This release includes an addition to the Banking module which allows for Recurring payments. Menu path Banking > Recurring payments > Recurring Payments List, Recurring Payments and Post Recurring Payments.
How to use:
Step 1: Access Recurring Payments List.
Select Add, to create new entry. Add data.
- Day Pay: This represents the day of the month payment is to be made.
- Creditors code: Select creditor which payment to be made to.
- Deposit Amount: How much will the recurring payment represent.
- Active Payment: Yes/No
- Details/Bank Narrative/Deposit Reference: these are free text and relate to your organisations unique identifiers.
- Transaction data: Add G/L code, description, amounts.
Once transaction data is entered select “Transfer”. A payment transaction window will appear. You are able to add up to 6 entries where by your recurring payments can occur.
Step 2: Add transaction dates for recurring payments to occur.
Once OK is selected, the program will push through your first payment.
Step 3: Access Recurring Payments Menu.
Your last transaction will appear, review all elements. Once OK to process, select update, confirm “OK”.
Step 4: Post Recurring Payments.
Select Post requiring payments. This will post any transactions you have confirmed. Once the program has run, it will generate a report of payments made.
To review what has been posted, access the enquiry only tab > Payment Enquiry. Here you will be able to find the transaction you have posted. This payment will also be sitting in the Unreconciled Report, until it has been paid via your bank account.