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Posting Direct Debit Transactions Q

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Posted on by Community Member Microsoft Employee

I need some assistance in the best way to enter a Bank Direct Debit (i.e. a creditor takes monies from my Bank A/c). I have 2 methods of Posting, General Ledger & Bank plus Purchase Ledger & Bank.

First method I bypass Purchase ledger, 2^nd method I process the corresponding invoice. Both are valid methods in my business

I can use a simple Journal, but I can’t record the Payee

I can use the Bank Transaction entry screen within Financials, but only see 4 options, Cheque, Withdrawal, Increase Adj, Decrease Adj. No “Direct Debit”, this coupled with the fact I can’t put a VAT/Tax entry on this screen

I can use the Manual Payment entry within Purchasing, but that means I have now to Post an Invoice

Is there a better way to Post Direct Debits that records the Payee and gives me the flexibility to Post:-

Cr Bank A/c

Dr P&L A/c

Dr Vat A/c

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Community Member Microsoft Employee on at

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RE: Posting Direct Debit Transactions Q

True, but its worked well for 20 odd years on a different A/c system

When I look at history I concentrate on the Cost heading rather than the Creditor
Community Member Microsoft Employee on at

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RE: Posting Direct Debit Transactions Q

side note: by bypassing the Purchase ledger, you run the risk of paying the same invoice more than once. Also - it'll be harder to get the history for those vendors as well. Looks like you should use the manual check process - it'd be much safer in the long run.