HOME / COMMUNITY Switch to knowledge base

Invoicing vs Bank Feed Tagging

Hi, I am REALLY confused & I can’t find anywhere that answers this ! I am a Mortgage Advisor & so I buy things through the account & then on the bank feed - I then tag them.

However, SHOULD I be creating invoices from say Amazon or Ebay - where I am buying stuff ? I started doing this & then when I paid them - it duplicated everything on the bank account.
Is the tagged bank feed sufficient ?

Help !
Thanks

You either log payments against the invoice or tag from a bank feed, but as you’ve seen if you do both it can lead to duplicates.

The way I work for purchases is primarily starting from the receipt hub. I scan paper invoices and I forward email invoices to QuickFile, then I create my purchase records from the receipt hub. For purchases that I paid cash I tick the “paid” button in the receipt hub process to mark them as paid from my cash account, but for purchases that I pay from my bank account I leave them unpaid at this point.

Then when I am tagging bank transactions I use “payment to a supplier” and it will match up against the unpaid purchases that I created earlier.

If the bank payment comes out before I have the invoice then I will sometimes create the new purchase from the bank tagging process and then later attach the invoice to that when it comes up in the hub, but then you often have to go back to the purchase and change the date so it matches the invoice date rather than the payment date. Alternatively I sometimes tag the money as a prepayment to the relevant supplier (select “pay down multiple invoices” and then don’t select any specific ones to pay), then create the purchase later via the hub and pay it from the supplier’s credit.

1 Like

Thank you - that is very helpful - but basically what you are saying is i DO need to make a purchase invoice for everything I buy - but just being careful not to tag both !! ??

You need to make a purchase for each invoice you get from a supplier, but there are several routes that all end up doing the same thing.

If you tag a bank transaction as “payment to a supplier” it will first see if there are any existing unpaid purchases for the amount of that transaction. If there are then you can select one and it’ll link the payment to that purchase. If there aren’t any that match exactly you can choose to create a new purchase there and then, or you can “pay down multiple invoices” to either allocate the payment to several different purchases (e.g. if you pay a whole month of purchases from one supplier in a single payment) or hold it as a prepayment on the supplier account to set against future purchases.

In a similar way the receipt hub can either link receipts to existing purchases that you created earlier by bank tagging, or it can create new purchases that you will later link to payments via the bank.

It also has a third convenience option where you can create the purchase and the payment together, my recommendation is that you only use this option for payments by cash or similar, and don’t do this for purchases that will be paid from a bank account that has an automated feed.

This topic was automatically closed after 7 days. New replies are no longer allowed.