The Payments tab allows you to set up automatic payments to be made by a contract on a regular basis. When you specify the payment information for a contract, the payment details are used when Pinnacle auto-generates contract payments.
You can enter the following information for a payment:
Payment Details - This is a description of the payment. You must enter the payment details.
Amount - This is the amount of the payment. The amount should NOT include any VAT amount, as this will be automatically added for suppliers that are tax registered.
Type - This shows whether the payment is a commitment or expenditure. If it is commitment, this means that the payment is due at some future date, but the funds need to be set aside beforehand. If it is an expenditure payment, this means that they payment is being made immediately.
Frequency - This is how often the payment needs to be made. You must select a frequency from the list of frequencies set up in the Frequency table.
Last Posting - This shows the date that the last payment of this type was made and posted into the ledger.