Recording a withdrawal and accounts payable payment made with one cheque 

You can make a new purchase and pay off an outstanding balance using the same cheque. To record this type of transaction in AgExpert Analyst:

1. Select Transaction Entry from the Transactions menu. The Transaction Entry dialogue box opens.
2. Select Withdrawal from the Transaction type drop-down menu.
3. Enter the transaction Date.
4. Select the Bank account.
5. Enter a Reference to identify the transaction throughout AgExpert Analyst.
6. Enter a Description, such as the name of the seller, or click the arrow to select a previously entered description.
7. Enter the Total amount of the payment.
8. Enter the new purchase as an expense:
9. Select Expense (EX) from the Type drop-down menu.
10. Select the applicable Account.
11. Enter a Memo, such as Lumber.
12. Enter the Amount of the purchase.
13. Select GST in amount (PST Exempt) or enter G.
14. Enter the total GST paid.
15. Enter the payment to the account as a payable payment:
16. Select Payable Payment (PP) from the Type drop-down menu.
17. Select the applicable Account. The Accounts Payable Selection dialogue box opens.
18. Select the outstanding balance you want to pay and enter the Payment Amount.
19. Click OK.
20. Enter a Memo, such as Paid account balance.
21. The Amount autopopulates.
22. The document should be balanced. To view the balanced debit and credit entries, click Recap. Click Record to record the document.

The bank account is decreased by the withdrawal total. The accounts payable balance is paid in full, and the account selected for the purchase is increased by the dollar value of the purchase. 

Last updated on August 22, 2014 by FCC AgExpert