Vendor Settlements

Overview:

Record the Allocation of Payables against Paid payment of your supplier or vendors.

Payable:

• The vendor payments or debit notes you have to pay your vendor or supplier.

Paid

• The invoices, refunds, or credit note required to pay against your vendor payable.

Create Vendor settlement

1. In the left navigation menu select vendor settlement to settle the payable against paid payments.
2. Click “+Add Vendor Settlement” to add settlements.
3. Complete the settlement form.
4. Click “Save and Continue Edit” to save the settle as a draft, or click “Save and Approve” to approve or click “Save and Pending” to mark the settlement as pending and enter a new settlement or click “Save and New” to record a new settlement and save the previous one or click “Save and Close” to close the settlement and save the settlement in draft status.

Vendor settlement field and their description

• Vendor: Enter the name of the supplier you would like to get a refund. If you enter a name that’s not already a contact, Splendid Account adds it to your Vendor contacts.
• Date: This will default to today’s date. You can change this also.
• Vendor refund number: Use the Splendid Accounts default numbering sequence or you can add your customized number sequence.

Vendor settlement line fields

1. In Splendid Accounts default auto settlement has been made between payables and Paid.

1. 1. Also, you can make manual settlement between your payables and Pay.
   2. If you do manual settlement allocation between Payables and Paid should be equal, the leveraged difference between payable and paid allocation is not allowed.