Making Grouped Deposits and Payments

Last modified 07:53, 24 Apr 2017

Overview

You may group multiple deposits and/or payment so receipts and payments including transactions for different payees may be represented as a single transaction.

Making grouped payments and deposits

Where funds are received net of transaction costs, a receipt would be entered for the gross amount of the realisation and a payment would be entered for the transaction costs.  By coding transactions to the Grouped Deposits and Payments account and then creating a transfer to the bank account you may you represent grouped deposits and payments as a single entry on the bank account.

The receipts and payments report correctly represents the amounts paid and received from the separate parties and the net realisation reports in the bank account as a single entry for reconciliation.

This functionality can also be used in the practice to allow multiple payments to a single supplier (across multiple Jobs) to be combined as a single payment and remitted to a supplier.

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