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Overview

Your regular financial bank payments can be handled automatically as reccuring bank payments. Let's say you have to pay rent every month. You can just setup a reccuring payment and the system will create the required payment on the correct dates based upon the settings on the recurring bank payment. In addition, weekly payments can also be automated. Best practice is to have your bank perform a direct debit on a regular basis. Then use a bank reconcilliation rule to import the payment into your system from the bank statement.

If you are not using automated bank reconciliation import or if you can't get the bank to setup a direct debit to handle your regular payment requirement, then you would use this feature to create the payment from inside within Readysell.

Setting up the reccuring bank payment

Ensure that you go through your Bank Statement and check that all recurring transactions have been created before you extract a bankrec.

1. From the Navigational panel, double click on Financials, click on Cash book then click on Bank Financials>Cash>Bank Payments

2. Click on New in the ribbon line to create a new bank paymentNew 

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3. Make sure you enter the date that is on the Bank Statement into the Bank Payment (tab)
4. Enter a Description as to why you are entering this bank payment (tab)

5. Enter/select the correct Tender (if the tender is cheque then fill in the cheque details as per print below) (tab) Card general settings

6. Select the correct Bank Account

7. In the payment reference field ensure that to enter the Payment Reference is what as it appears on the Bank Statemnt (important if you are importing bank statement and auto matching)
8. Tab down to Account site and the Lines Tab in the detail area, on the line of  Account site select the correct GL Expense Account (you may have multiple gl accounts to dissect against)
9. Enter a different Description if need be or leave the populated one from the header description
10. Enter the Value Inc Tax of the payment

11. Select the correct Tax Code (very important)
    Check that the Value inc tax in the header level is the correct result if you have multiple lines on the bank payment. 

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Setting up the Rules of the Recurring Payment

The details for the payment have been inserted. Now you need to set up when and how many times this payments needs to reccur.

1. Click on the 'General' Tab within Inserting a Bank Payment

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Eg if rent is to be paid every 15th day of every Month and the Value is also always the same amount, then you would set up the recurrance rule on the payemnt to be as follows :

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Automatic UnPosted; Every Month; Day of the Month; Until what day/mm/yy and click on Save. The system will generate the payment and leave it with a status of Open so that you can make the appropriate changes to the bank payment before finalising it yourself.

If you have multiple lines on a recurring payment, you may wish to set up the general ledger accounts and add a value of 0.01.
Ensure that the Recurrance type = Unposted and set up the remaining rules.
Once the recurring payment is generated, it will have a status of Open. You can add the correct values to each line on the payment and ensure it netts to the value on the bank statement then finalise it.
This works well if you are using Manual Entry of Salary and wages that vary weekly or monthly. 

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