How to do payment for the supplier in ServQuick?
Purchase settlement is the option to do payment as per the invoice amount to the supplier for the goods sold as credit.
Benefits of Purchase Settlement
➤ Confusions can be avoided by knowing how much amount you have settled and the balance yet to be paid.
➤ You can view all the Receipt details of supplier with total payable amount.
➤ You can build credibility and reputation with the supplier by settling the bills on time.
Note: You can perform settlement only when supplier payment mode is mapped as credit.
Let me explain Purchase Settlement in a real time scenario.
Assume that a customer has to pay an amount to the supplier against the purchase invoice.Then the customer can follow the below steps to settle it easily!
Steps for Purchase Settlement in ServQuick
Step1: To make payment to the supplier > click on Inventory.
Step2: Under Purchase option select Purchase Settlement.
Step3: A List of Credit Invoices will be displayed
Note: It consists of the number of credit invoices to be settled and the corresponding credit amount to be settled.
Step4:Now choose the desired supplier.
After choosing the supplier, the number of credit bills of supplier will be displayed along with the balance to be paid for each bill.
Step5:Now enter the balance amount to be settled.
Note: You can settle the credit amount fully or partially. If the bill is settled completely, it will be completely removed. If the bill is settled partially, then it will be displayed in the adjusted column.
Here, I have entered both types for your reference. One bill is settled fully and another one is settled partially.
Step6:After entering click on Pay. And then click on OK.
Now you can see that the partially settled bill is displayed with the balance amount in the Adjusted column. And the fully settled one is completely removed.
Step7: After completing the settlement you can check it in Reports.
Go to reports > Purchase > Supplier wise payment details
Step8: Filter the date > click on Apply
Finally the Receipt details of supplier with total payable amount will be displayed.
By following these steps you can easily settle your bill without any confusion and save your time. Experience simplicity and shoot up your sales easily!
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