The majority of my clients are schools. One school is in credit on their account with us, which shows clearly in QF. Another school have been invoiced for work, but the school that is in credit is to pay for this. Is there any way in which I can use the credit from one client to pay an invoice for another client?
There isn’t a way of doing this directly, but you could use a holding account to effectively transfer the balance.
In this sense, you would set up a holding bank account within QuickFile, refund the balance from one client, and re-apply it from another.
For example, if I have Client A with a balance of £50, and Client B with no balance, I would firstly create a Holding Bank Account within QuickFile (if I don’t have one already).
Then, I would locate Client A, go to View >> All Payments, and do an Advanced Search for those that are unallocated. When I view these, I can refund them to the holding account.
From the holding account itself, you will not have a “money out” transaction matching the refund to Client A. Now I would create a new transaction of the same value coming back in, and tag this as a prepayment for Client B.
I hope that makes sense?
Thank you so much for getting back to me so quickly - wonderful service!
I’ll certainly give this a try, thank you.
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