Bank tagging to existing invoices

Ive only recently started to utilise the bank tagging function etc but im having a bit of a problem ive got my statement all uploaded fine and payments for insurances etc are tagged and so are the payments for customer invoices. The problem im having is with payment to wholesalers, Is there any way of allocating a payment that has gone out of my bank for materials to a certain invoice?

Yes you can definitely do this, may I ask… does the amount on the bank exactly match an unpaid invoice you have already entered? If it does then when you go to tag it as a payment to a supplier it should pick it up so you can just click on it to link.

Otherwise click the link at the bottom “Pay down multiple purchases or assign to a supplier account”. With this option you can match any amount partially to any existing unpaid invoices.

ive probably done it completely wrong to be honest. What ive done is for example sent an invoice to a client for a job i did and the total was say £100 i have received the payment into my bank account and i have allocated the payment to this invoice which then tags it on my bank statement. For that said same job/invoice i have purchased say £50 of materials which shows up as an outgoing on my bankroll statement i was wondering if i can link that £50 outgoing to that invoice as materials? thanks.

Sounds like you’ve done it right so far…

You would just treat the £50 as a separate expense, I.e. locate the £50 out on your bank and tag it as a payment to xyz company (your supplier) under the category “general purchases”, or any other custom nominal account you’ve setup for these sorts of expenses.

If you want to group the original sale with the expense (for reporting purposes) you can add the same project tag name to each and you’ll get an area where you can see all activity for that project, this part is not required but it’s a handy way to see the profit on a project you’re working on.

More on projects, and how to add a project tag here:

thats great the projects section sounds what im after doing

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