Recurring Transactions: Pay Bills

[Growers]

When processing an invoice for say, insurance premiums, I post the full amount in the creditors ledger, ensuring GST is claimed in full at the beginning of the period and wish to make regular monthly installments via bank direct debits. This also allows for a proper audit trail of transactions to be checked against the insurer and monitors how much is still owing.

Normally with MYOB if you wish to save a "spend money" transaction as a recurring item, it is a simple process offering a number of features which can be adjusted later if required. (Edit schedule etc).

However, with MYOB, there is no facility to allow for each monthly instalment to be saved as a recurring transaction if you are regularly paying off creditors' bills. I find this rather odd as I am sure there are many users who are confronted with this same restriction every day.

If monthly instalments are entered as 'recurring spend money" items and totally bypass the creditors ledger, one will never be easily aware of how much is still to be paid compared to enterring the full invoice value at the beginning of the period.

I believe this suggestion really follows the K.I.S.S. principle.

Thanks for your consideration.

Greg

"Enable Regular Creditor Payments To Be Saved As Recurring Transactions - E.G. Insurance Premiums."

[Neddy]

Where you have a large purchase invoice - say a large insurance premium for example, and you arrange to pay it by monthly instalments, is it possible to have the payment to the invoice as a recurring transaction?

It would be useful for payables control to still keep the purchase invoice showing in the payables reports, rather than creating  another creditor account in the balance sheet to which the payments could be processed as a recurring spend money.

It would be nice if there was a facility within the purchase ledger to be able to then pick up  the payment transaction from bank feeds straight to the purchase invoice. If I am missing something and this is already a function in MYOB, please let me know. 

[CloudMindAcc]

Hi  Neddy

You could create a recurring transaction to post automatically in MYOB on a certain date of the month. 

Then you would go into your bank feeds and set up a bill rule.   This will trigger a possible match in your bank feeds and you can click and approve.  Too easy

Here is another link also Bankfeeds Rules

PS:  Don't forget to make sure there is no spaces.  Thanks for voting for my idea!

Regards

Renae