, a method, a reference and a date. The order's payment status moves between unpaid, partly paid and paid on its own, separately from whether the goods have arrived.
What it does
Owing money and waiting for a delivery are two different problems, and an order can be in either state without the other. Fixmo keeps them apart.
A payment records how it was made and which of your accounts it came out of, so the cash drawer and the bank do not have to be reconciled by memory.
Payment terms come from the supplier. Net 30 on the supplier means an order from them starts on Net 30.
Several payments can sit against one order. The status follows the total paid rather than the number of payments.
Every capability
| Recorded | Amount, method, reference, note and date |
|---|---|
| Method | Cash, card, bank transfer or online, plus your custom methods |
| Account | Which of your payment accounts the money left |
| Status | Unpaid, partly paid or paid, worked out from the total |
| Independent | Payment status is separate from delivery status |
| Several payments | Any number against one order |
| Terms | Cash on delivery, Net 15, Net 30, Net 60 or prepaid |
| Reference | For matching against a bank statement |
Questions
Can I pay before the goods arrive?
Yes. Payment and delivery are tracked separately, which is what prepaid terms need.
Can I pay one order in instalments?
Yes. Record each payment and the status moves to partly paid, then paid when the total is met.
Does a supplier payment show in my finance figures?
It is recorded against the account it left, so the balance of that account reflects it.