Enter bank transactions dated in the future

I’m trying to enter some bank payments that are being setup on our online banking for future dates to allow for authorisation time. The system keeps coming up with a message though saying you cannot enter dates in the future. How can that be overcome because we regularly create payments for future dates and would want the invoices to be marked as paid as soon as the payment is setup in the bank.

Hi @amyearsley

The bank statement on QuickFile should reflect your actual bank statement, which shouldn’t show future transactions anyway (although I appreciate there’s a usually an option to view pending transactions).

The way you would achieve something like this would be to reconcile your bank account with QuickFile on a regular basis.

Our problem with this is that we regularly enter payments several weeks in advance of the payment date to allow for authorisation. So how can we mark the invoice as paid without entering the bank payment to avoid duplicate payments?

You would use a “holding/clearing bank account”. Similar to how you handle cheque payments, i.e. you want to mark the invoice as paid but still track the deferred authorisation.

Essentially you create a bank account called “Deferred payments” or “Payment Clearing Account”. You then mark your invoice as paid into this account. When the funds actually clear on your main bank account you then tag it as a transfer to the Clearing account, thus netting off the original credit.

This way you can still mark invoices as paid and track the balance on your Clearings accounts to see what is pending authorisation.

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