How to Pay a Vendor
Creating a Vendor
To start with creating a Payable, make sure that your Vendor is entered into the software.
To add a Vendor (or 1099-er or Employee) follow these steps:
1. Go Setup --> GL / Budget / Payables and click on the submenu for Vendors & Employees.
2. Click +Add New Vendor for the Vendor Add New Vendor information card to open.
3. Enter the details about the Vendor. You can even link a default expense account to be associated to the Vendor to make payments quicker. You can also classify if this entry is a 1099-er or an Employee.
4. Click Save to complete the entry.
Paying a Vendor in the Transaction Screen
To pay an expense to a Vendor directly in the General Ledger, go to the Transaction History page by clicking the menu Transactions.
To post the expense follow the below steps:
1. Click on the +Add Transaction button.
2. Turn the switch to I/E (Income / Expense)
3. If paying a Vendor, use the Select dropdown to find your Vendor (if you are posting a general expense, you do not need to link the expense to a Vendor).
4. If the Vendor is associated to an expense account, the expense account will autofill.
5. Enter the Account if it did not autofill by association.
6. Enter the Type as Expense.
7. Enter a Memo.
8. Enter the Date.
9. Enter the Amount.
10. Enter the Payment Type (if a check, enter the check number. If it was an bank deduction, leave the Payment Type field blank).
11. Click +Add to post and save.
Add Transaction screen:
Transaction after posting:
Paying a Vendor in the Payables Screen
To pay a Vendor by Check (Printed or Posting without Printing), go to the Payables screen by clicking the Payables menu.
To create an invoice to pay as a check, follow the steps below:
1. Click the +Add button.
2. Select your Bank Account from the Bank Accounts drop down.
3. Select your Pay To (Vendor, 1099-er or Employee)
4. Enter your Invoice Date (not necessary, but helps track your outstanding Payables and Payables coming due).
5. Enter an Invoice Number if you have it in the Inv. # field.
6. Select or confirm your Account.
7. Enter the Amount.
8. Enter a Memo.
9. If it is a multiline check, click +Add Line and repeat steps 6-8.
10. Click Save to save the check to print later, or click the Check button to print.
11. When you click Check, a popup screen will ask you for the Date and the Check Number. Then click either Print + Post or Post w/o Printing (Post without Printing- post directly to the General Ledger). If you click Print + Post, the Check will come into view through your browser. We highly suggest you do some practice runs on blank paper to make sure the alignment of the check is accurate. See below about Check Settings.
Check Information screen:
Check Settings
In RakefetOnline you can print two styles of checks: SF-4001 (8 1/2 x 11 paper, check in the center with the stub top and bottom) or SF-4007 (8 1/2 x 11 paper, check on the top with two stubs below).
To adjust the settings, click the Check Settings button to select the Check Type. Font Size, Vendor / Employee Address, Check or Cheque spelling, Currency Symbol, and the settings.
Settings will need to managed based on the nuance of the check. You may need to use negative numbers depending on where fields lay on the check. If you need assistance, please reach out to our support 855.725.7874
