Is it possible to have reccuring monthly purchases auto tagged? eg my rent is paid every month by standing order, is it possible for that to be auto tagged as paid when I upload the bank statement?
I did RTM but i might have missed it!
You can automatically tag bank transactions, but not automatically to invoices AFAIAA.
Auto tagging works by creating invoices when a new bank entry matches a pre-configured rule. If you have a recurring purchase template, then once you import the statement it should only take a couple of clicks to tag and link to the existing outstanding invoice. I.e. click the tag button and if the invoice matches the bank amount it will prompt you to link the two.
I’m not sure how a tagging rule would work the other way around as it depends on a specific invoice existing, at a specific time from a specific supplier. I think it would end up being complicated and prone to failing. Still I’ll leave it open as a feature for others to add their vote.
OK let’s call it Auto Matching.
At the moment if you input purchase invoices in advance (manually or from the receipt hub) in addition to the work creating the invoice, you have to click on the bank tag, click on allocate, enter the supplier name, click on the invoice then click confirm. If you don’t input in advance then Auto Tagging just does all that for you.
Auto Matching would be the scenario where there is only one outstanding purchase of the same value to the same supplier (as identified by the bank tag rule.) In the case of a standing order the value, supplier and payment date would be known (+/- a day or 2). If any of them fail then it comes up as needing manual tagging as it does at the moment.
To me would seem to be the next logical step in the already great automation.
You shouldn’t need to enter a supplier name, if there as an outstanding invoice that matches the amount of the bank entry, you would just need to click the tagging button, select the supplier payment option and it should appear there. The system checks within a 1 month period for matching entries but you can change the dropdown to search a wider period.
We could of cause develop more automation to negate these steps, although it would involve quite a bit of work so we’d need to see more support from other users before we are able to commit. I’ll leave this open for others to add their vote.
I would add my vote to this, although it’s not much of an issue if it wasn’t available.
I have a supplier who invoices every product I buy from them individually every month so I have loads of recurring invoices. Auto tagging would be useful but I’m not sure it would cope if I have several invoices for the same amount at the same time, probably doesn’t matter really from a P&L/VAT point of view but something to bear in mind maybe if any particular references are applied anywhere that would be out of sync with auto tagging.