When you have an Accrued Expense with a remaining balance, you can add payments, full or partial, to pay off that debt.
- Navigate either to the transaction in the entity’s record OR to the Balances page under the Accounting tab.
- On the far right of the transaction, click the three stacked dots (hot dog menu).
- In the options that appear, select the Add Payment option. Complete the necessary fields and click Save.
If you have an Accrued Expense and the payment involves different payment methods (Cash, Check, Credit Card, etc.), you can create partial payments to pay off the expense. This happens in multiple transactions. Using the steps above, create the payment using the method and amount for one of the payments towards the Accrued Expense. Next, using the same steps, create another payment, this time with a different payment method and/or amount.
If you used a credit card, you’ll need to also account for this new debt to the credit card company. In this case, when creating the credit card Accrued Expense payment, click the Is Memo box. This will still lower or pay off the amount owed to the Accrued Expense. Note, though, that when it comes to the Cash On Hand situation, it will still reflect you now owe on the credit card, which is paid off using standard Expense with Splits transactions.
The hot dog menu has various options of reducing the Accrued Expense, such as Add Balance Reduction and Add Void. Other options are viewing either the change history or related transactions, as well as navigating to the entity’s record. The Add Payment-Multiple Outstanding allows you to choose more than one expense to pay if the repayment is coming from the same source.
What if the payment is being made by a third party?
When adding a balance reduction transaction, select the entity making the payment. The method, inkinds included, is not important for compliance but you can add detail to the Compliance Note field, if you choose.
Can I add Splits to my Accrued Expense Payments?
We support Splits on Accrued Expense payments under specific conditions. This is only available on the FEC Form 3 and the FEC Form 3x Non-Party.
- You must have the tool Support Accrued Expense Payment Splits. This is a tool that can only be added by ISP staff, so reach out to Support if you’d like to add this tool.
- Add the splits to the Accrued Expense Payment rather than the original Accrued Expense. The splits will pull to the report when the payment does.