Payment Ledger

Payment Ledger

A separate ledger for recording transactions on accounts payable and accounts receivable.

Design The 'Debit' and 'Credit' fields have been replaced with 'Account Type' and 'Amount' (which accepts both positive and negative values). If Voucher,

1.augmentation of account balance - positive value

2.Decreases account balance - negative amount

Key Fields

1.Type of Account - Receivable/Payable

2.Account - Name of Account

3.Bash - Party Title

4.No. - Voucher that affects account balance

5.Against Voucher No - Linked voucher

6.Value - Voucher value

Example: A Sales Invoice for 1,000 and the corresponding Payment Entry will appear as shown below.

Flowchart of Old and New Design Old Design

New Design

Advantage

Consider a scenario in which a payment and a sales invoice are reconciled. In the old design, this would require the Payment Entry's GL entries to be cancelled and new GL entries with the link to sales invoice will be reposted.

With the new layout, no interaction with GL Entry is required. Only Payment Ledger will be updated.