There are 6 steps to enter a payment.
Step 1 – Select Account to Pay From:
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Select the account that the payment is being made from. The drop-down menu will show accounts setup as Bank Accounts, or Electronic Clearing in the General Ledger Setup. Bank Accounts will create a journal entry going directly to the selected bank account, while the Electronic Clearing account will instead send the receipt to the Electronic Clearing account which will require another step (Banking > Electronic Clearing) to take it to the bank account (Usually for creating uploads to the bank to create the payment).
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Depending on the bank account currency and invoice currency, there may be a foreign exchange rate to this step. This process is outlined in Enter a Foreign Currency Payment. This payment field will auto calculate by double clicking on a line, adding the invoice total to the payment total.
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Posting the payment will create a payment journal (CP) in the General Ledger. By default, the journal will be created as an Updated Journal (Status U), but the ability to post as an unposted journal (Status N) is available.