Periodic Payments

Modified on Mon, 24 Jun at 5:05 AM

The system provides the facility to record details of payments to be made on a periodic basis and to generate payment transactions when they fall due via Main Menu> Accounting>Accounts Payable> Periodic Payments.

To add or review your periodic payments, select Add/Review Periodic Payments. The table below outlines the information required to add a periodic payment:

Field	Description
Creditor ID	Payee details for the periodic payment
Date Start (1)	Enter a date prior to the actual date you want the payments start based on the frequency of the periodic payment e.g., if periodic payment is each month and the first payment is to be deducted on 27 June 2024, then start date should be 27 May 2024
Date Finish (2)	Date that payments are to finish
Charge Frequency (3)	Number of days, months, years between payments e.g., if a month then 1 - Months
Reference No.	A reference number representing the periodic payment, could be a loan number or invoice number
Amount	Gross amount of periodic payment
GST Exempt	Tick if payment is GST exempt
GST Override	If amount is not GST exempt, enter the GST amount for the invoice
Bank No.	Bank number funds are to be deducted from
GL Account	General Ledger account payment is to be allocated to
Payment Type	Select payment method, usually P-Direct Debit by Authority if funds are being deducted from your bank automatically.
Remarks	Description for the payment narrative
Date of Last Payment (4)	When adding periodic payment, this should be the same as the start date e.g., 27 May 2024. Once the first periodic payment has been generated, this will be updated automatically. By adding the same date as start date, the system will look at the start date + frequency + date of last payment and if the criteria are correct, then the periodic payment is generated.

To generate your periodic payments, this is accessed from Accounting> Accounts Payable> Periodic Payments> Generate Periodic Payments.

Enter the date you are wanting to generate the periodic payments to, and then select the option to Generate Payments.