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How to track vendor payments without double-counting costs

Record a vendor bill once, apply partial payments to it and retain payment references. Review the remaining payable before the next payment run.

Record the supplier bill once and link each payment to that bill. Retain the payment date, amount, method, reference, and confirmation. Reconcile the remaining payable before sending another payment.

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What to record and review

  1. Match the bill to the vendor and the relevant job or group.
  2. Check previous payments before recording or sending the next installment.
  3. Compare the bill amount, payment total, and remaining payable with the vendor statement.

Worked example

A $900 bill paid in installments of $300 and $250 has $350 remaining. The expense remains $900, not $1,450.

Illustrative figures, not a quote or an industry benchmark.

How should I handle a payment covering several bills?

Keep one payment reference and document how its amount is allocated across the bills. Ensure the allocations sum to the actual payment and do not apply the full payment separately to every bill.

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