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, 2nd 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
