What is a Payout Receipt?
A payout receipt is a document that acts as proof of payment made by a client to a vendor.
It is issued by the client after completing a payment, whether for the purchase of goods, the rendering of services, or other financial transactions.
This receipt confirms that the payment has been successfully processed and serves as a record for both parties involved.
Sample Payout Receipt
This is a sample payout receipt generated on Refrens:
Ways to Generate Payout Receipts
There are two ways to generate payout receipts:
From Purchases & Expenses Dashboard > Automatically Generate Payout Receipts While Recording Expense Payments
From Payout Receipts Dashboard > Generate Payout Receipts For Vendor Advances OR lump-sum Payments
1) Automatically Generate Payout Receipts While Recording Expense Payments
Refrens automatically generates Payout Receipts every time you record a payment against an Expense/purchase.
Let's see how:
Navigate to your Purchases & Expenses Dashboard, and open the Expense against which you have made the payment. Click on “Record Payment”:
Just fill in the payment details such as the total amount paid, TDS (if applicable), payment date, payment method, and the account from which you made the payment:
Once the Payout details have been saved, the system will automatically generate a Payout Receipt for the same.
You can view it directly from the Document Preview page > Payment Records > View Payout Receipts:
Refrens gives you multiple sharing options to share the receipts quickly. You can share the receipts over WhatsApp or Email, via a link, or just download & take a printout:
2) Generate Payout Receipts For Vendor Advances OR Lump-sum Payments
In case you want to record advance payments made to vendors OR if you have made a lump sum payment & want to settle multiple expenses at once, you can do that from the Payout Receipt section in the sidebar.
For this, Go to sidebar > Accounting > Payout Receipts > Click on "Create Payout Receipt":
You will see two options here:
Select "Payout Receipt" if you want to create a receipt for already outstanding/lump-sum expenses.
Select "Client Advance" if you want to record an advance payment made to a vendor.
Let’s start with Payout Receipts.
A) Generating Payout Receipts For Already Outstanding/Lump-sum Expenses
Step 1: Select Vendor
Firstly, select the Vendor for which you want to create a Payout Receipt. Other details such as Payout Receipt No., Currency, and Receipt Date will be automatically filled. You can edit them if required.
Step 2: Add Payment Record
Just fill in the payment details such as the total amount paid, TDS (if applicable), payment date, payment method, and the account from which you made the payment:
Step 3: Settle Unpaid Purchases
As you see above, the system will automatically fetch all the unpaid expenses linked to that particular vendor.
By default, your older expenses will get settled first and then the subsequent expenses. But in case you don’t want that, you can manually choose which expenses to settle and by what amount.
Once done, click Save to generate the payout receipt. This is what it will look like:
B) Generating Payout Receipts For Vendor Advances
In case you have made advance payment to a vendor, you can create a Payout Receipt for the same as well:
To do that, click on “Vendor Advance” while creating a new payment receipt:
Then just select the Vendor, and add payment details & any additional information just like we saw earlier. Just hit Save and you are ready to go:
That's it! If you still need any help, feel free to drop us an email at care@refrens.com OR just message us on live chat support for quicker assistance!