Transaction Type
You can enter four types of transactions:
Payment. Records a check to pay outstanding transactions. You can print the check from Payment Entry or enter the number of a previously written check.
Prepayment. Records a check written as a prepayment. You can print the check from Payment Entry or enter the number of a previously written check.
Prepayments pay for a purchase before you are invoiced for it. When you enter and post the invoice, Accounts Payable automatically applies the prepayment.
Apply Document. Lets you apply a posted prepayment or credit note against an invoice, debit note, or interest charge.
Miscellaneous Payment. Lets you issue a check to a person or company for which you have not set up a vendor record. You enter the distribution details of the purchase in the same way as you enter them for an invoice.