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Payment Methods: 2) Dealing with Company Funds Payments

custom_only.pngReceipt Bank has a great set of features to help you easily tag items as being paid by company sourced funds through the use of Payment Methods.

In this scenario, we have a company credit card that we’d like to assign items payments to a specific bank account in the accounting package. As all invoice/receipts will have been paid, there is no need to send these items through to the purchase ledger of the accounting software (however you could still do this function and the items will be marked as paid where appropriate).

The example we’re working with here is the payment method named Corporate Credit Card with the last four digits ending in 7277. We’re going to set the bank account we want to this payment method linked to in the accounting software and we’re going to select the “bank accounts or spend money” publish to option (the terminology will vary depending on which accounting software you’ve linked to Receipt Bank).

Voila! Any item that has been tagged as the Corporate Credit Card (7277) will now be assigned directly to the assigned bank account in the accounting software, meaning you now no longer have to redo this step in the accounting software.

 

COMING UP NEXT: Dealing with Cash (Petty Cash).

 

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