We are doing this before the BACS Payment leaves the account and are having to this because we cannot do future payments on QF.
Our full proceedure is as follows:-
Before the end of each month (say the 20th), we create a report as per below, (this is a feature requested back in Sept18, hopefully this will be sorted soon?)
From this we decide which suppliers to pay and how much.
We then enter the amounts on a multiple BACS payment within our Online Bank,
and set payment for end of month(this can be a couple of weeks in advance).
On our bank statment this generates one total BACS payment amount,
even though it goes to multiple suppliers.
This total amount will appear on our bank statment on the day the BACS payment comes out,
(which is in the future), ie end of month.
As I understand this, and please correct me if I’m wrong, but to facilitate this in QF,
On the 20th in the purchase legder we mark our chosen supplier invoices as paid , but payment is transfered from the “BACS HOLDING ACCOUNT”
At this point we can see the “BACS HOLDING ACCOUNT” tells us all our future payment commitments.
Now in the Future, the end of Month we recieve a Bank Statement with the BACS payment on it dated the day it came out of the account.
We enter the BACS Payment amount and date in to the Current account on QF,
We then Tag this as Transfer to “BACS HOLDING ACCOUNT”.
So now the Balance in the “BACS HOLDING ACCOUNT” is reduced by this amount and we see in the account the corresponding transfer from Current Account.
We also see our new outstanding future payment liability, in this case our VAT which will come out on the 12th Nov18
As you can appreciate this list will get very long.
What we want to see is “unreconciled amounts” or as per Sales/Purchase, outstanding invoices/outstanding purchases.
(an actual taging reconciled then a simple view reconciled/unreconciled button would do the job in all the bank accounts?)
Can this be done?
Is our working procedure correct?
Can you suggest another method?