Spend Money and Receive Money

Gagan Bijan

Hi, As reckon One gives an option to setup books on cash basis, is it possible to pay expenses out of bank and receive money in bank without having to add bills and invoices in first place?

Spilly

Yes, Buying > Make Payment > Add & Selling > Receive Money > Add

Gagan Bijan

Add will mean that the invoice has to be added along with details of the contact. Also the dropdown allows you to make payments to suppliers only. Does not solve the problem.... 

Spilly

It's not an invoice or bill, if you dont wish to add every contact create misc. contact. On the screen you have 2 choices (Allocate & New tabs) select new, you can either use items or accounts to assign the income or expense.

Qwerty

06 May 2016

Hi Gagan,

Both the receipt form and payment form have two sections (tabs) at the bottom.
* Use the New tab if you want to record money in/out that isn't associated to invoices/bills.
* Use the Allocate tab if you want to record money in/out that is associated to invoices/bills.


Cash basis vs accrual basis only affects how reports show money in & money out.


Contacts can be setup as either:
* Customer only contact
* Supplier only contact
* Both Customer & Supplier contact


In the scenario where you'd like to record money in/out without specifying a contact, this can be achieved using a journal.


I've previously read similar community threads that relate to this topic.

https://community.reckon.com/reckon/topics/to-enter-a-transaction-you-must-select-a-contact-that-is-a-customer

https://community.reckon.com/reckon/topics/why_is_it_that_we_have_recorded_a_payment_but_reckon_then...