Sinking Funds - Paying an invoice from a Sinking Fund
This article is part of the Developments - Sinking Funds section.
Find all related articles here:
When you receive an invoice from a contractor, you can choose to pay this directly from funds held in a Sinking Fund.
To do this:
- Process your invoice in the usual way. See: Purchase Ledger Transactions - Posting a Purchase Invoice
- Navigate to the Hold File tab.
- Use the filters to find the invoice and highlight it in the grid.
- Right-click and select Pay from Sinking Fund.
- On the Pay from Sinking Funds screen, select which fund you want to use to pay the invoice. You can see how much money is held in each fund in the Sinking Funds Paid column.
- Tick Override Sum to enter a different amount to pay than the total amount held.
- Click OK.
- A pop-up will confirm the transaction is complete. Click OK to dismiss.
- On the BACS Export screen, select a template to use for the export and click Process.
- A pop-up will confirm a CSV file has been created. Make a note of the file path and click OK to dismiss. This is the file you will upload to your bank to move the money out of the Sinking Fund and back to the client balance.
- The payments made from the Sinking Fund will now show on the Charge Transaction tab on each individual client account ready to be picked up on the next invoicing run.
- Process your invoices in the usual way.
- Clients will be able to see the payments on their invoices.
Related Articles
Sinking Funds - Processing Sinking Fund Charges
This article is part of the Developments - Sinking Funds section. Find all related articles here: Developments - Sinking Funds Once you have set up a Sinking Fund, you can raise charges against the client accounts. To do this: Navigate to the Clients ...Sinking Funds - Collecting and Processing Payments
This article is part of the Developments - Sinking Funds section. Find all related articles here: Developments - Sinking Funds Once the client has been charged and invoiced, they can make payments towards the Sinking Fund. Payments to a Sinking Fund ...Sinking Funds - Adding a New Sinking Fund
This article is part of the Developments - Sinking Funds section. Find all related articles here: Developments - Sinking Funds The Sinking Funds feature allows your clients to pay into a pot for major future repairs over a period of time. Each ...Purchase Ledger Transactions - Posting a Purchase Invoice
This article is part of the Purchase Ledger section. Find all related articles here: Purchase Ledger Introduction This guide explains how to post an invoice from a Purchase Ledger (PL) Account into the Hold File. You can post: An invoice not linked ...Purchase Ledger Payments
This article is part of the Purchase Ledger section. Find all related articles here: Purchase Ledger Introduction After you've received and entered an invoice for works or goods into the system, you can proceed with paying your PL accounts for these ...