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."
