What is the best way to account for client payments made through a third-party company?

JRM
JRM Member Posts: 14 Reckoner Reckoner
edited January 2024 in Reckon One

Hi,

I am doing accounts for a sole trader who gets most of his clients to make payments through a third-party company called Pay Advantage. They direct debit clients bank accounts and settle with their banks before sending him one payment a week to cover all the payments taken from all clients during the week.

I am very new to Reckon One. Can you please advise how I would set this up so that I can allocate the money to individual client invoices?


Thanks

Answers

  • Alexis McKeown
    Alexis McKeown Reckon Staff Posts: 596 Reckon Staff Reckon Staff

    Hello @JRM ,

    The simplest way of handling this is to create an invoice and have the customers part-pay it over time. It would be a mostly straightforward process of creating an invoice against a customer, then receiving money against it over time. This would make multiple payments go to a single invoice.

    The alternate way is to make multiple smaller invoices, and set it up as a recurring invoice, though this would create multiple invoices/payments.

    Kind regards,

    Alexander McKeown

    Alexis McKeown

    Reckon Senior Technical Support
    Working hard since 2018

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