The Payments tab in the Vendors section of RedTeam lists all the Vendor Payments that have been entered into RedTeam Flex. They are also displayed on individual Vendor Commitment Audit reports in a Project's Buyout tab.
Vendor Payments are electronic records of checks/payments that have been issued to a Vendor following the approval of a Vendor Invoice. Once Invoices have been entered into RedTeam Flex, approved by all required users, and fully executed, you may enter payments to those Vendors against the Invoices in RedTeam. If you are utilizing one of RedTeam Flex's accounting integrations with Sage (100 or 300) or QuickBooks Online, you will not need to manually enter vendor payments, as payments entered in your accounting software will feed into RedTeam Flex automatically.
Upon Committing a final Vendor Payment in RedTeam Flex, the status of the Invoice (which can be viewed under the Invoices tab) will be changed to Closed.
Once the Vendor deposits the check, you have the option in RedTeam Flex to mark the Payment as Posted.
If you are using the RedTeam Flex and QuickBooks Online Connection, payments to Vendors are entered in RedTeam Flex automatically when the payment is made in QuickBooks.
If you are not using the RedTeam and QuickBooks Online Connection, payments to Vendors are entered in RedTeam manually when the payment is made in your outside accounting system.
To create a Vendor Payment, there will need to be an Invoice on file and approved in RedTeam. For more information, see the "Manage Vendor Invoices" article.
1. Add a Vendor Payment
If you are not using the QuickBooks Online Integration, payments to Vendors will be entered manually once they have been processed in your accounting system.
Payments can be entered from the Vendors menu in the Payments tab or from the Vendor Invoices section of the Buyout tab in a Project.
When Payments are entered in RedTeam (both automatically and manually) the system will create a Vendor Notification document ready to send to your Vendor to notify them of the status of their Payment, as well as inform them of any additional documentation they may need to provide (updated insurance credentials, lien waivers, etc.). This information can be entered in the Instructions section of the Payment (see steps below).
Steps to a payment from a Vendor Invoice:
From the Project home menu:
click "Vendor Invoices"
OR Navigate to the Buyout tab of the project, and use the Manage Icon to select "Manage Vendor Invoices"
Locate and click the tool icon for the Executed (black) Invoice you want to enter a Payment against. The Vendor Invoice must be fully approved and executed in order to enter a Payment.
Click "Vendor Payment"
Select a Checking Account from the dropdown (if no account exists, contact your system admin for assistance with Configuration)
Enter the rest of the Payment information, such as a Reference (i.e. check or cc number), optional Attachment, Date, and Instructions. Any instructions typed in this section will appear on the "Vendor Notification" document.
Click the checkbox(es) to select the Vendor Invoices you are entering this Payment against then enter the Payment amount. The total amount of the Payment displays at the bottom.
Click "Save"
From the confirmation window, you can Commit the Payment, View the Payment, View and send the Notification, or Close the window
Steps to add a payment from the Vendors Menu
From the Vendors menu, click the Payments tab
Click the Add (+) icon
Select the Vendor from the dropdown to load the existing Vendor Invoices available for payment below
Select a Checking Account from the dropdown (if no account exists, contact your system admin for assistance with Configuration)
Enter the rest of the Payment information, such as a Reference (i.e. check or cc number), optional Attachment, Date, and Instructions
Click the checkbox(es) to select the Vendor Invoices you are entering this Payment against then enter the Payment amount
Click "Save"
From the confirmation window, you can Commit the Payment, View the Payment, View and send the Notification, or Close the window
2. View / Edit / Commit / Cancel a Vendor Payment
Vendor Payments will automatically be created in Draft status. While in Draft status, a Payment can be edited or committed. Once Committed, you will first have to Uncommit in order to make changes. If you do not have permission to Uncommit, please contact your system administrator.
All Vendor Payments are managed in the Payments tab of the Vendors Menu in RedTeam Flex. From this tab, you can View, Edit, Commit and Uncommit, and Cancel Vendor Payments.
Steps:
From the Vendors menu, click the Payments tab
Locate the Vendor Payment you want to View, Edit, Commit, or Uncommit
Click the tools icon
Select from the available options in the tools menu
If options are grayed out or not displayed, please contact your System Admin for help with permissions
To remove a Vendor Payment, follow the steps to Edit the Payment, then change the status to Cancelled
3. View Checks Log
From the Payments tab in the Vendors section of RedTeam, you can manage your Vendor Payments. To see a full log of all your Payments entered so far in RedTeam, View the Checks log.
Steps:
From the Payments tab, click the View icon
Select "Checks Log" from the dropdown. Log version will be displayed showing all the payments to specific vendor.
4. Mark a Vendor Payment as Posted
RedTeam Flex allows you to track the entire process of paying your Vendor, from entering the Invoice, approval, execution, entering Payments against the Invoice, and finally, marking those Payments as posted.
A Vendor Payment is ready to be marked as posted when it clears your bank account. You have the option to filter by posted Payments, to help you better manage Vendor Invoices and Payments.
This step is entirely optional. Please see the instructions below.
Steps:
From the Checks tab, locate the Vendor Payment in the list, using the Filter options if necessary
Use the checkbox(es) to select the Payment(s) to be marked as posted
Click "Save"
Alternate Vendor Payments and Joint Checks
Joint Checks or Alternate Payees are used in situations where you must pay a Vendor's supplier or another party affiliated with the Vendor on their behalf.
If you are not connected to QuickBooks Online, follow the steps below to enter an alternate payee / joint check-in RedTeam.
Steps:
1. From the Payments tab, click the New (+) icon
2. Check the box "Joint or Alternate Payee"
3. Enter the Reference (i.e. check) number or note
4. Select the Vendor for which you are issuing a joint or alternate payment
5. In the "Payee" field, type the name of the alternate or joint payee
6. In the "Payee Address" field, type the address of the alternate or joint payee (optional)
7. Select a Contact from the original Vendor's list of Contacts (optional)
8. Select the bank account from which this payment is being made (Bank Accounts are set up in the Configuration menu)
9. Select and upload an attachment to be included on the Payment Notification (optional, you do not have to send a Notification)
10. Enter the payment date (optional)
11. Add any Instructions or notes to be displayed on the Payment Notification (optional, you do not have to send a Notification
12. Select the Invoice for which you are issuing this joint or alternate Payment and type in the amount you are paying this joint or alternate payee
13. Click "Save"
5. Alternate Vendor Payments and Joint Checks from QuickBooks Online
Joint Checks or Alternate Payees are used in situations where you must pay a Vendor's supplier or another party affiliated with the Vendor on their behalf.
If you are connected to QuickBooks Online, follow the steps below to modify a payment from QuickBooks Online to indicate a joint check
If you are not connected to QuickBooks Online, please see 4. Mark a Vendor Payment as Posted for the steps to enter an alternate check / joint payee in RedTeam.
Steps:
Open the Payments tab from the Vendors menu (under Companies)
Locate the payment for which you are indicating a joint check or alternate payee (the payment will appear automatically from QuickBooks Online)
Click the tools icon
4. Click "Edit"
5. Check the box "Joint or Alternate Payee"
6. In the "Payee" field, type the name of the alternate or joint payee
7. In the "Payee Address" field, type the address of the alternate or joint payee (optional)
8. If you intend to send a Payment Notification to this payee, you may add instructions regarding items you need from them or how to pick up their check
9. You may also attach any files you may want to send to the Payee along with the Payment Notification
10. Click "Save"