Future Payments

Support
1

Continuing the discussion from Recording your purchases:

Hi How do I log a future payment of my purchase invoice, as per above last paragraph “Additional future payments may be entered”. i.e. we have just set a BACS payment for our month end cheque run for the 28/09/2018, 2 days time and I want to log the payments against the purchase invoices. Unless I’m in the wrong place I can not enter a future date?

Cheers
Chris

2

Hi @ChrisatIIOnline

There may be a little bit of confusion here - QuickFile doesn’t allow future payments, as they haven’t happened yet.

By “additional future payments”, we mean additional payments can be added in the future.

3

LOL, ok my miss understanding.

Ok we have just run a BACS payment on our online Bank which is going to pay
around 30 supplier a total of around 10k in 2 days time (sometimes in a couple of weeks).

How do I show that money is going to come out of our current account and that I have chosen to pay,

Supplier_A, Purchase Invoice 1,3,7
Supplier_E, Purchase Invoice 4,2,8,11
Supplier_M, Purchase Invoice 1 to 12

in 2 days time ?

Or is our work flow/methodology wrong?

Cheers
Chris

4

You are trying to make QF handle things in the same way as a hand written cash book. It simply doesn’t replicate that style of working.

Your purchase invoices remain “unpaid” until your bank account is debited. QF shows a separate total for money that you owe but doesn’t have a mechanism for replicating future payments that you set up in your online banking.

There are probably ways to work around this but I have never thought it worth the additional workload.

5

Hi

Thanks for the reply, this is the way we have worked with SAGE LINE 50 for a long time, it enables future payments. This allows us to know our cashflow situation and unfulfilled liabilities and shows us what purchase invoices we are going to pay someone in our month end BACS payment.

With QF at the moment if someone wants to now what we have scheduled to pay them in our end of month BACS payment we have to rely on data outside of QF.

Would suggest allowing future payments or a STATUS tag saying SCHEDULED FOR BACS PAYMENT or similar.

Please advise what would your work flow / method be to show which 80 purchase invoices out of 200 you have scheduled to pay by BACS at a future date?

Cheers
Chris

6

The payments should be accounted for as they happen. However, you can use a “holding” account, which is likely to be needed given the nature of BACS anyway. This would follow the same concept as a merchant account (e.g. when you take card payments).

Let’s use the example of paying £10,000 out to 10 suppliers through BACS, with each supplier receiving £1,000 each. You would create a bank account within QuickFile called something like “BACS Holding Account”, which will represent the money that’s been sent.

When the £10,000 leaves your current account, you would tag it as a a transfer to the holding account, and then mark the 10 supplier invoices as paid from the same BACS Holding Account. The overall effect would mean the money out would be cancelled out by the money in.

7

Hi
Ok sounds good, we will give that a go.
Cheers
Chris

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