Hi, We use a third party payment service to pay our suppliers and make payments to more than one supplier at a time. That means that when the payment leaves our bank account it does so as a collective total. When using the bank tagging option in Quickfiles I cannot see an option to separate out the total payment that appears on the bank statement to allocate to the corresponding invoices. Quickfiles wants to allocate the whole total to 1 supplier. I have looked at using the ‘something else on this list’ option when tagging however using this option would not allocate payment to the specific invoices and only into the nominal ledger. Is there a way around this?
I’d treat this as I would a service like PayPal.
Create a dummy bank account in the name of the payment service (let’s call it Bob’s Payments Service). What you would then do is the reverse of what you would with PayPal, Stripe etc. Let’s say we pay £500.00 to 4 suppliers via Bob’s Payments Service.
£500.00 out, tagged as transfer to “Bob’s Payments Service”
Bob’s Payments Service (dummy bank account)
£500.00 in, created the from the transfer above
£200.00 out, tagged to Supplier A invoice
£100.00 out, tagged to Supplier B invoice
£50.00 out, tagged to Supplier C invoice
£150.00 out, tagged to Supplier D invoice
That would then mark each of the invoices as paid, and also show the money leaving your current account. The same would apply for services such as BACS.
Perfect. Thanks for your help.
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